Why Wells Fargo Student Loans Aren’t Available and the Best Alternatives

What makes it a good alternative to Wells Fargo?

College Ave, an online student loan lender from Wilmington, Delaware, focuses on making higher education more accessible and affordable. 

Its Multi-Year Peace of Mind™ benefit means 90% of undergraduate borrowers, when applying with a cosigner, are approved for additional loans in future years. Its loan types are: undergraduate, graduate, parent, and career training.

College Ave also stands out for allowing borrowers to select their repayment terms, offering a transparent view of how these choices affect the long-term cost of their loan. This flexibility and clarity make it a robust alternative to Wells Fargo’s student loan offerings.

• You choose your repayment term
• Multi-Year Peace of Mind™ allows for better approval odds for future loans
• Students attending school less than half-time are eligible
• Covers up to the total cost of attendance

• Cosigner release isn’t available until you are at least halfway through your repayment term
• Unclear repayment assistance programs and borrower services

What makes it a good alternative to Wells Fargo?

Sallie Mae, established as a government entity for servicing federal education loans, has evolved since its inception. It’s now a privatized bank based in Newark, Delaware, and controls a significant share of the private student loan market. In addition to student loans, it also offers student credit cards and savings accounts.

The lender’s standout feature is its short cosigner release period. After graduation, borrowers can release their cosigners by making 12 consecutive on-time principal-and-interest payments and fulfilling specific credit requirements. You can borrow the following types of loans from Sallie Mae: undergraduate, graduate, and career training.

This feature, coupled with the Multi-Year Advantage, where 96% of undergraduate borrowers with a cosigner get approved for future loans, makes Sallie Mae a top choice for those needing a cosigner for their student loans.

Sallie Mae’s approach aligns well with borrowers looking for flexibility and support, offering advantages not available through Wells Fargo’s student loan services.

• Cosigners can be released after 12 on-time payments
• Multi-Year Advantage offers improved odds for future loans
• Students attending school less than half-time are eligible
• Covers up to the total cost of attendance

• Can’t prequalify with a soft credit check
• Can’t choose your repayment terms
• Mixed customer service reviews

What makes it a good alternative to Wells Fargo?

Citizens Bank stands out as an excellent alternative to Wells Fargo for private student loans due to its comprehensive range of loan products, competitive interest rates, and strong reputation as a major bank.

Like Wells Fargo, Citizens Bank offers private student loans for undergraduate, graduate, and professional students, along with multiyear approval, meaning borrowers can apply once and be covered for their entire academic career.

Additionally, Citizens Bank provides an autopay discount, similar to Wells Fargo’s previous offerings, and offers a cosigner release option after 36 consecutive on-time payments, enhancing flexibility for borrowers.

Citizens Bank’s strong customer service and ability to offer banking products beyond student loans make it a convenient choice for those looking for a more traditional bank experience. With a long-standing reputation in the banking industry and competitive terms, Citizens Bank is a solid alternative for former Wells Fargo borrowers seeking private student loans.

• Multiyear approval, so you only apply once for multiple years of funding
• Autopay discount for lower interest rates
• Cosigner release available after 36 consecutive on-time payments
• No application, origination, or disbursement fees
• Available to both U.S. citizens and permanent residents

• No option for soft credit check prequalification
• High credit score required to qualify for the best rates
• Limited repayment terms compared to some online lenders

What makes it a good alternative to Wells Fargo?

Earnest, operating in San Francisco, California, stands out in the student loan market with its commitment to affordability and accessibility in higher education. A notable aspect of Earnest’s approach is its fee structure—or rather, the lack thereof. 

Unlike lenders that exclude only origination and application fees, Earnest extends this no-fee policy to cover late payments and early loan payoffs. This approach reduces the overall cost burden on borrowers. It offers undergraduate, graduate, half-time, and parent student loans.

Earnest offers additional benefits that enhance its appeal. Borrowers can enjoy a longer-than-average grace period, reducing immediate postgraduation financial pressure. The option to skip one payment per year without affecting credit provides a cushion during economic uncertainties. 

These features position Earnest as an attractive alternative to Wells Fargo’s previous student loan for those seeking financial flexibility and transparency.

