Wells Fargo is a well-established provider of student loans and student loan refinancing. If you’re already a customer or would prefer to do business with a traditional bank, Wells Fargo could be a good choice. However, there are a lot of other factors to consider when evaluating a lender, so read on to find out if they’re a good fit for you.
In this post:
Wells Fargo student loan refinancing
Best for:
- Existing Wells Fargo customers
- Doctors and lawyers with high loan balances
- Borrowers who didn’t earn a degree
The Wells Fargo Private Consolidation loan can be used to refinance private student loans. Wells Fargo offers a wide range of repayment terms, loan limits tailored to the type of degree, and competitive rates — particularly for existing customers, who may qualify for additional interest rate discounts.
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| Best for |
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| Loan amounts | $5,000 to $300,000 (depending on degree type) |
| Loan terms | 5, 7, 10, 15, or 20 years |
| Loan qualifications | Refinance private loans |
| Interest rates | Fixed or variable |
| Fees | No application, origination, or disbursement fees. No prepayment penalty. |
| Discounts | 0.25% autopay discount, plus any one of the following:
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| Education | Degree not required |
| Citizenship/Residency | U.S. citizen or permanent resident |
| Cosigner info | Borrowers can apply to release cosigners after making 24 on-time principal and interest payments. If first payment was late, 48 payments are required. |
| Loan servicer | Check with lender |
- Wells Fargo student loan refinancing review
- How to qualify
- Repayment
- How Wells Fargo compares to other refinancing lenders
- How to refinance student loans with Wells Fargo
Wells Fargo student loan refinancing review
Wells Fargo stands apart from many of its competitors for its willingness to refinance debt taken on by borrowers who did not complete their degree. Loan limits are tailored to your level of education.
If you have a four-year bachelor’s degree, you may qualify to refinance up to $150,000 in student loan debt. The upper limit for law school grads is $180,000 and $300,000 if you’ve completed medical or dental school.
Like many lenders, Wells Fargo offers a 0.25% autopay discount. If you’re an existing Wells Fargo customer, you may qualify for an additional 0.25% to 0.5% interest rate discount depending on the type of checking account you have.
How to qualify
To qualify for refinancing with Wells Fargo, you’ll have to meet the company’s credit, employment, and debt-to-income requirements. If you’ve just started out on your career and haven’t established a history of credit and earnings that qualifies you to refinance, you can apply with a cosigner.
Your interest rate will depend on your (or your cosigner’s) credit score and the repayment term you select. Wells Fargo lets you or your cosigner check refinancing rates you’re prequalified for without affecting your credit score.
Repayment
Wells Fargo offers a wide range of repayment terms, which can help you refinance into a loan with a monthly payment that matches your budget. Choose from 5, 7, 10, or 15-year repayment terms or take up to 20 years to pay your loan back if you’re refinancing $50,000 or more. Keep in mind that while longer repayment terms can make your monthly payment more manageable, you’ll typically pay more interest in the long run.
You can make monthly payments online, by phone, or mail — or drop of your payment at your neighborhood Wells Fargo branch office.
If you run into financial difficulties, Wells Fargo offers short-term payment relief for up to two months if you’ve made your previous payments on time. Loan modification programs may be offered to borrowers with long-term issues. Forgiveness is available if a borrower dies or becomes totally and permanently disabled.
How Wells Fargo compares to other refinancing lenders
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| Loan terms (years) | 5, 7, 10, 15, 20 | 5, 8, 12, 15 | 5, 7, 10, 15, 20 |
| Loan amount | $5,000 to $300,000 (depending on degree type) | $7,500 to $300,000 | $10,000 to $350,000 (depending on level of education) |
| Cosigner release? | Yes, applications accepted after 24 or 48 months of on-time payments | Yes, applications accepted after 12 on-time payments | Yes, applications accepted after 36 months of on-time payments |
| Transfer parent loan to child? | No | Yes | Yes |
| Loan servicer | Check with lender | Pentagon Federal Credit Union (PenFed) | Firstmark Services |
| Best for | Existing Wells Fargo customers | Those applying with a cosigner | Those who want to lower their monthly payment |
How to refinance student loans with Wells Fargo
Wells Fargo’s expanded refinancing program is worth looking into, and the bank makes it easy to check rates on their website. Because so many lenders offer student loan refinancing, it’s always a good idea to check rates with several lenders to make sure you’re getting a good interest rate.
Credible lets you fill out a single form and request personalized rates from multiple lenders without affecting your credit score. Although Wells Fargo is not a Credible partner, you can request rates from other top lenders.
Credible makes refinancing easy
Wells Fargo isn’t one of our partner lenders. But you can use Credible to compare rates in 2 minutes from other lenders who offer student loan refinancing.
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Checking rates won’t affect your credit score
Wells Fargo private student loans
Best for:
- Existing Wells Fargo customers
- Students seeking professional degrees in law and medicine
- Students who are enrolled less than half time
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
How many years you have to repay the loan
Ability to release your cosigner
Minimum GPA needed to borrow
Wells Fargo isn’t one of our partner lenders.
