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Wells Fargo Student Loan Review

Who is a  Wells Fargo Student Loan Good For?

Wells Fargo is a solid option for existing Wells Fargo customers. Borrowers with existing accounts at the bank may qualify for discounts on their rate and could lower otherwise-high interest rates.

Wells Fargo Student Loan Eligibility Requirement

In order to apply for a loan with Wells Fargo, students must:

  • Have an outstanding balance on a previous Wells Fargo Private Student Loan.
  • Be enrolled as an undergraduate or graduate student at an eligible school and seeking a degree, certification or license.
  • Be U.S. citizen, U.S. national, permanent resident alien or international student who is a temporary resident alien with a U.S. address.
  • Meet all credit requirements to qualify for a loan or have a qualified co-signer.

Interest Rates and Terms

Though rates from Wells Fargo tend to be higher than other lenders in its class, it does offer a variety of rate discount opportunities:

  • Customer discount: Current Wells Fargo customers with a “Portfolio by Wells Fargo” relationship get a 0.50 percent discount on student loans.
  • Checking account: Customers with a Wells Fargo checking account qualify for a 0.25 percent discount on student loans.
  • Existing or prior student loans: Anyone with an existing or previous student loan from the lender qualifies for a 0.25 percent discount.
  • Autopay discount: Borrowers who sign up for autopay get a 0.25 percent discount.

Borrowers who have both a Wells Fargo checking account and an existing or prior student loan are not eligible for both discounts.

Loan productVariable rateFixed rate
Undergraduate student loans2.68% to 9.46% APR4.53% to 10.72% APR
Graduate student loans3.21% to 9.44% APR5.64% to 11.76% APR
MedCAP medical school loans3.17% to 8.01% APR4.82% to 9.54% APR
Bar exam loans9.99% to 10.21% APR12.45% to 12.67% APR
Career and community college loans5.00% to 10.43% APR7.24% to 12.45% APR
Parent loans3.99% to 10.49% APR6.74% to 12.99% APR
Consolidation loans3.25% to 9.94% APR4.49% to 10.99% APR


Wells Fargo doesn’t charge any fees on its student loans, and there’s no penalty for paying off your loan early.

How to Get a Student Loan

Applications for any student loan product through Wells Fargo can be done online or via phone.

In order to apply, you’ll need your school information, Social Security number, U.S. address, employment and income information and the estimated cost of attendance.

Here’s what the process looks like when applying online for a student loan:

  1. Start the application online. The primary borrower or co-signer may start the process. During the application, you’ll see a range of interest rates available for the loan. You’ll see the specific interest rate later on in the process.
  2. Provide documentation. Borrowers will get an email with next steps after completing the loan application online. After submitting documentation, Wells Fargo will review the information.
  3. Sign documents. Borrowers need to sign a self-certification form, while borrowers and co-signers must sign the consumer credit agreement. The lender will provide a final loan disclosure once all documents are signed.
  4. Receive funds. After the loan is approved, funds will be sent to the school’s financial aid office.