Updated: August 11, 2020

Wells Fargo: Private Student Loan

Collegiate Loan (Undergraduate)

Undergraduate
Student Loan Rating
4 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.78% - 10.72%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.93% - 9.46%
Repayment Terms
15 years
Important Information

Rewards: Autopay Discount, Current Customer Discount

Yearly Loan Limits: Covers up to 100% of your Cost of Attendance

Overall Loan Limits: $1,000 (minimum), $120,000 (aggregate maximum for Undergraduates)

Cosigner Terms: Cosigner optional, allows for Cosigner Release after 24 on-time monthly payments

Note: As of July 1, 2020, Wells Fargo is not lending to new borrowers.

The bottom line:

Rated as one of the best when it comes to repayment policies, Wells Fargo student loans also notably lack fees (even on late payments), provide a current customer discount, and are available to non-citizens. Even so, they only offer one repayment term of 15 years and part of their customer service team is not U.S.-based. Note: As of July 1, 2020, Wells Fargo is not lending to new borrowers.

Pros

  • Provides an auto-debit discount and a current customer discount
  • Does not charge any fees or penalties (not even on late payments)
  • Available to students enrolled less than half-time as well as to non-citizens

Cons

  • Some customer service is not U.S.-based
  • Only offers one repayment term of 15 years
  • Requires that borrowers maintain Satisfactory Academic Progress
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You might know them best for checking accounts or home loans, but Wells Fargo also provides a fairly dynamic student loan. You won’t be charged any fees, not even late ones. For current Wells Fargo customers, expect a discount (in addition to their auto-debit discount). Additionally, if you need to borrow up to full cost of attendance at your school, Wells Fargo can help.

 

Repayment-wise, we rank them as one of the most flexible. If you have a cosigner, they can be released after 24 on-time monthly payments. To those seeking to plan for the worst, Wells Fargo offers generous forbearance terms and a partial forbearance option, if you’re wanting to avoid snowballing interest.

 

Where’s the catch? For starters, they don’t give you many repayment term options; 15 years is all they got. If you want to speak to a U.S.-based customer service agent, you might get sent overseas at the start. Moreover, if you’re not meeting Satisfactory Academic Progress, Wells Fargo won’t lend to you.

Wells Fargo - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft to check rates, hard to process application
  • Repayment Terms: 15 years
  • Minimum Borrowing Limit: $1,000
  • Yearly Borrowing Limit: 100% of Cost of Attendance
  • Aggregate Borrowing Limit: $120,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: None
Requirements to Qualify
  • Minimum Credit Score: Not specified by lender
  • Minimum Yearly Income: Not specified by lender
  • Citizenship Restriction: Available to Citizens, Permanent Residents, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
  • List of States where Loan is Not Available: None
  • Minimum Enrollment Restriction: None
  • Approved Schools Include: Not specified by lender
Repayment Options
  • Immediate Principal and Interest Repayment: None
  • Fixed Monthly Repayment: None
  • Interest-Only Repayment: None
  • Full Deferment: Yes
Repayment Details
  • Length of Grace Period: 6 months
  • Maximum Deferment Period: 48 months
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: Yes, after 24 months on-time payments
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Mixed
  • Hours of Operation (in addition to weekdays): Evenings
  • Application Timeline: Apply in minutes
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: None
  • Financial Literacy Training: Yes
Wells FargoEarnestCollege Ave
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
4.78% - 10.72%
Variable:
2.93% - 9.46%
Fixed:
4.20% - 13.03%
Variable:
1.49% - 11.69%
Fixed:
4.24% - 13.24%
Variable:
1.49% - 12.23%
Loan repayment terms (Years)15 yearsUp to 15 years5 years, 8 years, 10 years, 15 years
Cosigner release?Yes, after 24 months on-time paymentsNoneYes, after 24 months on-time payments