But you can use Credible to compare rates from other private student loan lenders in 3 minutes.
Wells Fargo offers a full suite of private student loans to students attending community colleges and career schools, four-year universities, and graduate and professional schools. Parents, family members, and friends can also take out loans to help students cover education-related expenses.
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| Loan amounts | Up to $250,000 (depending on degree type) |
| Loan terms | Up to 15 years (20 years for medical school loans) |
| Repayment | Career and community college loan: No payments due until 6 months after you graduate or leave school. Maximum in-school period is 4 years for students attending 2-year community college, or 7 years for students attending a 4-year career school. Undergraduate: No payments due until 6 months after you graduate or leave school. Maximum in-school period is 7 years. Graduate school loan: No payments due until 6 months after you graduate or leave school. Maximum in-school period is 5 years. MedCAP Medical School Loans: No payments due until 6 months after leaving school, maximum in-school period 5 to 7 years. Parent loan: Repayment begins immediately. |
| Fees | No application, origination, or disbursement fees. No prepayment penalty. |
| Discounts | 0.25% autopay discount, plus any one of the following:
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| Enrollment | Students may qualify even enrolled less than half time. |
| Citizenship/Residency | U.S. citizen or permanent resident. Temporary residents may apply with a cosigner who is a U.S. citizen or permanent resident. |
| Cosigner info | Borrowers can apply to release cosigners after making 24 on-time principal and interest payments. If first payment was late, 48 payments are required. |
| Other perks |
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- Wells Fargo private student loans review
- How to qualify
- Repayment
- How Wells Fargo private student loans compare to other lenders
- How to take out private student loans with Wells Fargo
Wells Fargo private student loans review
Wells Fargo offers student loans with interest rates, loan limits, and other features that are tailored to the degree the student is seeking:
- Wells Fargo Student Loan for Career and Community Colleges: For students attending a two-year school, career-training program, or non-traditional school
- Wells Fargo Collegiate student loan: For undergraduates attending traditional four-year schools
- Wells Fargo Graduate Loan: For MBA, law, or other graduate school programs
- Wells Fargo MedCAP Alternative Loan for Health Professionals: For medical, dental, and most other graduate-level health programs
- Wells Fargo Student Loan for Parents: Available to any person who meets eligibility requirements (parent, family member, friend)
The most significant differences between these loans are in the maximum borrowing limits and interest rates. Loans for parents and community college students have lower limits and higher interest rates than loans offered to undergraduate, graduate, and professional students.
In addition to a 0.25% interest rate discount for autopay, you may qualify for an additional 0.25% to 0.5% interest rate discount if you have a Wells Fargo checking account.
How to qualify
Most students won’t have the credit history and earnings needed to qualify for a Wells Fargo private student loan on their own. A parent, family member, or friend who meets Wells Fargo’s credit, employment, and debt-to-income requirements can act as a cosigner. Your interest rate will depend on your (or your cosigner’s) credit score.
Wells Fargo is one of the few lenders that will provide financing to students who are enrolled less than half time and may also loan to international students who are temporary residents if they apply with a cosigner who is a U.S. citizen or permanent resident.
Repayment
With the exception of parent loans, borrowers can put off repaying their loans until six months after graduating or leaving school. Payments on parent loans begin when the loan is disbursed.
Most borrowers will have a 15-year repayment term, although medical school loans can be repaid over 20 years. Payments are accepted online, by phone, or mail, and also at any Wells Fargo branch office.
Wells Fargo offers short-term payment relief for up to two months for borrowers who have always made their payments on time but run into financial difficulties. Loan modification programs are available for borrowers with long-term issues. If a student dies or becomes totally and permanently disabled, loan forgiveness is available.
How Wells Fargo private student loans compare to other lenders
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| Fixed rates from (APR) | Check with lender | 4.50%9 - 14.83%9 | 4.44%+2,3 |
| Variable rates from (APR) | Check with lender | 5.99%9 - 16.33%9 | 5.09%+2,3 |
| Loan amounts | Up to $250,000 (depending on degree type) | $1,000 up to 100% of school-certified cost of attendance | Up to 100% of your school-certified cost of attendance ($1,000 minimum) |
Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Disclosures | 2,3College Ave Disclosures | 11Custom Choice Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures| 10Ascent Disclosures |
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How to take out private student loans with Wells Fargo
Wells Fargo offers a wide range of private student loans intended to meet the needs of just about any borrower. But it’s always smart to check rates with multiple lenders to make sure you’re not paying too much.
Credible allows you to fill out a single form and request personalized rates from multiple lenders. While Wells Fargo is not one of our partners, you can compare rates from other top private student loan lenders through Credible without affecting your credit score.
How Wells Fargo can improve
Wells Fargo’s offers a good selection of private student loans, but they could improve by:
- Providing personalized rates for private student loans without affecting your credit score
- Providing faster cosigner release
- Providing better rates to parents and community college students
