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Wells Fargo Review

Sunday, October 17th

2021 Student Loan Provider Reviews

Wells Fargo Review 2 Star Rating

Wells Fargo

2 Star Rating
  • No application or origination fees
  • No prepayment penalties
  • No payments required until 6 months after leaving school
  • Interest rate discounts available
  • Variable interest rates from 3.39% to 10.49% APR
  • Fixed interest rates from 5.94% to 12.99% APR
  • Minimum monthly payment of $50 during repayment period
  • Customer service: 888-511-8086

Wells Fargo is a well-established name in the financial industry, from checking accounts to mortgages and investments. They offer a variety of student loans, including Wells Fargo Collegiate and Wells Fargo Graduate programs.

Student loan criteria

In order to be eligible for a Wells Fargo student loan, you must meet the following criteria:

  • Enrolled in an undergraduate or graduate program, seeking a degree, certificate, or license (you can be enrolled less than half-time)
  • U.S. citizen or national, permanent resident alien, or international student who is a temporary resident alien with a current US address and evidence of eligibility
  • Meet certain credit/employment/debt-to-income requirements OR have a cosigner (US citizen cosigner required for permanent and temporary resident aliens)

Check current rates

Before starting an application, we recommend that you click on the green "Check Rates" arrow in the middle of the main student loans page. You'll enter your school's information (state and name), along with your field of study. You'll then be taken to a page that will show you all of the current interest rate ranges for your loan, whether that's a fixed-rate loan for graduate school or a variable-rate loan for your four-year degree.

During the actual application process, you'll need to provide your school's information, your Social Security number, your permanent (home) address, employment and income information for you (and your cosigner, if you have one), the costs of attendance, and, finally, the amount of financial assistance you expect to receive from any source.

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Interest rate reductions

Wells Fargo offers several ways to reduce your interest rates. First, if you set up your monthly payments to be automatically withdrawn (known as ACH), you may qualify for a discount of 0.25% off your interest rate. Also, they offer three "relationship interest rate discounts" if you or your cosigner have an established history with Wells Fargo before you complete the loan process: 0.25% discount if you have a prior federal or private student loan through Wells Fargo, 0.25% discount if you have a qualifying consumer checking account with Wells Fargo, or a 0.50% discount for a Wells Fargo PMA Package (a combination of a specific number and type of accounts, including Premier Checking, investments, and so on). Finally, if you have newly-established (or poor) credit, having a cosigner with good credit can both help you qualify for a student loan and get a lower interest rate.

Wells Fargo also saves you money with no application or origination fees, and no prepayment penalties if you pay off your loan early.

No repayments for 6 months

With Wells Fargo student loans, you will not be required to make any repayments until 6 months after you graduate or leave school. Be aware that there's a maximum in-school period: you have four years from your first loan disbursement if you attended a 2-year school, five years if your loan covers graduate school, and seven years from your first disbursement if you attended a 4-year school. In other words, Wells Fargo doesn't penalize you for being on "the 5-year-plan" (taking longer than the traditional 2- or 4-year period expected with an Associate or Bachelor degree), but you can't claim to still be in school for an unlimited period of time without beginning the process of repayment.

Negative reviews

Unfortunately, we found hundreds of reviews from students with loans through Wells Fargo that expressed deep dissatisfaction with the service they received once the loan was disbursed. Some of the problems we frequently found were errors on Wells Fargo's side that cost borrowers money and hurt their credit score, unhelpful representatives, and lack of flexibility when the unexpected occurs (such as death or disability interfering with borrowers' ability to repay). Across multiple websites, it was difficult to find reviews from students who were happy with the service they received from Wells Fargo over the course of their student loans, even when those individuals had been paying their loans faithfully over several years.

While Wells Fargo has the advantage of being a major player in the financial industry, it seems that they don't apply that experience and skill to their servicing of student loans. You may be more satisfied with the service you receive from another lender in our review.

Where is the Best Place to Go for a Student Loan?

