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4.8% to 11.26%
APR
$120,000
Max. Loan Amount
Varies
Min. Credit Score
Product Name | Wells Fargo Student Loans |
---|---|
Max. Loan Amount | $120,000 |
APR | 4.8% to 11.26% |
Interest Rate Type | Fixed |
Requirements | Good 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.
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.
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:
You should also compare more private student loans to be sure you’re picking the right lender to fund your education.
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.
Wells Fargo student loans have a number of advantages, each tailored to the type of education you’re pursuing.
It’s important to look at all aspects of a loan before signing any contracts. Here are some factors to consider.
Eligibility criteria varies by loan, but you’ll need to meet basic qualifications.
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.
If you meet the eligibility criteria, you’ll need to provide the following to apply:
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:
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.
You’ve been financed and you’re ready to move forward. Now it’s time to plan.
Not sure Wells Fargo is right for you? Compare your other options with our guide to student loans.