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.
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|1 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
2 Important Disclosures for College Ave.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
Information advertised valid as of 4/1/2019. Variable interest rates may increase after consummation.
3 Important Disclosures for Discover.
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2019 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
6 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
7 Important Disclosures for CommonBond.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
8 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|4.24% – 13.24%1||Undergraduate and Graduate|
|4.07% – 11.32%2||Undergraduate, Graduate, and Parents|
|4.84% – 13.49%3||Undergraduate and Graduate|
|4.50% – 11.35%*,4||Undergraduate and Graduate|
|4.25% – 13.25%5||Undergraduate and Graduate|
|6.08% – 7.22%6||Undergraduate and Graduate|
|3.95% – 9.81%7||Undergraduate, Graduate, and Parents|
|4.45% – 12.42%8||Undergraduate, Graduate, and Parents|