Updated
Feb 28, 2022 
What we like:
Numerous discounts available
| Fixed Rates | 5.49% – 10.93% |
| Variable Rates | 4.80% – 10.72% |
| Loan Terms | Not disclosed |
| Loan Amounts | $1,000 – $120,000 |
Wells Fargo offers private student loans for undergraduate and graduate-level students, as well as parents who want to help pay for education costs that aren’t covered by federal loans and financial aid. Wells Fargo also offers student loan refinancing of both federal and private student loans.
With Wells Fargo student loans, borrowers have access to several loan repayment terms, both fixed and variable interest rates, and a handful of perks and benefits that make the repayment process easier.
Wells Fargo’s private student loan may be a good fit for borrowers who can meet the qualification requirements if they need help covering a gap in college expenses or want to save on existing student loans.
In this review:
- Wells Fargo Student Loans for Undergraduates
- Wells Fargo Graduate Student Loans
- Wells Fargo Medical School Loans
- Refinancing With Wells Fargo
Wells Fargo Student Loans for Undergraduates
Wells Fargo offers private student loans for undergraduate students who are enrolled at least half-time at an accredited college or university.
The undergraduate private student loans from the lender come in several different forms, depending on the type of degree a student is planning to pursue, or if the parent is applying for funding.
Below is an overview of each type of undergraduate student loan Wells Fargo offers, including interest rates, terms, loan amounts, benefits, downsides, and eligibility requirements.
- Loans for Traditional Colleges and Universities
- Loans for Career & Community Colleges
- Student Loans for Parents
Traditional Colleges and Universities
Undergraduate student loans are available to students who are pursuing a college education at an accredited college or university. These student loan options are known as traditional undergraduate student loans, and they come with the following features and considerations:
Interest Rates, Term Lengths, Loan Amounts
Interest rates for Wells Fargo traditional college and university private loans include rate options of either fixed or variable interest. Fixed interest rates range from 5.49% up to 10.93%, while variable rates range from 4.80% to 10.72%.
Loan limits can be as little as $1,000 and no more than $120,000.
Benefits
Undergraduate student loan borrowers make no payments until six months after they have left at least half-time status or graduated. Additionally, there are no application, origination, or prepayment fees.
Wells Fargo also offers discounts for borrowers, including an automatic payment discount of 0.25% and a qualified checking account discount of 0.25%. Most Wells Fargo student loan options include rate discounts for having a Wells Fargo checking account.
Borrowers also have an easy application process and quick approval turnaround time.
Finally, borrowers can release their cosigners from their loans after 24 on-time monthly payments are made.
Downsides
Wells Fargo has limited repayment term lengths and no option for starting a repayment plan while in school for undergraduate students. Additionally, the interest rates charged on private student loans from Wells Fargo are slightly higher than other comparable private student loan lenders.
Borrowers may also not easily qualify for a private undergraduate student loan, so they may need a cosigner, although this is common with private lenders.
Eligibility Requirements
To be eligible for a Wells Fargo undergraduate student loan, borrowers must:
- Be enrolled in a degree program at an eligible school
- Be a U.S. citizen or permanent resident, or an international student who is a temporary resident alien
- Have good credit or use a cosigner to qualify based on credit history, score, and income
Application Process
All applications for Wells Fargo undergraduate private student loans and loan programs are submitted through its website. Borrowers need to provide information on their degree program and school, personal identifying information, and the amount needed for the loan.
Wells Fargo will review applications and then make a decision on approval within a few business days.
Career & Community Colleges
Wells Fargo also offers private student loans for borrowers attending a career or community college. Here are the details:
Interest Rates, Term Lengths, Loan Amounts
Career and Community College Wells Fargo student loans have variable interest rates ranging from 7.02% to 12.25%, or fixed interest rates from 7.24% to 12.45%.
Borrowers can receive up to $20,000 per year for four-year institutions. The maximum aggregate student loan limit is $100,000.
Benefits
Student loan borrowers with career and community college loans make no payments until six months after they graduate. There are no application, origination, or prepayment penalties or charges.
Wells Fargo offers discounts for borrowers, including an automatic payment discount of 0.25% and a checking account discount of 0.25% for those who qualify.
The application process is simple with fast approval.
Downsides
Interest rates on career and community college student loans are far higher than comparable private student loan lenders that offer similar products.
Borrowers may also not qualify for private student loans through Wells Fargo because of their credit history or credit score, which may mean they need a cosigner.
Eligibility Requirements
To be eligible for a Wells Fargo undergraduate student loan, borrowers must:
- Be enrolled in a degree program at a career or community college
- Be a U.S. citizen or permanent resident
- Have strong credit or use a cosigner to qualify based on credit history, score, and income
Application Process
The application process for a career or community college private student loan product starts with submitting information through Well Fargo’s website. The application information is then reviewed, and, if approved, the funds are sent directly to the school to pay for the cost of college expenses.
