- Credit Check: Soft for Rate Check, Hard for Application
- Repayment Terms: 5 years, 7 years, 10 years, 15 years, 20 years
- Minimum Borrowing Limit: $5,000
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: None
Wells Fargo: Private Student Loan
Student Loan Refinancing and Consolidation
Other Loans that Wells Fargo Offers:
If you already have a Wells Fargo account and want to try to get a better rate on the remainder of your loan balance or pay it off more quickly, Wells Fargo student loan refinancing might be the way to go. This is definitely one of the better refi options out there for existing Wells Fargo customers, but there are few advantages to going with this lender if you don’t manage to secure a decent interest rate.
There are a few different ways to have the interest rate on your Wells Fargo student loan refinance reduced, and these all have to do with your relationship with Wells Fargo. Only customers with outstanding Wells Fargo Private Student Loan balances can take out a new Wells Fargo student loan, but on top of this, having other checking accounts may come in handy. If you have a Portfolio by Wells Fargo checking account, your interest rate will be reduced by 0.50%. If you have a Wells Fargo consumer checking account, are enrolled in autopay, or have a prior federal or private student loan with Wells Fargo, it’ll be reduced by 0.25%. Otherwise, Wells Fargo’s rates are not competitive for most people.
Choose from loan terms of 5, 7, 10, 15 and 20 years and select either a variable or fixed interest rate. You do not need to have a degree to qualify, but the higher the degree you have, the higher your borrowing limit. Unlike some lenders, Wells Fargo offers loan forgiveness or discharge in the event of death. A Wells Fargo student loan taken out by a parent may not be transferred into the child’s name.
You do not strictly need a cosigner on your Wells Fargo refinance loan, even if you haven’t earned a college degree, but it might help you to qualify if you don’t meet credit and/or income requirements. You may apply to release your cosigner after making 24 consecutive on-time payments. If you are still in school, you will not need to start making repayments until six months after you graduate. Forbearance of up to two months is available for borrowers struggling to make repayments. The Wells Fargo Loan Modification Program, which you can ask your personal advisor about, may allow you to temporarily or permanently lower your repayments if needed.
Wells Fargo - Private Student Loan Details
- Minimum Credit Score: Not specified by lender
- Minimum Anual Income: Not specified by lender
- Citizenship Restriction: Citizens or Residents
- List of States where Loan is Not Available: None
- Approved Schools Include: Not specified by lender
- Maximum Deferment Period: Not specified by lender
- Maximum Forbearance Period: 48 months
- Cosigner Release Option: Yes, after 24 months on-time payments
- Death Discharge: Yes
- Disability Discharge: Yes
- US-Based Call Center: Mixed
- Hours of Operation (in addition to weekdays): Evenings
- Application Timeline: Apply in minutes
- Scholarship Search Tool: None
- Sponsors a Scholarship: Yes
- Job and Career Assistance: None
- Financial Literacy Training: Yes