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Wells Fargo Bank

in Private Student Loans

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Wells Fargo Bank

Unaffiliated

in Private Student Loans

SuperMoney Net Recommendation Score -100% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

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Overview

Wells Fargo & Company is a nationwide, diversified financial services company with over $1.7 trillion in assets. Wells Fargo is highly ranked in terms of assets among U.S. banks and in terms of market capitalization value. The bank was founded in 1852 and provides banking, insurance, investments, mortgages, and consumer loans. It is also a leading provider of student loans. Wells Fargo & Company has its headquarters in San Francisco. It has an A- rating with the BBB and four stars with Bauer Financial.

How Do Wells Fargo’s Student Loans Work?

Wells Fargo offers three main types of student loans: undergraduate loans, graduate loans and student loans for parents of students.

Wells Fargo student loans fund up to 100% of eligible school expenses and you don’t have to pay a dime while you are in school. In fact payments don’t start until 6 months after leaving school. Students who wish to do so can choose to start repaying the loan immediately to reduce payments in the long run.

What Are Wells Fargo’s Rates and Fees?

Rates vary depending on -- among other things -- your creditworthiness and the type of loan you choose. 

  • Wells Fargo Bank's variable rate APRs range from 4.33% to 11.45%.
  • Wells Fargo Bank's fixed rate APRs range from 6.17% to % APR.

Students and parents can earn a discount of 0.25% if they already had a student loan or other qualifying account and an additional discount of 0.25% if they enroll in automatic payments.

How Much Money Can I Borrow from Wells Fargo?

Wells Fargo provides students and parents of students with as much as they need toward education costs, not including other available aid.

Which States Does Wells Fargo Operate In?

Wells Fargo operates in all 50 states.

What Is Wells Fargo Application Process Like?

Applicants must be enrolled in an eligible college or university. They must be studying full or part time, be a US citizen or a permanent resident. In cases where the borrower does not have a good credit score, sufficient income or an established credit history, it may be necessary to have a cosigner to qualify for a loan.

All borrowers must complete an application, provide supporting documentation and sign loan documents to receive their funds.

When completing an application borrowers will need to have the school information (name, grade, major and school term), Social Security number, contact information, gross income information and loan amount.

How Is Wells Fargo Better Than Other Lenders?

Wells Fargo is one of the largest banks in the world. It provides competitive rates, flexible terms and smooth application process. If a borrower falls into financial difficulties there is the option of requesting interest-only payments for up to 48 months. There is also the option to receive rate discounts for having other accounts with Wells Fargo or enrolling in automatic payments.

SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Availability

Available in 50 States and Washington, DC
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Grace Period
6
No Prepayment Fee
No Origination Fee
Late Fee Amount
$28
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Cosigner Optional
Credit Score Range
650 - 850
850 300 650
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • Non-Resident
Verification Documents Required
  • Proof of Income
  • Proof of Residence
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Variable APR
4.33% - 11.45%
3% 12%
Loan Amount
$1K - $250K
$500 $500K
Loan Term (Years)
5 - 15
1 30
Fixed APR
6.17% - 12.65%
0% 20%
Up to Cost of Attendance

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