Loans » Student Loan Reviews » Wells Fargo Student Loans Review 2021
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Wells Fargo Student Loans Review 2021

Wells Fargo Student loans serve to provide financial aids to undergraduates for full-time, half-time and less than half the time studies.
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Wells Fargo Review

Wells Fargo Student loans serve to provide financial aids to undergraduates for full-time, half-time and less than half the time studies. The company offers loan deals, including competitive interest rates, no charges, and discount packages.

Important: Since January 21, Wells Fargo doesn't accept new applicants for Wells Fargo private student loans or Wells Fargo Private ConsolidationSM loans.


On Wells Fargo Secure Website

Loan Types

– Private Loans
– Refinancing

Loan Amount

$1,000 – $120,000



The organization operates with a strict business code of conduct when dealing with borrowers to serve with integrity and professionalism.

 Rates And Terms

Rates and TermsRefinancing LoanPrivate Loans
Loan amounts
  • $5,000 to $300,000
  • $1,000 to $120,000
Fixed APR
  • 4.49% to 10.99%
  • 4.53% to 10.72%
Variable APR
  • 3.25% to 9.49%
  • 2.68% to 9.46%
  • Origination fee: None
  • Late fee: None
  • Prepayment fee: None
  • Origination fee: None
  • Late fee: None
  • Prepayment fee: None
Time to funding
  • Two to three weeks
  • Two to three weeks
Loan Terms
  • 5, 7, 10, 15, or 20 years
  • 15 years


RequirementsRefinancing Private Loans
Minimum credit scoreUndisclosedUndisclosed
Minimum incomeUndisclosedUndisclosed
Must have graduated? Part-time students?Both allowedPart-time, half time, and full-time students
Debt to Income RatioCalculated by each borrower's income and debt amountEstimated by each borrower’s income and debt amount
ForbearanceSix months6 to 48 monthsWells Fargo holds on to important loan information that should help borrowers make informed decisions before applying for student loans. There are many undisclosed details that may discourage borrowers from dealing with the organization.

The company permits cosigners for students that are unable to meet the qualification standards. And, compared to its contemporaries, Wells Fargo has a short standard grace period up to 6 months. However, they offer forbearance to select groups of people like 36 months forbearance for students on internship, resident and followership programs.

There is a 3-year forbearance period for students in public service like the military, and a maximum of 48 months forbearance for undergraduates. 

Wells Fargo Student Loans Refinancing

Wells Fargo Student Loans are also called private consolidation. You may refinance federal or private loans from other lenders, and existing student loans from Wells Fargo. The reason for the refinance offer is to take out a significant amount to pay off a series of smaller ones.

This option is right for borrowers that are working on rebuilding their damaged finances caused by accumulated debts. Student loan refinancing may lower your monthly payments and increase the loan term; however, it increases your overall cost. During application, you may be required to provide details of every loan you wish to refinance. These include; account details, interest rate, repayment plan, loan servicer, and remaining balance.

Wells Fargo Student loan financing helps borrowers to turn a series of student loans into one private loan with a new loan term, repayment plan and interest rate. They come with fixed and variable interest rates with options for a discount. This type of loan does not disclose essential qualification details to lenders as the organization makes individual assessments to determine those that are qualified to be issued the loan. The website provides a calculation tool for personal interest rates and estimates specific to each borrower. 

 Wells Fargo's Loans Pros & Cons

Every borrower has its advantages and disadvantages. However, Wells Fargo student loan can be an alternative to finance one's higher education. There are a few benefits and drawbacks you should comprehend about this lender. Here's what you should know:

Clients can embark on the application process right within the comfort of their homes. The mobile site is readily accessible and is optimized to run smoothly on most devices; borrowers can fill all the required details on the site.

Payments can be made via the online website, phone calls, email or in person at any Wells Fargo bank branch around you. There is also an automatic payment plan.

Discounts: There is a 0.25% interest discount on loans that are repaid via the auto-payment feature, and a bunch of other offers called the qualifying relationship discounts.

The organization pairs you up with a loan expert advisor to put you through the application process and give answers to related questions.

Here, customers do not have to worry about unnecessary added costs. Wells Fargo does not charge for origination, late, or repayment fees.

The company offers moneylending services to all the states in the US, making it one of the very few lenders to have that degree of coverage.

Time Students: Most lenders offer student loans for full-time and part-time students; however, Wells Fargo includes borrowers that are enrolled in a tertiary institution for less than half the time.

Notwithstanding the standard deferred repayment plan, the organization allows for in-school repayments for those that are willing. The significant benefit of this plan is that it prevents interests from capitalizing over the loan term, and maintains the principal amount. The early repayment option can reduce your overall cost.

Unlike most lenders, Wells Fargo makes provisions for international students who are temporarily resident in the US, provided that they have a valid means of identification.

There is a standard six month grace period and an additional six months.

The organization provides a series of options that are suitable for those with tight finances. There are various options to defer payment for financial reasons for up to forty-eight months. Wells Fargo also groups this offer under forbearance.

Wells Fargo fails to provide the much-needed information for signing up. There is the non-disclosure of minimum credit score, minimum income, and the debt-to-income ratio.

The Wells Fargo student loan sets a limit of $120,000, which is inadequate for customers who require substantial student loans.

Students refinancing loans at Wells Fargo only offer a six month forbearance period which is a short time compared to other lenders.

There is no initial option for borrowers to check their qualifications; hence, they are subjected to a hard credit inquiry.

Wells Fargo Repayment Options

There is a standard repayment plan of six months after graduation. While this option may seem reasonable to avoid financial troubles during schooling, it may lead to accrued interest charges and a capitalized amount. The company also offers in-school payment for students that wish to begin repayments immediately or embark on interest-only repayment to avoid capitalization. The interest-only payment will guarantee that the student is liable to refund just the principal amount without any accumulated costs. Hence, the deferred payment plan incurs more overall costs than the in-school or interest-only repayment option.

Wells Fargo Student Loans is one of the few ones with various repayment options to meet different client needs. Apart from the standard 6-months forbearance, the organization takes into consideration some special classes of people and provides different forbearance plans to suit them. There is a four months forbearance period for medical students, military citizens, and students who are interning, in resident, and followership programs. The company also provides up to 48 months forbearance for struggling undergraduates.

The student refinancing loans are fixed for monthly paybacks and can be paid in five, seven, ten, fifteen, or twenty years. The longer the term, the minimal the monthly repayment amount and vice versa. There is also the automatic payment plan where Wells Fargo makes scheduled deductions from the borrower’s loan account on every payback date.

Reputation & Customer Service 

The reputation of a lender is a very important requirement always to consider. Ensure that you look into the specific instructions and details about the lender. It's advisable to read up reviews and understand aspects like the loan requirements and previous records.

  • C- on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
  • 1.06/5  on BBB customers reviews (347 reviews): BB customer reviews allow customers to post positive, negative or neutral reviews about marketplace experiences. 
  • 1.3/5 on Trustpilot ( 394 reviews): TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.