Wells Fargo Student Loans Review

Whether you’re seeking out financing as a new student or want to consolidate existing loans, Wells Fargo student loans can help. With interest rates starting at 3% and multiple discount opportunities, a Wells Fargo loan can be an affordable, flexible way to finance your education. Wells Fargo Student Loans: The basics Founded in 1852, Wells Fargo is a […]

BY The GoodCall.com Team

Wells Fargo Student Loans Review

Whether you’re seeking out financing as a new student or want to consolidate existing loans, Wells Fargo student loans can help. With interest rates starting at 3% and multiple discount opportunities, a Wells Fargo loan can be an affordable, flexible way to finance your education.

Wells Fargo Student Loans: The basics

Founded in 1852, Wells Fargo is a large and popular US bank that has been offering student loans since the 1960s. Currently, there are two Wells Fargo student loan options available for student borrowers: a Collegiate or Graduate loan, the bank’s private loan options for first-time borrowers; and Private Consolidation, your opportunity to combine several loans into one larger one. Wells Fargo doesn’t offer the lowest interest rates in the industry, but its discounts for existing customers can get them close, making the bank the best fit for those who already have a relationship with this institution.

Wells Fargo Private Student Loans

Wells Fargo Private Student Loans: GoodCall’s full review

Wells Fargo student loans are best for existing Wells Fargo customers. This is because the company offers several ways to reduce your loan’s interest rate if you’re already signed up for a qualifying product or service, such as a consumer checking account or enrollment in Portfolio by Wells Fargo. If you’re an existing customer, you can also take advantage of a streamlined application process by signing into your account. Any info that the company can take from your account, including contact and identification data, will be prefilled for you. Otherwise, you’ll need to fill out this info manually, which can take up to 30 minutes, depending on the availability of the necessary details.To qualify for a Wells Fargo student loan you must provide proof of income and/or qualifying credit, fill out a loan application, obtain certification from your school for the necessary loan amount and be a US citizen, US national, or permanent resident of the US. If you’re approved as a student borrower, you’ll have the choice of two repayment options: immediate repayment, where you start paying back your loan right after disbursement so as to reduce your loan term, and full deferment, where you make your first payment six months after graduation. If you take out the loan as a parent, you must start paying back the loan immediately after the first disbursement. When it comes to interest rates, Wells Fargo options are in line with banks such as Ascent and Sallie Mae, especially when taking into account discount opportunities.

Wells Fargo Private Student Loans pros and cons

As is the case with all products and services, there are pros and cons to Wells Fargo student loans. Keep these important points in mind when considering a Wells Fargo loan as they can have a big impact on how much you end up paying and when you have to start repaying.Wells Fargo Private Student Loans advantages:  

  • With a Wells Fargo student loan, you won’t pay application, early payment, late payment or origination fees
  • There are several ways to reduce your interest rate so you can save money
  • If you take out a Wells Fargo loan as a student, you can choose full deferment of your loan, meaning you won’t have to make a single payment while you’re still in school

Wells Fargo Private Student Loans disadvantages:  

Wells Fargo Private Student Loan Details

How to apply for a Wells Fargo Private Student Loan

You may apply for a Wells Fargo student loan by phone or online. If you choose to apply online, you’ll complete a simple application process. As part of the application, you’ll be asked what kind of expenses you’re funding, whether you’re a student or a parent, the name of the school you’ll be attending, your grade level, your field of study and your citizenship status. From there, you’ll see an overview of the available APRs, available discounts and some payment examples.If you decide to continue with a Wells Fargo loan, you’ll need to collect information to finish the application process, including details about your income, the cost of your college attendance and the amount of financial aid you think you’ll receive. If you have all the necessary info handy, you can expect to complete the application process in 15 to 30 minutes.

Wells Fargo Private Consolidation Loan 

Wells Fargo Private Consolidation Loan: GoodCall’s full review

Wells Fargo private consolidation student loans are a good option for students who are paying high interest rates, students who want to make one payment instead of several or students who want to extend their loan term to enjoy lower monthly payments. The application process for this Wells Fargo student loan is easy but lengthy. However, after submitting your information, Wells Fargo will clearly spell out in its detailed loan review how moving forward will affect each of your loans, demonstrating whether consolidation really is a good choice for your situation. To qualify for a Wells Fargo private consolidation student loan you must demonstrate creditworthiness, fill out the loan application and have an outstanding loan balance of at least $5,000. Wells Fargo must also determine that the loan will provide a benefit to you. If your loan is approved, your only repayment option is immediate repayment with no grace period. Wells Fargo’s interest rates of 3.00% APR to 9.99% APR are higher than some other institutions, such as Earnest and Sofi, both of which top out at about just over 6%. 

Wells Fargo Private Consolidation Loan pros and cons

While consolidating your existing loans with a Wells Fargo student loan can help you save money, doing so also has some disadvantages. Think about these pros and cons as you’re conducting your Wells Fargo student loan review.Wells Fargo Student Loans advantages:

Wells Fargo Student Loans disadvantages:  

  • Repayment starts immediately, so there’s no grace period
  • If you’re not an existing Wells Fargo customer, you only have one discount opportunity for lowering your interest rate 

Wells Fargo Private Consolidation Loan Details

How to apply for a Wells Fargo Private Consolidation Loan

While the application process for a Wells Fargo private consolidation student loan has several steps, it’s fairly simple to get through. Before you even start the application, you can review personalized interest rates and repayment terms by either entering some personal information for a soft credit check or answering a few general questions. From there, you’ll complete an application, which requires info about the loans you wish to consolidate, including account numbers, loan servicers, current interest rates, current monthly payments and your remaining balances.Once you’ve provided all the necessary information, Wells Fargo will return a detailed loan review that explains how following through with consolidation will affect your loans. Based on this info, you may want to exclude certain loans, such as those that already have a lower interest rate than Wells Fargo can offer. When you’ve come to a decision about your loans, you’ll finalize the paperwork so Wells Fargo can pay off your current balances and assume the debts.

The Bottom Line

Wells Fargo student loans offer options for both first-time borrowers and those who need to consolidate existing loans. Its rates run from standard to a bit on the high side, but if you already bank with Wells Fargo, you can utilize interest rate discounts to help you save money. Even if you’re not a customer, you can still save a little by setting up automatic payments. Whichever loan option you choose, the application process can be a bit lengthy, but it’s straightforward and easy to complete.