• No origination, application, or late payment fees
• Skip one payment per year with no impact on your credit
• Rate checking doesn’t affect your credit
• Longer than average grace period
• Covers up to the total cost of attendance
• Offers loans for half-time students

• Cosigner release is not available
• Not available to Nevada residents

What makes it a good alternative to Wells Fargo?

SoFi, acclaimed for its innovative approach to online lending, has earned our top spot as an online student loan refinance lender. With its no-fee structure, SoFi stands out as a financially sensible choice.

SoFi incentivizes borrowers with rate discounts on future loans and an autopay discount. These benefits, combined with the ability to refinance a wide range of loans—from private and federal undergraduate and graduate loans to specialized Parent PLUS, MBA, law, and medical school loans—position SoFi as a comprehensive alternative to Wells Fargo.

• Rate savings on additional SoFi loans and a 0.25% autopay discount
• No fees
• Refinances a wide variety of loan types, including federal and private loans
• Refinance your full student loan balance

• Requires at least an associate degree to qualify

What makes it a good alternative to Wells Fargo?

Credible is an excellent alternative to Wells Fargo for student loan refinancing because it allows borrowers to easily compare multiple lenders in one place.

With its user-friendly platform, Credible provides access to several top refinancing lenders, enabling users to see competitive rates and terms from various institutions without needing to fill out multiple applications. This makes it ideal for borrowers who want to quickly and efficiently shop for the best refinancing options, including both private and federal loans.

What sets Credible apart is its ability to offer personalized rate comparisons without affecting your credit score, making it a valuable tool for borrowers who want to explore their refinancing options before committing.

For those looking to refinance loans from Wells Fargo, Credible’s ability to streamline the process and offer a wide selection of lenders makes it a powerful alternative.

• Allows comparison of multiple lenders in one place
• No effect on credit score for initial rate checks
• Fast, user-friendly platform for refinancing quotes
• Access to both private and federal loan refinancing options
• Provides personalized rate estimates

• Does not directly offer loans; acts as a marketplace
• Limited control over lender-specific terms and customer service
• Some lenders may have stricter eligibility requirements

What makes it a good alternative to Wells Fargo?

ELFI (Education Loan Finance) distinguishes itself in the student loan refinancing market by focusing on personalized support. 

Each applicant is paired with a dedicated student loan advisor, ensuring a more tailored and supportive refinancing experience. This one-on-one approach simplifies the application process because advisors are available to answer questions and provide assistance every step of the way.

Customer reviews often highlight the ease of application and the quality of support ELFI’s advisors provide. ELFI also offers the unique option to transfer Parent PLUS loans to the child if the child is applying for student loan refinancing. This flexibility can benefit families looking to manage their loan repayments more effectively.

ELFI’s approach to refinancing, emphasizing individualized assistance and a range of options, positions it as a solid alternative to Wells Fargo for those who appreciate a more guided refinancing process.

• Personalized assistance from dedicated student loan advisors during the application process
• Ability to refinance a variety of loans, including federal, private, and parent student loans
• Option to transfer Parent PLUS loans to the child for refinancing

• Stricter eligibility criteria, including higher credit and income requirements
• Applicants must hold a bachelor’s degree to qualify
• Cosigner option available, but no release feature

What makes it a good alternative to Wells Fargo?

Earnest is renowned for its customization. It also offers the unique ability to skip one payment per year—a significant advantage for borrowers seeking flexibility in their repayment plan. This feature is beneficial in providing a buffer without harming credit scores.

Another notable aspect for Earnest borrowers is the ability to customize loan terms. You can adjust your loan term to the day, spanning five to 20 years, allowing for a monthly payment that suits individual financial circumstances. 

Earnest’s commitment to competitive rates is evident in its rate match guarantee, which meets a lower rate found elsewhere and includes a $100 bonus. This approach makes Earnest an excellent alternative for those who appreciate flexibility and competitive rates.

• Customizable repayment terms down to the day, ranging from 5 to 20 years
• Qualify without a degree under specific conditions
• Option to skip a payment once a year for added flexibility
• Refinances a variety of loans, including federal, private undergraduate and graduate, and parent loans

• Parent PLUS loans cannot be transferred to the child; refinancing must remain in the original borrower’s name
• No option for cosigner release
• Balance you can refinance is limited (to $500,000)