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Wells Fargo student loans review

Current customers could qualify for rate discounts of up to 0.5%.

  • Best for current Wells Fargo customers looking for interest rate discounts.
  • Pick something else if you don’t have strong credit or a creditworthy cosigner.
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4.8% to 11.26%



Max. Loan Amount


Min. Credit Score


Product NameWells Fargo Student Loans
Max. Loan Amount$120,000
APR4.8% to 11.26%
Interest Rate TypeFixed
RequirementsGood to excellent credit or creditworthy cosigner, ages 18+, US citizen or permanent resident

Review by

Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.

Expert review

Current Wells Fargo borrowers will get the most of its student loan offerings. Depending on the type of account you have with the bank, you could qualify for up to a 0.5% discount on your interest rate. And signing up for autopay will score you another 0.25% rate reduction.

However, you’ll likely need to have strong credit or a creditworthy cosigner to qualify. And unlike some providers, it doesn’t list details about its deferment or forbearance options on its website.

If you don’t have an outstanding student loan with Wells Fargo, compare your other student loan options.

Wells Fargo limits student loans to existing customers

As of July 1, 2020, Wells Fargo is only offering its private student loans to borrowers with an existing balance. This means you must have previously borrowed a student loan from Wells Fargo — and still owe money — to qualify. While it isn’t clear if this is a temporary or permanent change, you’ll need to consider other options.

Here are three alternatives to Wells Fargo:

  • SoFi student loans. SoFi doesn’t charge any fees — including late fees — on its student loans. Best of all, it has networking events and other services to help you navigate the professional world after you graduate.
  • Sallie Mae student loans. Sallie Mae is a well-known lender with competitive rates. It offers a variety of loan options, and you’ll even be able to track your FICO score when you borrow.
  • Education Loan Finance student loans. Education Loan Finance (ELFI) offers some of the lowest rates out there. Variable-rate loans start at 1.5%, and fixed-rate loans start at 4.5%. But loan amounts start at a relatively high $10,000.

You should also compare more private student loans to be sure you’re picking the right lender to fund your education.

What are Wells Fargo student loans?

Wells Fargo offers a variety of unsecured student loans that include undergraduate and graduate loans, loans for parents and consolidation student loans.

Note that the consolidation student loans are for private loans only. You’re not able to consolidate federal student loans by taking out a Wells Fargo personal loan.

How can a private student loan from Wells Fargo benefit me?

Wells Fargo student loans have a number of advantages, each tailored to the type of education you’re pursuing.

  • Payment deferment. Any loans you take out while you’re in school have a six-month grace period before repayment. Student loans for parents are able to make interest-only payments for 48 months.
  • No fees. You won’t pay origination or application fees or penalties for paying off your loan early.
  • Customer discounts. Wells Fargo offers a 0.25% discount for customers with qualifying accounts and an additional 0.25% when you enroll in automatic payments.
  • Interest rate options. Choose between a fixed or variable rate, depending on your financial need.

Compare student loan offers from other lenders

Name Product APR Min. Credit Score Loan amount Loan Term
Purefy Student Loan Refinancing (Variable Rate)
1.88% to 5.54%
$5,000 - $300,000
5 to 20 years
Refinance all types of student loans — including federal and parent PLUS loans.
Credible Student Loan Refinancing
1.80% to 8.90%
Good to excellent credit
Starting at $5,000
5 to 20 years
Get prequalified offers from top student loan refinancing providers in one place.
SoFi Student Loan Refinancing Variable Rate (with Autopay)
2.25% to 6.59%
Starting at $5,000
5 to 20 years
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
Splash Financial Student Loan Refinancing
1.89% to 6.66%
Starting at $7,500
5 to 25 years
Save on your student loans with this market-leading newcomer.
Education Loan Finance Student Loan Refinancing
2.39% to 6.01%
Starting at $15,000
5 to 20 years
Lower your student debt costs with manageable payments, affordable rates and flexible terms.
Earnest Student Loan Refinancing
1.88% to 5.64% APR with autopay
$5,000 - $500,000
5 to 20 years
Get a tailored interest rate and repayment plan with no hidden fees.
Supermoney student loan refinancing
Starting at 1.9%
No minimum credit score
$5,000 - $300,000
5 to 20 years
Compare options to combine both private and federal debts into one monthly payment.

