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  Wells Fargo Collegiate Loan

Wells Fargo Collegiate Loan

in Private Student Loans from Wells Fargo Bank

Unaffiliated

Wells Fargo Collegiate Loan

Unaffiliated

in Private Student Loans from Wells Fargo Bank

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Highlights
Community Rating

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Loan Amount $1,000 - $250,000
Fixed APR 4.53% - 10.72%
Variable APR 2.68% - 9.46%

Wells Fargo Collegiate Loan Review

Wells Fargo Collegiate Loan is offered by Wells Fargo Bank, a bank founded in 1852 and based in San Francisco, CA. Wells Fargo Collegiate Loan is available in 50 states (and Washington, DC).

Wells Fargo Collegiate Loan FAQ

What rates does Wells Fargo Collegiate Loan offer for in-school private student loan?

Wells Fargo Collegiate Loan has a variable APR that ranges from 2.68% up to 9.46%.

It offers a fixed APR that ranges from 4.53% up to 10.72%.

Many students have little or no credit history when they start college. By having a parent or other creditworthy individual cosign the loan, the student may improve their chance of approval or qualify for lower interest rates.

How much can you borrow from Wells Fargo Collegiate Loan?

Available loan amounts may vary by applicant but Wells Fargo Collegiate Loan has a minimum loan amount of 1K and offers loans up to 250K.

Does Wells Fargo Collegiate Loan charge an origination fee?

No, Wells Fargo Collegiate Loan does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does Wells Fargo Collegiate Loan charge prepayment fees?

No, Wells Fargo Collegiate Loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

What terms does Wells Fargo Collegiate Loan offer?

Wells Fargo Collegiate Loan provides repayment terms ranging from 5 to 15 years.

What type of borrowers will Wells Fargo Collegiate Loan consider?

Wells Fargo Collegiate Loan considers loans applications from:

  • undergraduate students
  • graduate students
  • parents of students

What do you need to qualify for Wells Fargo Collegiate Loan?

Applicants with a credit score of at least 650 and up to 850 may be eligible for Wells Fargo Collegiate Loan.

Wells Fargo Collegiate Loan does not have or does not disclose a minimum annual income eligibility requirement. Wells Fargo Collegiate Loan only considers borrowers who are employed.

U.S. citizens are, of course, eligible for the services offered by Wells Fargo Collegiate Loan. Permanent resident / green card holders are also eligible to apply. An uncommon feature is for lenders to offer their services to non-residents. Wells Fargo Bank is one of the few that does.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Driver's license
  • Proof of citizenship or residence permit
  • Proof of residence
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Message From Our Editor

What We Love About Wells Fargo Student Loans

Wells Fargo has several private student loan offerings, including undergraduate loans, graduate loans, and loans to consolidate existing student debt. These help students pay for the cost of tuition and other college-related expenses at various points in their education careers. 

These options are easy to access and apply for online through the Wells Fargo website. They offer both variable and fixed-rate options to suit a wide range of individual financial needs and repayment preferences. 

What Could Well’s Fargo Student Loans Do Better?

Be aware that there is a lifetime limit on the amount of money a student may borrow. This means that Wells Fargo student loans may not fit every borrower and every financial situation.

Undergraduate students attending traditional four-year schools have a lifetime limit of $120,000, which includes the Wells Fargo loan and all other education-related debt.

Students attending a two-year school or career-training program have a lifetime limit of $40,000, while those attending a four-year proprietary school have a $100,000-lifetime limit. Both include the Wells Fargo loan and all other education-related debt.

Graduate loans have a lifetime limit of $100,000, which includes the graduate loan and all other education-related debt.

Well’s Fargo Student Loans Background

Wells Fargo is one of the longest-standing financial institutions in the U.S. and was established in 1852. According to Vasquez, the bank has been a leader in the student loan marketplace since the 1960s.

Upon being offered a loan, customers are provided detailed and transparent disclosures regarding the terms and conditions of their loans at three different points during the loan process. They’re also provided a 30-day right to accept and lock in their loan offer, as well as a three-day right to cancel the loan before funds are delivered.

The Verdict

Wells Fargo is a well-known and long-standing lender in the private student loan space. Its interest rates are competitive, and the two discounts can lower them even further. Additionally, there are no prepayment, origination, or application fees.

Overall it’s a route worth exploring, especially if you are already a Wells Fargo customer and if you have a well-qualified cosigner.

Availability

  Available in 50 states and Washington, D.C.
  • 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

No Interest Grace Period for Late Payment 6 days
No Origination Fee
No Prepayment Fee
Late Fee Amount $28
Cosigner Optional
Credit Score Range 650 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
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)
Loan Term 5 - 15 years
Up to Cost of Attendance
Fixed APR 4.53% - 10.72%
Variable APR 2.68% - 9.46%
Loan Amount $1,000 - $250,000

Wells Fargo Collegiate Loan Community Reviews

 

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