Wells Fargo Student Loan Review
- September 10, 2015
- Posted by: Dave Rathmanner
- Category: Student Loans
Wells Fargo is one of the big three private student loan lenders along with Sallie Mae and Discover Student Loans. With the rising cost of college, students are having a hard time financing their education. When working part time jobs and support from family isn’t enough, many choose to turn to private student loans. Wells Fargo is one of the best options to provide these loans.
What Does Wells Fargo Offer in Terms of Student Loans?
4.10% - 9.67%
2.751% - 11.03%
6.17% - 11.26%
3.63% - 12.99%
0- 7 years
0 - 15 years
Compare Rates from Other Top Lenders with One Free Application
Wells Fargo products are certified student loans offered to support students and families in need. Wells Fargo student loans can help pay for many of the costs of college including tuition, books, housing, a laptop, and much more.
Wells Fargo offers private loans to a variety of students. These include undergrads, grad students, med school students, and law school students. Also, parents can directly take out home equity loans or Wells Fargo K-12 loans to help pay for their child’s education.
If you’re a qualified borrower, Wells Fargo college debt at considerably low interest rates. Interest rates start at 4.10% and go up to as high as 11.26%. The interest rate depends mainly on credit worthiness. The better you’re credit is, the better interest rate you will receive. In addition, Wells Fargo offers competitive fixed and variable interest rates. Variable interest rates may change over time whereas fixed rates are guaranteed to stay the same but are usually higher.
As with most educational loans, borrowers will usually require a cosigner. Actually, around 90% of private college loans are issued with a cosigner, according to our college debt statistics. Having a cosigner improves the chances of getting approved and could help lower the interest rate. Cosigners are usually parents, guardians, or other trusted relatives. If you don't have a cosigner, check out our Student Loans Without a Cosigner page.
Wells Fargo educational loans offer a variety of benefits. Some of theses include making no payments until after 6 months of graduation, no application, origination, or early repayment fees, and even the chance to reduce loan costs with interest rate discounts.
Can You Refinance Wells Fargo Student Loans?
Refinancing and consolidation is a great option for those looking to lower their interest rate and merge their loans into one easier to pay loan. Once graduates have a secure job and are in better financial standing, lenders trust them more. This means that they will potentially be able to provide you with better deals on your student loans, saving you thousands over their lifetime. In addition, you are able to change the term, or length, or your loan.
If you are having trouble keeping up with payments with your current financial situation, one option is to extend the loan term, thereby lowering your monthly payments. Keep in mind, however, that this usually means that you will pay more in the long-term as the interest rate will be higher.
Unlike Discover Student Loans, Wells Fargo offers a private educational loan consolidation program. You can turn a number of loans into one with the potential for a lower monthly payment, a longer loan term, and even a lower interest rate.
Another option is to refinance right here at LendEDU. While refinance rates start at 2.10% for very qualified applicants, most people fall into the 3%-5% range. Refinancing could save you thousands of dollars over the lifetime of your loan.
Alternatives to Wells Fargo for Borrowers?
You are determined to start college but the money to pay for your studies is not there and so you are forced to have to consider funding your own education. This is by no means new to students who are just starting college. In fact, many students who are presently studying for a degree in college are doing so from their own financial resources. Yet, although this practice is happening worldwide, not many students are knowledgeable about how to fund their own education when it comes to scholarships, financial aid and student loans.
In the US, the federal government gives US citizens a chance to get a free education on them. By filling out the FAFSA, you will have plenty access to various types of scholarships, campus-based financial aid, low-interest student loans as well as federal and state grants that you can benefit from. When seeking a way to pay college tuition fees, you should first try to find organizations that reward students with grants or scholarships before thinking of applying for a student loan. On your application form, if you are applying for financial aid you have to prove that you are a student who is in need of financial help to get you through college. In other words, you should try to convince the persons reading through the application form that you have no other way of funding your education and that the financial aid that will be given by the organization is the only way you can attend college to get a degree. Only after you have exhausted any scholarships or grants should you turn to student loans.
Though Wells Fargo is one of the best options for those seeking private educational loans, they might not be for everyone. It is a smart idea to shop around to make sure your loan comes with the lowest interest rates and with the best benefits. Some other options that may offer better deals include community banks and credit unions. Here at LendEDU, you can quickly compare multiple private student debt options with just one application.
There is, of course, the option to try and fund your education yourself. Freelancing can pay well if you work hard at it. You can become freelancer doing the things that make you feel most passionate. Take for example, if you are a writer, you can write blog articles, magazine content and newspaper stories for customers living across the world through the power of the internet. The web has many places online where you can find reasonable paying writing jobs available. If you are a good website builder, you can advertise your skill online and attract customers. You can also do surveys and earn from surveying websites. Other ways you can earn a living through the internet is by proofreading and editing other people’s work, doing data entry, and carrying out translation jobs for companies or individuals. By becoming a freelancer, you are making certain your tuition fees will be paid on time and you will have study materials such as books to use.
Another way in which many persons tackle the problem of getting funding for their education is by first working at a job and saving money for college. You can work a full time job for a couple of years, say for about three years, and use the money you save for your college payment. However, for you to make the strategy work, you will have to be a serious saver and discipline enough to sacrifice not spending money unwisely.
Lastly, owning a small business can do wonders for you because the profit you make from the business can go towards paying your college expenses. As the owner, you do not have to work the business every day and you can get time to attend classes and study at your own leisure. In fact, if you can afford it you can employ someone to work in the business while you are away so that you can serve your customers Monday to Friday. Owning your own small business can put money in your pocket and help you get an education.
Wells Fargo's collegiate loan program is a staple in the private student loan industry and we expect them to continue their success for years to come!3