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Student Loan Questions

Paying for College

How much does college cost?

Estimate your college costs by visiting your school’s website and using their Net Price Calculator to help determine your total costs. This tool can help you understand what types of financing resources may be available and how certain choices, such as your living situation, can affect your costs.

How can I pay for college?

There are several college funding options available to undergraduate students and their families, including:

  • Scholarships and Grants – While scholarships are not a guaranteed source of college funding, they can offer students an alternative to credit-based funding options. Each scholarship and grant has specific application requirements. Eligibility may be based on academic performance, ethnic heritage, or extracurricular activities. Scholarships often have specific deadlines, so be sure to research the scholarships and grants applicable to you. For additional information, consult a high school guidance counselor or search for scholarships online using Tuition Funding Sources.
  • Federal Aid – By completing the FAFSA (Free Application for Federal Student Aid) form, you may be eligible to receive financial aid from the federal government. The government will use tax and prior income information to determine whether you qualify for scholarships, grants or federal loans. 
  • Federal PLUS Loans – Parent loans for Undergraduate Students are available to parents of dependent undergraduates, as well as graduate and professional students. This loan can cover up to the full amount of remaining education-related expenses (minus any other financial aid received).
  • Private Student Loans – Offered by Wells Fargo and other private lenders, private student loans are most commonly based on your credit and income information. With a private student loan, a lender will be directly contributing to your remaining education-related expenses.

How much does graduate school cost?

Estimate your college costs by visiting your school’s website and using their Net Price Calculator to help determine your total costs. This tool can help you understand what types of financing resources may be available and how certain choices, such as your living situation, can affect your costs.

How do I pay for graduate school?

There are several funding options available to graduate students, including: 

  • Scholarships and Grants – While scholarships are not a guaranteed source of college funding, they can offer students an alternative to credit-based funding options. Each scholarship and grant has specific application requirements. Eligibility may be based on academic performance, ethnic heritage, or extracurricular activities. Scholarships often have specific deadlines, so be sure to research the scholarships and grants applicable to you. For additional information,  search for scholarships online using Tuition Funding Sources.
  • Federal Aid: Federal Student Aid, a part of the U.S. Department of Education (ED), is the largest provider of student financial aid in the nation. After completing the FAFSA (Free Application for Federal Student Aid) form, the government will use tax and income information to determine whether you qualify for scholarships, grants or federal loans. In almost all cases, graduate students are considered independent students and are not required to supply parent information on the FAFSA.
  • Employer Tuition Reimbursement – Some employers offer to reimburse you for eligible tuition expenses in order to encourage professional development. 
  • Private Graduate Student Loans – Offered by Wells Fargo as well as other private lenders, private graduate loans are most commonly based on your credit and income information. With a private graduate student loan, a private lender will be directly contributing to your remaining education-related expenses.

Applying for a Private Student Loan

How do I start the student loan process?

Start with What to Expect When You Apply to learn about the application process. You can also read Student Loans Step by Step - this walks you through the process, from deciding which loan meets your needs to knowing your repayment options.

What do I need to apply for a private student loan?

To receive a private student loan you will need to apply through a private lender, such as Wells Fargo1.

Below is a list of items you’ll need in order to apply:

  • Requested Loan Amount – Review the financial aid award letter from your school and/or use one of our calculators.
  • Loan Type – Use this tool to enter your information and find out which loan products may meet your needs.
  • A Cosigner – Most private undergraduate student loan applicants need a cosigner due to lack of credit history and steady income. Even if you have an established credit history, a cosigner may improve your ability to get approved, and enable you to secure a lower interest rate. 
  • Application Information needed:
    • School information, including school name, major, grade, and term for which you need the loan.
    • Social Security Number (SSN)
    • Telephone numbers
    • Current mailing and permanent addresses
    • Gross income for you and your cosigner
    • Residency information, including whether you own or rent, and the monthly housing payment

1. Wells Fargo Private Student Loans are subject to qualification.

When should I apply for financial aid?

You should apply for financial aid as soon after January 1 as possible. The Free Application for Federal Student Aid (FAFSA) is your first step. It will determine your eligibility for federal loans and other aid. You can complete the FAFSA online at www.fafsa.ed.gov.

For private student loans, you can apply whenever you like, but it’s a good idea to apply well in advance of when your tuition is due.

Do I have to be a Wells Fargo customer to apply for a Wells Fargo student loan?

No, you don’t have to be a Wells Fargo customer to apply for a Wells Fargo student loan. As a customer, you may be eligible for special relationship discounts.

However, as a Wells Fargo customer you may be able to take advantage of a variety of checking, savings, credit cards, and more, including college banking accounts, and you can conveniently view all of these accounts online in the same place as your loan.

Will I need a cosginer?

If you’re considering a private student loan, you must meet credit history, income, and employment requirements to qualify for a private student loan. Because of these eligibility requirements, most students will need a cosigner in order to qualify.

Having a cosigner may improve your chances for loan approval, help you secure a lower interest rate, and help speed the loan approval process.

