So you’re interested in taking out a student loan from Wells Fargo? Maybe you’ve read our review, or a friend recommended them, and now you want to jump in to see if you qualify.
Here’s everything you’ll need to know about applying for a Wells Fargo student loan, including what to expect in terms of requirements and interest rates.
Wells Fargo student loans: What they offer
Information about Wells Fargo loans and about the student loan application process can be found in the private student loan section of the bank’s website. The website divides loans into different categories including undergraduate student loans, graduate student loans, and consolidation loans.
Each of the main categories has a selection of different loan products listed. For example, there are different loan options with both fixed and variable rates for parents and undergraduate and graduate students. These include:
- Wells Fargo Undergraduate Private Student Loans: Undergraduate students attending a four-year school can borrow funds to cover educational costs such as for housing, tuition, computers, and books. As with most student loans, borrowers aren’t required to make payments until six months after leaving school. Students can qualify for a loan even if enrolled in school less than half time, and a cosigner isn’t required, though having one can boost your chances of approval. There are no application, loan origination, or early repayment fees.
- Wells Fargo Private Loans for Community College: This loan is available to students attending a non-traditional or two-year school or career training program. These loans are available even if you are attending school less than half time. A cosigner is not required and there are no application, loan origination, or early repayment fees. Payments begin six months after you leave school.
- Wells Fargo Parent Student Loans for College: Parents can apply for student loans to help cover educational costs for their children in an undergraduate or graduate program. Parents can qualify based on their credit score and debt level. They can choose to enter repayment early or make interest-only payments for up to 48 months.
- Wells Fargo Graduate Student Loans: This series of loans includes the Wells Fargo Graduate Loan, the MedCap Alternative Loan for Health Professionals, the MedCap-Xtra Loan, and the Wells Fargo Bar Exam Loan. As with other Wells Fargo loans, there are no application or origination fees and no prepayment penalties. The Graduate Loan also offers up to a 15-year repayment term.
Who is eligible for Wells Fargo student loans?
Eligibility criteria varies depending on which Wells Fargo loan you apply for. For example, if you apply for an undergraduate loan, you’ll need to meet the following requirements:
- Be enrolled at an eligible school and working toward a degree, license, or certificate
- Be a U.S. citizen, U.S. national, permanent resident alien, or temporary resident alien with a current address in the U.S.
In certain cases, you might also need a cosigner. Both student and parent borrowers need to meet credit score requirements to get a loan. Wells Fargo will also consider your debt-to-income ratio and employment status.
How to apply for Wells Fargo student loans
To start the Wells Fargo student loan application process, click the “Apply Now” button on the private student loans page or on the individual page of the loan you want. You can also contact a student loan consultant at Wells Fargo by phone at 1-800-378-5526.
After clicking “Apply Now,” you’ll need to select your loan type from a pull-down menu. Options include undergraduate loans, graduate loans, student loan consolidation loans, and loans for a technical school, trade school, or continuing education.
Once you’ve chosen the loan type, select a button to indicate whether you’re a student or a parent, sponsor, or cosigner.
You’ll then input the state where the school is located, along with your (or your child’s) current grade level, field of study, and citizenship status. Once complete, Wells Fargo will direct you to a page detailing the terms of the loan that’s right for you. You’ll see information on payments, interest rates, and eligibility requirements.
If the loan terms look good to you, click the “Get Started” button to move to the next step of the application process.
At this point, you’ll need to provide some basic information as well as certain documentation that Wells Fargo requests. The bank will want to know:
- Identifying information like your Social Security number and home address
- Employment and income information
- The academic term in which the loan will be used
- Your expected graduation date
- Your school’s cost of attendance and the financial aid you expect to receive
If you have a cosigner, you’ll also need to provide information related to their employment and income.
If necessary, you can save your in-progress application and return to it later. Further, you can use Wells Fargo’s YourLoanTracker tool to make applying for and managing your loan easier. It allows you to provide documents required for the loan, sign paperwork after loan approval, and view information on the funding of your loan.
Checking interest rates and selecting your loan
Wells Fargo offers both variable- and fixed-rate student loans. Fixed rates remain the same over the life of the loan, while variable rates can rise and fall based on market conditions. If market rates go up, so can the interest rate and monthly payment on your variable-rate loan.
Because rates change regularly, Wells Fargo has a tool on its website where you can compare current rates. You can find this tool by clicking the “Check Rates” button on the bank’s student loan page.
In the rate-checker tool, input the state of the school you or your child will be attending, the school name, and the field of study.
You’ll then see a table of Wells Fargo student loan interest rates, as well as sample loan terms. Note that your chosen school may affect your eligibility for certain loans.
If you want to apply for one of the listed loans, you can click the “Apply” button above the table. Wells Fargo will get back to you once a decision is made on your application.
Wells Fargo recommends allowing between two and three weeks to complete the loan application process. Your application may take longer if you need time to gather required documentation such as employment and income information.
After submitting your application, it’s just a matter of kicking back and waiting for it to be reviewed and, if approved, for the funds to be disbursed. You’ll receive email or text updates about the progress of your application, allowing you to monitor its status in real time.
Need a student loan?Here are our top student loan lenders of 2018!
1 = Citizens Disclaimer.
2 = CollegeAve Autopay Disclaimer: The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
|3.46% - 11.99%1||Undergraduate, Graduate, and Parents||Visit Citizens|
|2.93% - 9.67%||Undergraduate, Graduate, and Parents||Visit CommonBond|
|3.79% - 12.66%2||Undergraduate, Graduate, and Parents||Visit CollegeAve|
|4.19% - 9.69%||Undergraduate and Graduate||Visit LendKey|
|3.35% - 10.89%||Undergraduate and Graduate||Visit Connext|
|3.25% - 11.85%||Undergraduate and Graduate||Visit SallieMae|
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