Student Loans for Parents
Parents who want to help their children pay for college tuition through a private student loan also have options through Wells Fargo.
>> Read More: Best Parent Student Loans for College
Interest Rates, Term Lengths, Loan Amounts
A parent student loan from Wells Fargo has variable or fixed interest. Variable interest rates range from 6.24% to 12.74%, and fixed interest rates range from 6.74% to 12.99%. Parents can borrow up to $25,000 per academic year.
Benefits
Wells Fargo offers discounts to Wells Fargo customers who are parents taking student loans for their children, including a qualified checking account discount of 0.25% and an automatic payment interest reduction of 0.25%.
Also, parents have the same streamlined application process as students, with fast approval for the most qualified borrowers.
Parent borrowers may also make interest-only monthly payments for up to 48 months after the loan is funded, with full interest and principal payment amounts following that.
Downsides
The most significant downside to a parent private student loan from Wells Fargo is the fact that only one repayment term exists. Also, the loan limits may not be high enough to provide enough funding for a child’s undergraduate education costs.
Parent borrowers must also have a strong credit history and score to qualify, as well as verifiable, steady income.
Eligibility Requirements
Parents are only eligible to take out a Wells Fargo student loan if they plan to use the funds for the benefit of their child. Also, credit, employment, and debt-to-income requirements must be met in order to be eligible. Parents must be U.S. citizens, U.S. nationals, or permanent residents to qualify.
Application Process
The application process starts online with a brief application that gathers information about a parent’s income, debt, and reason for the loan. From there, Wells Fargo reviews the details and performs a credit check. Once approved, loan proceeds are sent directly to the parent, not the school.
Wells Fargo’s Graduate Student Loans
Wells Fargo also offers graduate private student loans to eligible student borrowers. Graduate loans, like undergraduate loans, are available to qualified students who are enrolled at least half-time in an accredited degree program in one of the approved categories.
The loan terms, interest rates, and eligibility requirements are listed below for each category.
Law School, MBA Programs, & Other Graduate Programs
Wells Fargo offers private student loans to students pursuing a degree in law, an MBA program, or other qualified graduate programs. The details and considerations for this type of loan are included below.
Interest Rates, Term Lengths, Loan Amounts
Interest rates for graduate law and MBA private loans from Wells Fargo are either variable or fixed. Variable interest rates range from 5.64% to 12.22%, while fixed interest rates range from 5.88% to 12.68%.
Loan limits are up to $180,000 depending on the program.
Benefits
Graduate students studying law or pursuing their MBA have a deferment period and do not have to start making loan payments until six months after graduating.
Additionally, Wells Fargo offers discounts of 0.25% for automatic payments and for having a qualified checking account with the bank.
There are no origination, funding, application or prepayment fees.
Downsides
Borrowers may not qualify on their own based on credit history, score, or income. This means they would need a cosigner to get approved for a new private student loan.
Wells Fargo limits the loan maximum to $180,000 for certain graduate programs. This may not be enough to cover the full extent of graduate program costs.
Eligibility Requirements
To be eligible for a graduate loan from Wells Fargo, borrowers need to be enrolled in an eligible school and making satisfactory academic progress in their program. They also must have an established, positive credit history and be U.S. citizens, U.S. nationals, or permanent residents to qualify.
Application Process
The application process for a graduate student loan from Wells Fargo is an online process that takes just a few moments to complete.
Information about the degree program, school, and amount requested are provided during the process. Once reviewed, Wells Fargo then sends the loan proceeds directly to the school.
Wells Fargo Medical School Loans
The MedCAP Program is designed to provide capital for medical school students pursuing a medical degree at an accredited university or college.
While Wells Fargo offers similar private student loans as other lenders, the bank has dedicated its MedCAP program to specifically serve student borrowers in healthcare fields.
The MedCAP loans offered by Wells Fargo come in two categories: the MedCAP Alternative Loan and the MedCAP-XTRA Loan. Here are the details for each:
MedCAP Alternative Loans
The MedCAP Alternative Loan is meant to help provide financing for graduate students in health professions, including medical, physician assistant, nursing, dental, and broad health-related programs through accredited institutions.
The MedCAP Alternative loan may cover the full cost of education, including tuition, books, lab supplies, computers, and living expenses for qualified student borrowers.
Eligibility
Wells Fargo allows graduate-level students to apply for the loan, so long as they are 18 years or older, and if they have a cosigner available if their individual credit score or history is not yet established or strong.
Applications can be submitted online through the bank’s secure digital platform.
