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With the student loan refinancing market expanding, there are many lenders willing to refinance and consolidate your student loans. Lenders come in all sizes, from big banks to newly emerged peer-to-peer lenders.

Wells Fargo is the most notable of big banks that will consolidate your student loans. Here is a deeper look into Wells Fargo student loans.

Wells Fargo Student Loan Consolidation Highlights

  • 15-20 year loan repayment term, rates as low as 3.24% APR
  • Discounts available for Wells Fargo customers
  • Interest only payments and deferments are not available
  • Only private loans can be refinanced

Choosing Wells Fargo allows you to work with a well established financial institution. In 2014, they were named the Best U.S Bank by The Banker magazine and they have over 8,700 locations.


Wells Fargo promotes their loan consolidation to help individuals save money as well as simplify the loan repayment process. They want borrowers to, “Achieve more and worry less about loan payments in your new life after college.” Their banking products have been high ranking around the world, and have spent several billions of dollars on charitable organizations and community outreach. In 2014, they recorded 1.74 million hours of volunteer work done by their team members.

Product Offerings

Wells Fargo student loan consolidation only offers 15 and 20-year loans, but there is no penalty if you pay off your student loan early. One disadvantage of these two loans is that Wells Fargo does not allow interest only or deferment payments, like their competitors.


Borrowers can borrow up to $120,000 for the consolidation loan. However, the lifetime limit for the loan combined with all other education-related debt is $250,000. Repayment of the loan begins immediately after consolidation has been approved. Therefore, if the borrower is still a student with loans that do not require repayment until after graduation, then they should wait until graduation before enrolling in the Wells Fargo consolidation loan to save money.

For those who are struggling to pay back their debt, Wells Fargo offers up to two months of forbearance. Another forbearance would not be granted until twelve consecutive payments have been made.

Instead of issuing a penalty interest rate for missed payments, a $28 fee is issued for each payment over 10 days late.


For individuals or cosigners with an existing relationship with Wells Fargo, their rates can be some of the lowest. Wells Fargo offers two APR discounts on their products, which can be stacked for a combined .50% rate reduction. Previous Wells Fargo customers receive .25% rate reduction for a previous Wells Fargo student loan or for another qualifying Wells Fargo product. Individuals can also receive an extra .25% rate reduction for enrolling in automatic payments.

Who should explore Wells Fargo?

Graduates with private student loans are the best fit for a Wells Fargo’s loan consolidation. Wells Fargo will not consolidate federal loans. Consolidating your student loans can lower your monthly payment and simplify the paying process.

Wells Fargo Student Loan Consolidation Reviews

Most Wells Fargo reviews focus on the fact that the big bank does not offer deferment options like its competitors, however borrowers do not find this much of an issue, but find the discounts offered very enticing.

Credible is a multi-lender marketplace that allows borrowers to get personalized rates and compare loans from vetted lenders, without affecting their credit scores.

We encourage you to provide honest and thorough feedback about your experience (not the experiences you’ve heard from other people), the good as well as the bad. But, we also want you to follow these content guidelines. The comments or responses that Credible posts under its official account are not provided, reviewed or endorsed by any of the financial institutions unless specifically stated otherwise in the response. Please keep in mind that the financial institution has no obligation to monitor any comments, questions or reviews you post and is therefore not responsible for ensuring your posts and/or questions are answered.

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