Getting a Wells Fargo Student loans is easy since it can be done online via the phone or computer. To apply for Wells Fargo student loans, you will need your college information, social security number, United States address, income information, and estimated attendance cost. If you have all this, you should follow the following online steps to finish the application process.
(a)Begin the application online
Log in to the Wells Fargo website, register with your official names, and enter the required information.
Provide the necessary documents like the college ID, national ID card information, and equally important, give your college registration information.
You will be provided with final loan disclosure agreements and notify you on important issues, interest rates, and additionally the time you are expected to complete your payments, where you will be required to read them and sign them.
Lastly, after successful application and approval, funds will be transferred to the school’s financial aid office, and you will be able to access them.
Wells Fargo student loans & Federal student loans
The federal government offers several loans designated for students and accessible to a larger student population. It is sometimes easier to manage the loans by using a private lender. Wells Fargo collaborates with the federal government to give and manage student loans programs. This allows the students to take full advantage of the federal loans while having access to personalized services that only private lending services like Wells Fargo provide.
|Federal loans||Private loans|
|How to apply||Applying for federal loans is free. You need to complete a Free application for federal student aid.||You can apply directly from the lender’s website or visit their offices.|
|How to use your funds||Federal loans are directly disbursed into your bank account||Private loans are directly sent to the school for academic purposes|
|Interest rates||Interest rates are set by law and are fixed||The rates vary depending on the organization offering the loan|
|Paying for interest while in school||You only start making your payments after leaving school||Most of the private student loans require payment while you are still studying, but others allow you to defer while in school|
|When do payments start||The borrower is given a grace period after leaving school, and they provide the opportunity to postpone the payments until you are earning enough.||Private loans give at least a six-month grace period before you state repaying the loan, and they don’t offer an opportunity to postpone the payment time.|
|Prepayment penalties||There are no prepayment penalties||There are no prepayment penalties|
Wells Fargo & Private lender student loans
In the light of the federal loans having limits on the amount you can borrow, personal loans can come in and fill the gap and help you continue smoothly with your studies and finish your degree successfully. Below is everything you need to know about private lender student loans.
Understanding your lender’s interest rate is always important because the lower the interest rate, the less you will pay. Different loan companies have different interest rates, so it’s up to you to select the one that best suits you.
Most private lenders have standard terms like 10 to 20 years for repayment. It’s good to note that different loan lenders provide different options. So you should do further research to understand the term limits given by your lender before applying for the loan.
Some private loan lenders charge application fees to process the loan. The companies charging application fees might use statements like document fees, processing fees, or original fees. So you need to be careful. However, many best lenders in the market do not charge any amount.
Other methods of funding your college education
Besides private and federal loans, here are some other ways you can use to fund your college studies
Universities, the federal government, and states provide grants each year, and the good thing about them is you won’t have to pay back. Furthermore, they are primarily awarded depending on the financial need and sometimes pre-determined by the income reported on the Free Application for Federal Student.
There are hundreds of private scholarships across the country. You need to conduct thorough research online on the best ones, or you can speak to your professor for further guidance.
They are part-time jobs nearby college that only students qualify, depending on their finances and the amount of funding available at the university. The jobs pay directly at least once per month, which can be of great help for you. The jobs applications come through free applications for federal students.
Wells Fargo student loans: The Details
Wells Fargo student loans come with interest rates that are slightly higher than the average competitors. However, the wells Fargo auto pay and relationship added discounts can help you lower the cost. To be eligible for the loan application, you must meet the following criteria;
- Be a United States citizen, permanent resident alien or international student residing temporarily in America.
- Meet all minimum credit requirements
- Be a student at an eligible college seeking a degree, license or certificate.
- Have a good balance on previous wells Fargo private student loan
The undergraduate loans range from $1,000 to $120 000 depending on your status and the amount that you want.
For student loans, up to 15 years to complete your payment.
Interest rate ranges
Interest rates range in between 2.68% to 10.49% variable APR, 4.49% to 10.99% APR (with autopay)
Other perks and options
(a)interest rate discounts
You will be given a 0.25% discount for signing up for automatic payments and 0.25 to 0.50%for being a wells Fargo customer
(b) Other services and rewards
Loan refinancing and parent loans are also available for anyone willing to get one.
(c) Cosigner release available
You will receive a cosigner release if the first 24 payments are received in full within 30 days of the due date.
Wells Fargo Student Loans Types
Wells Fargo has different loan types for students, which are explained below.
This type is offered to students who are undertaking undergraduate degree programs at recognized institutions.
(b)Graduate student loan
In most cases, people do not advance their studies because of the costs involved. This should not be the case with you because you can access a loan at wells Fargo, which will be cost-effective compared to federal student loans.
(c)Medical school loans
Graduate students in medical field programs like nursing, medicine, pharmacy, or other health-related courses have access to particular MedCap medical loans.
(d)Bar exam loans
Suppose you are a law student and preparing for the bar examinations. Equally important, you can get a wells Fargo bar exam loan to cover the required registration fees, accommodation expenses, and test preparation materials.
Pros and cons of Wells Fargo Student Loan
(a)No application fees
Wells Fargo has no application fees or late application fees. Also, you will not receive any fines if you decide to pay your loan early.
(b)Discount on interest rates
If you sign up for automatic payments, you will receive a 0.25% discount on the interest rate, and in case you are a current client, you will receive a 0.50% discount. You can qualify for loyalty rates and automatic payment discounts.
Parent loans will not be paid back if the student is permanently disabled. However, most student loans cannot be forgiven in case of student disability or death.
(a)No alternative repayment options
Other loan lenders may provide repayment options like fixed and interest-only payments, but with wells Fargo, the only repayment method available is making a full repayment of the principle and the interest. You will only have a half a year grace period before you start to make the payments which is one of the major drawbacks of the loan.
(b)Higher interest rates
Wells Fargo loans have higher interest rates the student loans. The rates for fixed loans for undergraduates range between 4.53-10.72%. However, you can get lower rates if you have a good credit score.
|Pros of wells Fargo student loans||Cons of wells Fargo student loans|
|There is no application, original or late application fee||Higher interest rates compared to federal loans|
|The loans have discounts on interest rates.||Strict restrictions on the total education debt that you accumulate|
|The loan can be discharged if the student is permanently disabled||They do not provide alternative payment options|
What if I missed the deadline for the wells Fargo application?
If the application deadline was missed, wells Fargo will be notified of your situation. Your eligibility will be assessed, and the loan given to you.
How do you know if Wells Fargo is a good option for you?
A Wells Fargo student loan can be best for you if;
- You are an existing Wells Fargo customer with a past wells Fargo student loan since you can get low rates.
- If you are near the end of your studies or are not willing to get a loan after the 2020-2021 academic year since it’s the final year that the loans will be available.
- If you need to get more money to fund the difference between other available financial support and federal loans and the cost of tuition expenditure.
In conclusion, college life can be challenging if you are not financially stable, making it hard to concentrate on your studies. However, this should not be the case because there are several ways in which you can obtain funding to ensure that your stay at the university is smooth. The financial options include government grants, federal loans, and scholarships. Also, you can apply for a Wells Fargo student loan if you meet all the required criteria discussed above.
Wells Fargo gives a limitation on how much you take out in total education loans. The limit for a student’s loan, including a federal loan, is $120 000
Wells Fargo does not expect you to pay while still doing your studies. Although if you are willing, it’s always open for you to start making the payments.
The grace period for repaying wells Fargo student loans is six months. After that, you will have to start making full principal payment options.