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Student Loan Questions

Applying for a 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.

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 cosigner?

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, a cosigner may be released from the loan if the borrower is a U.S. citizen and contacts Wells Fargo to request release of the cosigner. At the time the borrower asks us to release the cosigner, all the following requirements must be met:

  1. The most recent 24 consecutive monthly payments were made on time including the first required payment or, if the first required payment was not made on time, the most recent 48 consecutive monthly payments were made on time (an “on time” payment is defined as paid within the grace period – no late charges assessed);
  2. No forbearances or modifications were granted for hardship reasons during those consecutive monthly payment periods; and
  3. The borrower meets a full credit and income evaluation.

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

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 form’s purpose 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 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 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 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 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 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.

Student Loan Statements

When will I start receiving my 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.

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 loan specialist at 1-800-378-5526