Can a cosigner be released from a Wells Fargo student loan?

Yes, in some cases a cosigner can be released from student loan responsibility. The student borrower may request that the cosigner be released from the loan after the first 24 consecutive monthly payments are made on time and the student borrower meets certain credit requirements.

In the event of the death or total and permanent disability of the student borrower, the loan can be forgiven and the cosigner won’t be responsible for repayment.

Please note that the student borrower must be a U.S. citizen to be eligible for cosigner release.

What is a Self-Certification form, and why do I need it?

Student loan applicants must submit the federally-required Self-Certification form when applying for private student loans. The purpose of the form is to ensure an applicant does not borrow more than needed. Information required to complete this form includes total cost of attendance (including tuition, fees, room & board, etc), estimated amount of financial aid, and the difference between the total cost and estimated financial aid.

You need to submit the Self-Certification form after your cosigner has submitted information (if required), but before receiving your student loan.

Managing Your Student Loan Account

How do I access my student loan account online?

Sign up for Wells Fargo Online® now. Or read more about how to manage and pay your student loan online.

If you’re already signed up, sign on to Wells Fargo Online and select Account Summary.

What is the interest rate on my Wells Fargo private student loan and how is interest calculated?

You can find your current interest rate online:

  1. Sign on to Wells Fargo Online and select Account Summary.
  2. Click on Student Loan under the Loan Accounts section of the page.
  3. Click on the Amount of the student loan you wish to view.
  4. The current interest rate is located near the top of the Loan Detail page.

Not signed up for Online Banking? Sign up now. Or call us at 1-800-378-5526 for your current interest rate.

Interest accrues daily on the unpaid principal balance of your student loan. We use a simple daily interest calculation to determine accrued interest for each day:

(Current Principal Balance x Interest Rate) /(365 or 366 Days in the Year) = Simple Daily Interest

How do I change my address for my Wells Fargo student loan account?

To change your address, email addresses, or telephone numbers, sign on to Update Contact Information (or select the Update Contact Information link on the Account Services page if you’re already signed on).

You can also call us at 1-800-378-5526 or send a written request that includes your account number to Wells Fargo Education Financial Services, P.O. Box 5185, Sioux Falls, SD 57117-5185.

Student Loan Payments

Where do I mail my Wells Fargo student loan payments?

Mail your payments to:

Wells Fargo Education Financial Services
P.O. Box 650725
Dallas, TX 75265-0725

Please write your Wells Fargo account number on your check.

Can I change the due date for my Wells Fargo student loan payments?

You can request a change to your payment due date if you are in your repayment period. If your account status is deferment, grace, in-school, or default, you are not eligible for a change of due date.

To request a different due date, you can contact us:

  • By phone. Call 1-800-378-5526.
  • By mail. Send a written request that includes your account number to Wells Fargo Education Financial Services, P.O. Box 5185, Sioux Falls, SD 57117-5185.

How do I pay off my Wells Fargo student loan in full?

Please call 1-800-378-5526 and we will tell you the exact payoff amount. You can make your payment online or by mail.

How do I consolidate my private student loans?

If you have several private student loans, consolidation may allow you to have more manageable monthly payments. You may also use a consolidation loan to refinance a single loan. Consolidating may potentially lower your monthly payment – the payment reduction may come from a lower interest rate, a longer loan term or a combination of both. However, by extending the loan term, you may pay more in interest over the life of the loan.

Before you consolidate your student loans, you should evaluate:

  • If you have federal and private student loans, you may not want to consolidate them together (or may not be allowed to). They can be consolidated separately with Federal Direct Loan consolidation and private student loan consolidation
  • A loan consolidation actually opens a new loan, which pays off your existing loans, so you will have all new terms and conditions. If you have not built up a credit history yet, you may still require a cosigner on your consolidation loan application.

Wells Fargo Student Loan Statements

When will I start receiving my Wells Fargo student loan statements?

We will send your first quarterly interest statements within three months of your initial loan disbursement. You will continue to receive these statements on a quarterly basis until your loan enters the repayment period.

Making interest payments on private student loans during periods of in-school, grace, deferment, or forbearance is optional—any unpaid interest will be capitalized and added to the principal balance at repayment.

Once your loan reaches the repayment period, usually six months after you graduate or leave school (or for some loans, when you drop below half-time enrollment in school), you will receive monthly billing statements. These statements will arrive approximately 20 days before your payment due date.

Why did I receive a statement while I am still attending school or while I am in deferment or forbearance?

If your statement does not have a payment due date, it’s likely a quarterly interest statement. You will continue to receive these statements on a quarterly basis until your loan enters the repayment period.

Making interest payments on private student loans during periods of in-school, grace, deferment, or forbearance is optional – any unpaid interest will be capitalized and added to the principal balance at repayment.

If your statement has a payment due date and you are still in school, or have returned to school, please consider these options:

  • If you have private loans and are attending school, you may qualify for an in-school forbearance.
  • If you have just left school for the summer, you may be able to postpone payments until you return to school in the fall using a summer bridge forbearance for private loans.

Call us at 1-800-378-5526 to request a forbearance. If approved, this may postpone your repayment period.

Information for Parents

Why should I get a private parent loan?

Many parents or sponsors (someone who supports the student’s plans to attend school) want to be able to pay college expenses themselves rather than having the student take on all the responsibility. The Wells Fargo Student Loan for Parents can help. It allows you to pay for a student's expenses, in part or in full, without having to tap into your own savings, investments, or retirement funds, and may offer better benefits than other available types of credit. It can also be used if the student is attending school less than half-time.

How do I apply for a private parent loan?

The Wells Fargo Student Loan for Parents is an option for parents who want to finance their child's college education using a private student loan. To get started, apply now, and indicate that you are a parent.

Can I apply for a private parent loan if I’m not a student’s parent?

Even if you're not a student's parent, you can help pay for a college education. The Wells Fargo Student Loan for Parents is available to any adult sponsor who meets the eligibility requirements. Apply now.

Saving for College

How much do I need to save for college?

How much to save for college depends on your household’s financial situation and tuition costs. Saving even a small amount now can make a big difference to help build college savings and offset college tuition costs. To help decide how much to save for college, consider using our College Cost Calculator as well as a helpful video on estimating college costs.

How do I start saving for my child’s future college expenses?

The first step to saving for college is starting early. It’s important to start a savings account for children at a young age, if possible. Putting away a small amount now can have a big impact on your college savings over time.

Popular college savings accounts include:

  • 529 Savings Plan – Earnings on your investment grow tax-advantaged and are not subject to federal tax used to cover the costs of qualified education expenses, including tuition, fees, books, and room and board. 
  • 529 Prepaid Tuition Plans – Availability is limited to a number of private and state schools, and allows parents to “lock in” current tuition rates that are expected to increase. The prepaid plan is exempt from federal tax and allows anyone to make a contribution for the beneficiary.
  • Education Savings Account – This account allows beneficiaries to contribute no more than $2,000 per year. Funds deposited on your behalf grow tax-advantaged. If the distributions into the ESA do not exceed the enrolled students education costs, they may not be taxed either.

Scholarships & Grants

What types of scholarships are available for college students?

There are several types of schoalrships that students may be eligible to receive, usually based on merit and need, including:

  • Merit-based – Many scholarships are based on aggregate academic performance, such as your unweighted grade point average (GPA).
  • Ethnic-related – Depending on your ethnic background, you may be eligible for a scholarship from your school of choice or the local community.
  • Volunteerism – Being active in your community may qualify you for a scholarship. Consider contacting 501(c)(3) not-for-profit organizations in your field.
  • Business-related – Check out local and national businesses to see what scholarships are being offered this year and if you qualify.

Most scholarships are offered by educational institutions, corporations, private endowments, and 501(c)(3) nonprofits. Unlike financial aid, scholarships are like gifts, and usually do not need to be repaid under most circumstances.

How to find scholarships and grants?

Research can help uncover scholarship and grant options you may qualify for based on your accomplishments, background, and interests. To make the most out of your scholarship search, consider:

  • Visit career services – Talking to high school guidance counselors, college admissions offices and resource centers, teachers, community members and friends to help point you in the direction of scholarships or grants that you may qualify for based on eligibility requirements. 
  • Search for scholarships onlineTuition Funding Sources is an online scholarship resource designed to help students gain access to over 7 million scholarships totalling more than $41 billion.
  • Visit your school’s website – Determine if your institution offers scholarships you may apply for, based on eligibility requirements.
  • Contact community groups – Institutions within your community, such as civic and/or religious organizations, banks, or other local organizations may provide additional information on local scholarships.
  • Contact federal agencies – Visit the U.S. Department of Education for information on federal government grants and to get a copy of a FAFSA form. You must fill out the FAFSA to qualify for federal aid. Many states and colleges use the FAFSA to award aid as well.

Contacting Us

Who can I contact with questions about student loans?

Phone

Apply
1-800-378-5526, select option 3
Mon – Fri: 7 am – 8 pm, Central Time

Applications in process
1-877-599-6788
Mon – Fri: 7 am – 8 pm, Central Time

Loan Servicing
1-800-658-3567, select option 1 Mon – Fri: 8 am – 8 pm, Central Time Automated system also available 24 hours a day, 7 days a week

Fax: 1-800-456-0561

Email

Customer? Sign on to send us a secure email.

Not a customer yet? Email a loan expert with general questions.

Mail General Inquiries to:

Wells Fargo Education Financial Services
P.O. Box 5185
Sioux Falls, SD 57117-5185

Mail Payments to:

Wells Fargo Education Financial Services
P.O. Box 650725
Dallas, TX 75265-0725

Please write your account number on your check.

Ready to apply? Apply Now
You can also call a Student Loan Consultant at 1-800-378-5526