Loan Details
MedCAP Alternative student loans from Wells Fargo have either fixed or variable interest rates. Fixed interest rates range from 5.29% to 10.82%, while variable rates range from 4.82% to 10.39%. Each of these rate ranges includes a 0.25% interest rate discount for establishing automatic payments.
Students can borrow up to the full cost of education, less any other financial aid received, and there is no annual loan limit. However, a lifetime loan limit does exist. MD or DO students can borrow up to $250,000 depending on the program.
Repayment & Fees
Wells Fargo does not require monthly payments to begin until the student has been out of school at least six months. However, borrowers may make loan payments while they are in school to help reduce total interest charges.
There are no prepayment penalties, no application or origination fees, and no other hidden charges with Wells Fargo MedCAP Alternative Loans.
MedCAP-XTRA Loan
Wells Fargo also offers the MedCAP-XTRA Loan program to eligible borrowers hoping to attend medical school.
Eligibility
This type of private student loan is meant to help students who are pursuing a medical school degree but need assistance in covering expenses related to relocation, residency, medical boards, or clinical exams.
The MedCAP-XTRA Loan requires a borrower to have a strong credit history or a qualified cosigner, and they must be at least 18 years of age and a U.S. citizen or permanent resident.
Loan Details
The MedCAP-XTRA Loan has either a fixed or variable interest rate. Variable rates range from 9.53% to 9.76% and fixed rates range from 9.76% to 9.99%.
Total loan amounts, including all other financial aid and private loans, cannot exceed $250,000.
Repayment & Fees
Repayment does not begin until six months after the student has left his or her medical school degree program. There are no prepayment penalties with the MedCAP-XTRA Loan from Wells Fargo, nor are there application or origination fees.
Pros & Cons of Wells Fargo MedCAP Loans
Wells Fargo offers several benefits to students utilizing its MedCAP Loan program, including:
- A 0.25% interest rate discount for automatic payments
- A 0.25% interest rate discount for prior customers or those with a qualifying checking account
- Fixed or variable interest rate options
- Long-term repayment options
- Easy online application process
- The ability to add a cosigner if needed
- No prepayment, application, or origination fees
While these benefits are attractive to some medical school students, there are some downsides as well. The most notable include:
- Interest rates may be higher than comparable private student loans and federal loans
- Aggregate loan limits may restrict borrowing for some students
- Many students require a cosigner to qualify
Wells Fargo Student Loan Refinancing & Consolidation
In addition to undergraduate and graduate private student loans, Wells Fargo also offers refinanced or consolidated private student loans to eligible borrowers.
>> Read More: Best Student Loan Refinance Companies
Interest Rates, Term Lengths, Loan Amounts
Interest rates for consolidated private student loans from Wells Fargo are either variable or fixed. Variable interest rates range from 3.75% up to 9.74%, while fixed interest rates range from 3.99% up to 9.99%.
The term length for a consolidated private loan can be up to 20 years. Borrowers cannot consolidate more than $120,000 into a new private loan with Wells Fargo.
Benefits
Wells Fargo borrowers can receive an interest rate discount of 0.25%, as well as a qualified checking account discount of 0.25%. Consolidated private student loan borrowers also have a simple application and approval process.
Downsides
Wells Fargo does not offer forbearance, deferment, or income-driven repayment options on its refinanced private student loans. This means borrowers with federal student loans to consolidate may give up certain benefits in the process.
Wells Fargo only has a single repayment term, offering less flexibility than comparable private student loan lenders. Wells Fargo also requires that borrowers qualify based on creditworthiness and income, which may leave some ineligible.
Eligibility Requirements
To qualify for a consolidated private loan, Wells Fargo requires borrowers to be U.S. citizens, U.S. nationals, or permanent residents.
Total private student loan balances must be at least $5,000 to consolidate.
Borrowers must meet credit, income, and debt-to-income ratio requirements, as must cosigners.
Application Process
Consolidating a loan through Wells Fargo is a simple process that is completed online.
Borrowers provide their personal information and details of the amount requested to consolidate their student debt and get a lower interest rate. The lender then reviews it and provides an approval to those qualified.
Funds for the new private consolidation loan are then sent to the current loan servicer for the payoff.
The Verdict: Is Wells Fargo Student Loans Right for You?
While Wells Fargo student loans are available to undergraduates, graduates, and more, it may not be the right fit for everyone.
The interest rates are higher than comparable private student loan lenders, and there is some inflexibility with repayment term lengths.
However, Wells Fargo makes the process of applying for a new or refinanced student loan straightforward, and the fast approval may be worth it to many borrowers.
You can check out our Wells Fargo vs Sallie Mae comparison or our list of student loan companies.