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Wells Fargo Student Loan Review

Wells Fargo is not a participating lender with Edvisors®. This review is an evaluation from which we do not receive any compensation. However, we do recommend a number of other lenders which we partner with on our websites and with whom we may receive compensation.

Wells Fargo Student Loans

Wells Fargo is the 4th largest bank in the United States with corporate offices in San Francisco, CA and several other locations. For the 2020-2021 academic year, the bank announced they will not make loans to any new customers. However, if you have an existing Wells Fargo private student loan you can still borrow this year. Wells Fargo is one of the top lenders in the student loan program, and the following information will help you become more familiar with what they offer.

Wells Fargo Customer Service

Connecting with Wells Fargo can be done through email or phone. They have knowledgeable representatives to assist you, and they support multiple time zones. Wells Fargo operates several offices and call centers throughout the United States.

Wells Fargo Student Loan Options

IMPORTANT: For the current academic year of 2020-21, Wells Fargo is not lending student loans to new borrowers. They will only provide student loans to existing customers with an outstanding balance on a Wells Fargo Private Student Loan. But our website lets you compare other lenders that have great solutions.

Wells Fargo does offer a number of different loan options for students and parents, including undergraduate and grad/professional solutions.

Loans for Students

The types of loans that are available to students of all academic levels include the following:

  • Wells Fargo Collegiate® Loan – This is the signature name of Wells Fargo’s private loan for undergraduate students pursuing a degree. This loan may help cover costs that are not always fulfilled with federal and state-based financial aid.
  • Wells Fargo Graduate℠ Loan – If you are in a post-baccalaureate program you can borrow to help cover costs related to grad school.
  • MedCAP® Loan – Wells Fargo offers specific loans for health professional students
  • MedCAP-XTRA® Loan – The MedCAP Xtra Loan is designed for those in medical residency. But this loan can also be used to help with expenses relating to relocation, clinical exams and medical boards.
  • Wells Fargo Bar Exam℠ Loan – This loan helps cover the costs associated with prep and study for the bar exam, as well as the expenses related to taking the bar.
  • Wells Fargo Career and Community College Loan – For those enrolled at their local community college or a non-traditional program (such as a vocational or trade school), Wells Fargo offers loans specifically for you.
  • Wells Fargo Private ConsolidationSM – For borrowers who want to refinance one or more student loans. A private consolidation loan may help borrowers qualify for a new repayment term, lower interest rate, or release a cosigner. Due to the COVID-19 pandemic, Wells Fargo is not refinancing federal student loans. However, eligible borrowers may be able to refinance private student loans.

Loans for Parents

The Wells Fargo Student Loan for Parents is an alternative to the federal Parent PLUS Loan. Similar to the federal loan, parents can borrow up the full cost of attendance minus any other financial aid. But unlike the Parent PLUS Loan, many private lenders offer zero origination fees and lower starting rates which can save you money in the loan haul.

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How to Apply for a Student Loan With Wells Fargo

Unfortunately, Wells Fargo has suspended new student loans for the current academic year (2020-2021). You can only borrow private student loans with them if you are already an existing student loan customer with an outstanding balance. However, Edvisors works with some of the best lenders in the business that have all been carefully vetted, and that offer competitive interest rates and fees. You can view loan options and then apply with the lender of your choice.

Wells Fargo Cosigner Release

Wells Fargo offers a cosigner release option on their private student loans. To be eligible, certain actions must be taken and minimum criteria must be met. Here is an overview*:

  • You will be asked to complete a cosigner release application and undergo a credit and income review. After all, Wells Fargo needs to see that the primary borrower can handle the financial obligation without any other assistance.
  • Prove that you are a U.S. citizen, permanent resident, or U.S. national.
  • Demonstrate consistency in monthly payments. You will need to have a minimum of 24 consecutive, on-time payments in order to qualify.
  • A disqualifier would be using a forbearance or modified payment plan during the 24 month window.
Pros Cons
Loan products for undergrads, grad/professional students, and parents. The also offer refinance loans. New customers cannot borrow student loans for the 2020-2021 academic year. Only existing student loan customers are eligible this year.
Competitive interest rates and fees The lowest advertised rates may look appealing but may not be the rate you receive based on your own creditworthiness. And cosigners are encouraged.
Long history of operations (established in 1852) and known as one of the largest banks in the U.S.  
Cosigner release is available  
Flexible repayment options  

Wells Fargo Student Loan Refinance

Wells Fargo announced they will not be refinancing any federal student loans at this time. This is because they want borrowers to pursue the benefits available in the federal consolidation program during the COVID-19 pandemic. However, the bank still offers refinancing on private student loans to existing borrowers who have an outstanding balance on a Wells Fargo student loan.

The Wells Fargo Private ConsolidationSM Loan offers a choice of fixed and variable interest rates, along with extended repayment terms. You can also check out our impressive lineup of student loan refinance companies that offer very competitive products, along with the option to refinance both federal and private loans together.

How Wells Fargo Gives Back

According to Wells Fargo’s 2019 Annual Report, the company committed $1 billion toward philanthropy through the year 2025. They also donated $15.6 million to nonprofits, colleges/universities, and communities focused on sustainability and resilience. In addition, Wells Fargo sponsors a number of scholarships for college, such as the Wells Fargo HBCU-TMCF Scholarship and the Wells Fargo Scholarship Program for People with Disabilities.

Wells Fargo Headquarters

The student loan headquarters for Wells Fargo is in Sioux Falls, South Dakota. However, the parent organization (Wells Fargo & Co.) is located in San Francisco. Worldwide, the company employs approximately 233,000 individuals.

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