Compare up to 4 providers

What to watch out for

It’s important to look at all aspects of a loan before signing any contracts. Here are some factors to consider.

  • Interest accumulation. Even though payments don’t start until six months after you finish school, you still accumulate interest on the balance. This means if you take seven years to finish school and wait out the deferment period, you will have seven years and six months of interest.
  • Credit requirements. If you’ve just started school and haven’t yet built up credit, you may not qualify for a loan on your own. In that case, Wells Fargo offers private student loans that allow for a cosigner.
  • Loan limits. Each loan has a limit, some restricting your borrowing amount to $25,000 per year. It’s important to know what your limits are and plan for alternative financing if needed.

Am I eligible for a student loan with Wells Fargo?

Eligibility criteria varies by loan, but you’ll need to meet basic qualifications.

  • You must have good to excellent credit, or you’ll need a cosigner who meets the credit and income requirements.
  • You should be at least 18 years old.
  • You should be an American citizen or a permanent resident of the US.

If you’re a student, you must be enrolled in an eligible school and seeking a degree, certificate or license.

If you’re a parent or consolidating your debt, you must meet the general qualifications as well as any credit and income requirements.

What information do I need to apply?

If you meet the eligibility criteria, you’ll need to provide the following to apply:

  • Your full name, date of birth, Social Security number and a valid form of ID, such as your driver’s license or passport.
  • Your home address, email address and phone number.
  • Details about your school if you’re a student.
  • Details about your employment and income if applying as a cosigner, a parent or consolidating your debt.

Wells Fargo MedCap-Xtra Loans

Medical students might want to take a particularly close look at Wells Fargo. In addition to your standard graduate and undergraduate student loans, Wells Fargo offers financing for postgraduate expenses. The MedCap-Xtra Loan can help foot the cost of applying to and moving to start a residency after finishing medical school.

How much you can borrow depends on what you need the funds for:

  • Medical board and clinical exams: $1,000 to $12,500
  • Residency interview expenses: $1,000 to $5,000
  • Residency relocation expenses: $1,000 to $10,000
  • Internship-related expenses: $1,000 to $5,000


Eligibility requirements also depend on how you want to use the funds. For a residency or internship expense, you must be in your last year at an approved school and in an approved program for one of the following fields: dentistry, optometry, podiatry, occupational therapy, physical therapy, pharmacy, physician assistant or veterinary medicine.

To get funding for board and clinical exams, you must be at least in the second year of one of the following programs: Dentistry, podiatry, allopathic or osteopathic medicine.


Like its other student loans, these loans come with a choice between fixed and variable rates. Fixed rates range from 9.53% to 9.78% APR, including a 0.5% discount for Wells Fargo Customers and automatic repayments. Variable rates range from 9.07% to 9.3% as of September 2018, including the same discounts.

Allopathic and osteopathic students can hold off on repayments until 36 months after leaving school. Everyone else has a 6-month grace period.

I have a student loan from Wells Fargo. Now what?

You’ve been financed and you’re ready to move forward. Now it’s time to plan.

  • If you’re a student, you’ll have six months after you finish school to start payments. That isn’t to say you can’t start early though. If you’re able to make payments while you’re still in school, you can avoid some interest accumulation.
  • If you’re a parent or consolidating your debt, you will need to start payments as soon as you receive financing. Setting up automatic payments will get you a 0.25% discount on your APR, saving you money in the long run.

Not sure Wells Fargo is right for you? Compare your other options with our guide to student loans.

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