As the costs of higher education rise, so does the need for student loans. While some individuals are eligible for federal loans, those loans don't always cover the full cost of getting an education - not just tuition and room/board, but books, laptops, transportation and other expenses. And, people who are ineligible for federal loans don't necessarily have overflowing savings accounts to match their college or university costs.

Private student loans are the way that many students close that gap. On average, students have nearly $40,000 in student loan debt at the time of graduation; without those funds, their aspirations of being a teacher, engineer, or social worker may have been put on hold indefinitely.

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Student Loan Provider FAQ

Most students need a loan to fund the full cost of their college education. While the majority of student loans in the United States come through federal programs, there are also private loans available. You usually have to start making repayments on student loans six months after your last semester, though you can start sooner if you wish. Student loans often have repayment terms of at least 10 years.
Yes, very easily. If you're applying for federal student loans, you'll complete the FAFSA online. For private student loans, there are several ways to apply: either directly with a financial institution, like Discover or Wells Fargo, or using a platform that connects you with multiple lenders using a single quote request or application.
Unlike many other types of borrowing, student loans are designed to be affordable - it's rare to be charged an application or origination fee, and you should be able to pay off your loan early with no penalties. Interest rates are also much lower than credit cards and personal loans, and you'll usually have very long repayment terms: starting 6 months after your last semester and often stretching 10 years into the future. Expect interest rates between 1% and 6%, but watch out for fixed vs. variable APRs.
Your student loan will probably be disbursed directly to your school, not deposited to your personal bank account. That's a good thing if you want to ensure that your loan money actually gets used for your education! Because the process requires your school to certify the loan amount, the process can take a few days or more. It's a wise idea to start the loan application process early, to make sure there's plenty of time to meet your school's payment deadlines.
If you have a financial hardship or other eligible circumstance, you can request to defer your student loan repayments. Most lenders allow you to suspend your payments for up to three years if you qualify. Contact the servicer of your student loan to find out what requirements you need to meet to defer your loan.
Forbearance is similar to deferring your student loan payments. If you don't qualify for a deferral but still can't pay your student loan, you might be able to get your payments reduced or suspended temporarily, for up to 12 months. You'll need to get in touch with the servicer of your student loan to see if you're eligible for a forbearance arrangement.
In limited circumstances, yes. It usually depends on the type of student loan you have, the lender, and your situation. Student loans may be forgiven (or, essentially, written off) in the event of the disability or death of the borrower; issues with the school, like closure, error or fraud; income-driven repayment plans or employment-based forgiveness programs.
Yes, most of the time. Tax laws are changing constantly, but in the past students have been able to reduce taxable income by as much as $2,500 based on student loan interest paid, as long as they meet eligibility criteria (like having a qualified student loan that was used exclusively for educational expenses).
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Continued from above...

Fortunately, there are many lenders who want to make it as affordable and simple as possible to complete undergraduate and graduate-level studies. Some represent well-known, established financial institutions, while others work directly with networks of community banks to get much-needed cash into the hands of eager learners.

Comparing offers from lenders can be as easy as going online; in a matter of minutes and mouse clicks, you can see a variety of interest rates, repayment terms, and other details of each program for which you are eligible. This saves you significant time compared with going hat in hand to your local bank or other lending institution, hoping that they will say yes to your loan application.

When deciding on which lender to use for your student loan, you should consider the following factors:

  • Interest rates. The higher your interest rates, the more you pay over the life of the loan. Does the lender have rates that are competitive? Does the lender offer you the choice between fixed and variable rates?
  • Loan terms. What is the repayment term? Does it give you enough time to get a good job and pay it back? Can you pay it off in advance with no penalty?
  • Discounts. Can you get your interest rates lowered by setting up automatic payments from your checking account? Will you get any perks for having a relationship with the lender in other ways, such as a checking account or credit card?
  • Reputation. Some lenders have a solid history of working with borrowers, while others have a not-so-great track record when it comes to customer service after the loan has been disbursed. How does this lender measure up?

TopConsumerReviews.com has reviewed and ranked the best Student Loan providers available today. We hope this information helps you to get the money you need for your studies right away!

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