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As of , Wells Fargo is no longer offering private student loans beyond the 2020-2021 academic year. However, if you have an outstanding Wells Fargo private student loan, you may be eligible to receive another student loan or refinancing loan if you apply before .
New borrowers aren’t without their options, though. If you are interested in the private student loan process, CollegeFinance has numerous resources that can help you navigate your college education . We’ll also help you compare the best private student loan lenders .
If you’re still interested in learning more about Wells Fargo’s private student loans, continue reading. In this article, we’ll examine the pros and cons of a Wells Fargo student loan, what interest rates you can expect, and other ways to obtain college financing.
- Discounted loan rates if you or your co-signer have existing Wells Fargo accounts
- No application, origination, or late fees
- Discount for entering an automatic payment program
- Ability to defer payments while in school or up to six months after
- Payment relief and forbearance options
- Currently only available to customers with existing Wells Fargo Private Student Loans
- The application period ends permanently on
- No soft pull rate check available
- Low BBB and customer ratings
Wells Fargo: What You Need to Know
Wells Fargo is a well-known name in the banking industry, having been founded in 1852 . Over more than 160 years, through the gold rush, the Great Depression, and several wars, Wells Fargo has gained a reputation for customer loyalty. As a publicly traded company headquartered in San Francisco, California, Wells Fargo offers a wide variety of banking, insurance, and financial services, including private student loans.
As of 2020, Wells Fargo Education Financial Services held $ billion in private student loans, accounting for 8% of the private student loan market. Having entered the student loan market in 1968 , Wells Fargo has a long history of helping students fund their education and pride themselves on implementing responsible lending practices while helping as many people achieve their educational goals as possible. With an emphasis on customer service and maintaining a relationship, it’s not surprising that so many people have borrowed from Wells Fargo over the years.
This is unfortunately set to change, however. Likely resulting from difficulties related to the COVID-19 pandemic, Wells Fargo will be exiting the private student loan business. As of , only students with existing student loans through Wells Fargo may apply, and the final application period is set to end on , with final loan disbursement on . After that point, they will only be in the private student loan business insofar as they act to service previous loans.
If you have existing loans through Wells Fargo and want to continue using them as your lender, keep this deadline in mind and make sure your final application is submitted on time. You should also be on the lookout for a new lender beginning in the 2021-2022 academic year if you will still be in school at that time.
Wells Fargo’s BBB Rating: F
One way to assess whether to borrow from a particular student loan lender is to look at their Better Business Bureau (BBB) rating. The BBB is a private nonprofit founded in 1912 with the goal of compiling and assessing customer complaints about businesses, including determining if complaints are justified and reviewing how businesses have addressed the complaints.
The BBB summarizes its findings with a letter rating, ranging from A+ for the highest and F for the lowest, just like student grades on a report card. The BBB rating for Wells Fargo Educational Financial Services is, unfortunately, an F.