Best Reviews TopConsumerReviews.com Best Student Loans Best Reviews
Best Reviews
      December 7, 2019

Home  >  Student Loans  >  LendingTree vs Wells Fargo

Best

Student Loans

  1. College Ave
  2. iHelp
  3. LendingTree
  4. Discover
  5. Sallie Mae
  6. Wells Fargo

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!
  • Compare

Your Information Is Secure
Personal Loan Tips Newsletter

Latest Reviews

Copyright Registration

Gift Boxes

Home Security Systems

Maternity Clothes

Painting Lessons

PMS Relief

Website Templates

Wedding Planning Software

 

Individual Reviews

SunTrust

College Ave

iHelp

LendingTree

Discover Student Loans

Sallie Mae

Wells Fargo

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

LendingTree vs Wells Fargo

To help you find the Best Student Loans, TopConsumerReviews.com provides you with an in-depth comparison of LendingTree and Wells Fargo.

To see ALL of our reviews for the Best Student Loans, please Click Here

Apply for Your Student Loan at SunTrust Today 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.

Continue reading below reviews

Best Reviews

2019

Student Loan Reviews

3.5 stars
LendingTree

LENDINGTREE

Visit Site

Features:

  • One-stop resource for comparison shopping on student loans
  • No cost to use their search tool
  • Many helpful articles for understanding student loans
  • Customer service: 800-813-4620

LendingTree is a great place to start if you want to get a feel for the range of possibilities for a student loan. Although they do not fund student loans directly, LendingTree can help you sort through all of your options before making a decision.

One of LendingTree's best resources is their Student Loan Center. There, you'll find numerous articles on the topic, from whether or not you should pay off loans early to what cosigners need to know before signing on the dotted line. Be sure to check out the Glossary Terms on the right-hand side of the page, to help you understand any concepts that might be unfamiliar to you as you begin the process. There's also a FAQ section that allows you to enter any remaining questions you have.

We found two primary ways to see what LendingTree has to offer. On their main student loans page, you can enter your school name and the amount you wish to borrow. That information returns a general overview of the programs you can choose from and an approximate total cost and number of payments. We entered a college in Michigan and a loan amount of $20,000 and got offers from four different lenders, with a mixture of fixed and variable rates, and APRs ranging from 2.37% to 5.74%.

On the other hand, if you're willing to provide more personally-identifiable information, such as your address and your phone number, LendingTree will use those details to give you a more customized list of lenders and offers; that path came up as both a landing page and on their Offers site.

We give LendingTree high marks for helping students understand the student loan market and for providing a marketplace where they can shop around for the best terms and rates.

Visit Site
2 stars
Wells Fargo

WELLS FARGO

Visit Site

Features:

  • 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.

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)

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.

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.

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.

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.

Visit Site

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!

If I have student loans to pay off, should I also save for retirement? Here's what experts say

If you went to college, there's a good chance you still have student loans to tackle. It takes Americans with student debt an average of 21 years to completely pay off their education, and the average ...

Published:  Fri, 06 Dec 2019 10:31:00 GMT



Senator: Pay Off Your Student Loans With Your 401k

How would you like to pay for college or pay off student loans with pre-tax money in your retirement account? If that sounds like an attractive idea, then Paul's new legislative proposal, the HELPER ...

Published:  Thu, 05 Dec 2019 15:15:00 GMT



Big changes could be in store for student loan borrowers

Load Error Presidential campaign proposals and recently introduced legislation aim to rewrite the rules around student loan interest, repayment and refinancing. At the same time, the U.S. Department ...

Published:  Fri, 06 Dec 2019 07:30:00 GMT



Rand Paul's new bill would let Americans pay off student loan debt with 401(k), IRA savings. Here's what that means

Sen. Rand Paul (R-Ky.) recently introduced a new bill that would allow students and parents to withdraw retirement funds to pay for college or repay their student loans. But experts say that might ...

Published:  Thu, 05 Dec 2019 15:34:00 GMT



Betsy DeVos: Here's My New Plan For Your Student Loans

At an annual education conference in Reno, DeVos pitched an idea to have your federal student loans managed by a standalone entity that is separate and independent from the Education Department. DeVos ...

Published:  Wed, 04 Dec 2019 05:34:00 GMT



Lawmakers call for investigation into program meant to help student loan borrowers with disabilities

A bipartisan group of lawmakers wrote to the Department of Education asking for answers about a student loan forgiveness program for people with severe and permanent disabilities after an NPR report ...

Published:  Thu, 05 Dec 2019 12:42:03 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure