Wells Fargo Private Student Loan Reviews - What Is It?
DO NOT USE Wells Fargo Private Student Loan!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
The Wells Fargo Private Student Loan is a private loan for undergraduate students who visit traditional four-year schools. It is a great option for existing Wells Fargo clients who can qualify for discounts as well as for people who study less than half-time in college. The majority of lenders usually require at full-time or half-time enrollment status. Besides, Wells Fargo offers some of the most generous repayment and forbearance options. Each borrower is assigned a dedicated student loan advisor. Wells Fargo's rates are quite average, but if you can secure a relationship discount through another account from the company, you may be able to net 0.50%-0.75% off your rate. This lender offers relationship discounts for all of its student loan products, for Portfolio by Wells Fargo customers, current checking accounts, and repeat student loan borrowers. In this way, borrowers are limited to one discount if combined with autopay. For instance, if you have opened a Wells Fargo checking account and you have autopay on your loans, you would get a 0.25% discount for autopay and a 0.25% discount for your checking account (0.50% together). You won't be eligible for any other rate concessions.
The Wells Fargo Private Student Loan is a good option for borrowers who are concerned about possible financial difficulty after graduation. In reality, each borrower is offered generous repayment help when compared to other lenders of the kind. You can ask for temporary relief from payments for up to half a year, depending on your financial situation. Other lenders usually offer three-month periods. Wells Fargo is not a suitable option for people who are looking to consolidate federal student loans. The bank does not allow consolidation of federal student loans with the Wells Fargo Private Consolidation Loan. You won't find this with other lenders. This can prevent borrowers from benefiting from refinancing. But if your debt is mainly private, or if you wish to preserve low interest rates or any other benefits on your current federal loans while refinancing your private debt, it may make sense to consolidate your loans through Wells Fargo.
Customer Reviews - Does Wells Fargo Private Student Loan Really Work?
The company offers a fully deferred repayment plan for graduate and undergraduate borrowers. It allows not to make payments until six months after leaving school. Borrowers of Private Consolidation and Wells Fargo's Parent loans must start payments immediately after they get the funds. No prepayment penalties are charged by the company. Under deferred repayment, borrowers are allowed not to make payments for up to 48 months while being enrolled in school. Interest is added during the deferment period. You can defer payments being enrolled in a qualifying undergraduate or graduate program, to avoid making payments. Interest on your loan will still accrue while in deferment. Depending on your situation, Wells Fargo may provide additional repayment help, including permanent or temporary loan modification. Select borrowers in military or public service may qualify for mandatory forbearance according to the rules dictated by the U.S. Department of Education.
Who can qualify for a Wells Fargo Private Student Loan? Well, these can be borrowers with good credit scores or co-signers. According to statistics, the average credit score of a Wells Fargo student loan account is 761, taking into account both co-signers and borrowers. In spring 2018, about 83% of these loans were co-signed. If you are a non-U.S. citizen, you are eligible to apply if you or your co-signers are permanent resident aliens or U.S. citizens. You will need to submit some additional documents. Which schools are eligible? Well, the school must have current relationship with Wells Fargo. You can check by contacting your financial aid office or the lender. The majority of real customers' reviews available online about Wells Fargo Private Student Loan are positive in character. Most of borrowers are happy that they managed to get this kind of a loan saying that the whole process was fast and easy. The customers are satisfied with the customer service too. Let us take a look at the actual users' testimonials found on third-party websites.
"I was looking for a private student loan that would help me to pay for my college. I saw information about Wells Fargo Private Student Loan and decided to give it a try. I had read much about Wells Fargo as a reputable lender. This is a large bank that offers up to a 0.50% discount on its private student loan interest rates and has a lot of on-campus branches. I took a 15-year loan and I am really satisfied with it. It has a forbearance period of six months which I like. I do recommend taking this loan to everyone who needs money to pay for college."
"Wells Fargo Private Student Loan is very beneficial for me. I took $20,000. In general, the company offers loans up to $120,000 for undergraduate education. I am going to take another loan from them again since I like the terms. By the way, the loan limit of $120,000 can be extended if you need to finance your graduate education. The company has lower rates than many other loan providers and banks available over there. For each student loan, I have 15 years to pay it off, but the term can be changed if you wish. Most borrowers whom I know personally choose a 15-year repayment period."
"I like my Wells Fargo Private Student Loan. I managed to qualify for a 0.50% interest rate discount because I signed up for a checking account on the Wells Fargo site and registered for automatic payments. I am pleased with the interest rate reduction of 0.50%, the six-month forbearance period and a 15-year term. All these features allow to pay out my loan easily. I do recommend Wells Fargo loans."
My Final Summary
Summing up everything we have learnt about Wells Fargo Private Student Loan, it seems to be a good option for borrowers with a current Wells Fargo relationship. This allows the customer to take advantage of relationship discounts such as a 0.25% discount for your checking account and a 0.25% discount for autopay (0.50% together). This kind of a loan will be a real blessing to the borrowers who are concerned about their financial difficulty after graduation. However, it will not be the best choice for those seeking to refinance their federal student loans. The Wells Fargo Private Student Loan is associated with a great number of positive customer reviews. The average customer online reputation is 4.5 stars.
Wells Fargo's sole loan repayment plan is standard across the industry and the interest rates of this student loan are average. This makes it a reasonable option. But borrowers with current Wells Fargo banking relationships are able to secure discounts, making it one of the most affordable private loans over there. You are highly recommended to use Wells Fargo if you have exhausted your federal student loan. What the Wells Fargo's private student loan lacks is the option to consolidate both private and federal student loans. Even though consolidation usually occurs after the student's graduation, the flexibility of consolidating many loans is a wonderful option for those looking to simplify their payments and reduce their interest rates. You might need a cosigner with good credit history who will help you to qualify for the lower interest rate on a loan. The lender can release your cosigner if your first payment is on time and if you make 24 on-time payments. If you miss your first payment, Wells Fargo will double that number and request 48 on-time payments. With all that said, I do recommend Wells Fargo Private Student Loan.
Wells Fargo Private Student Loan Pricing and Rates
Wells Fargo Private Student Loan may range from $1,000 to $120,000. APR varies from 5.94% to 11.26% with a fixed rate and from 4.81% to 10.72% with a variable rate. There is late fee, but there are no prepayment penalty and application fee. The loan term is 15 years. You can get 0.25% rate discount with autopay and 0.25%-0.50% relationship discount. If you are looking to consolidate your current student loan, you may choose between 15- or 20-year terms.