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Student Loans: Making Payments Questions

Billing Statements

Can I receive 1 billing statement for all of my loans?

If you are the primary borrower, you will automatically receive 1 billing statement for all loans that share the same monthly due date. If you are not currently receiving a single billing statement for all of your loans and would like to, please call us at 1-800-658-3567.

How do I request a separate billing statement for each of my loans?

To receive separate billing statements, each of your loans must have a different due date. If you are the primary borrower, call us at 1-800-658-3567 to discuss options for changing the due dates on your loan(s) and generating separate billing statements for each of your loans.

Why am I receiving a quarterly interest statement while I am still in school?

If you are the primary borrower, you may receive a quarterly interest statement that shows the accumulated interest for the loan(s). You are not required to make payments while you are in school. However, making payments while you’re still in school helps reduce the amount paid over the life of the loan.

Can I change my payment due date?

If you are the primary borrower and your payment due date is causing difficulty, please contact us at 1-800-658-3567.

Making payments

Can I pay through Wells Fargo Online®?

Yes. You're automatically eligible for Wells Fargo Online once you become a primary borrower or cosigner of a Wells Fargo student loan. Just complete the quick, one-time enrollment process using the 10-digit student loan account number. If you're unable to locate your student loan account number, you can request it by calling us at 1-800-658-3567.

If you've already signed up for Wells Fargo Online , the student loan will display 2 to 3 business days after the first disbursement is made.

How do I make a payment?

You have various options for making payments on a Wells Fargo private student loan, including paying online, by phone at 1-800-658-3567, by mail, or at a Wells Fargo location. Learn more about student loan payment options.

What if I miss a payment or make a late payment?

If a payment is missed or paid late, a late fee will be assessed if the current payment and past due (if any) amount is not paid before the applicable payment grace period expires and the delinquency may be reported to the consumer reporting agencies as past due. Please note that if you plan to request a cosigner release, missed or late payments may prevent or delay your ability to qualify for this option. Late fees are assessed and delinquencies reported to the consumer reporting agencies for each individual loan, whether loans are combined in a single billing statement or billed separately.

Example of missing a payment
If a customer misses the February payment (does not pay the current payment and past due (if any) amount before the applicable payment grace period expires) and there are 3 loans on the billing statement, the missed payment:

  • Will result in the assessment of a late fee on each loan (a total of 3 late fees)
  • May result in the 3 loans being reported to the consumer reporting agencies as past due.

We are committed to helping you successfully repay your student loan(s). Options may exist that could help you repay your loan(s). If you are having difficulty making payments, please call us at 1-800-658-3567.

Could the monthly payment amount change?

Yes. On variable rate loans, we may recalculate the monthly payment periodically to maintain the same number of payments over the life of the loan if:

  • You've paid more or less than what is due each month
  • The Index (example: Prime Rate) used to calculate the interest rate changes
  • You've enrolled in (resulting in a rate decrease) or cancelled (resulting in a rate increase) automatic payments
  • You've paid earlier or later than your due date

Any recalculations would follow any timing requirements set forth in your loan agreement.

Can I make a payment while the primary borrower is still in school or during the 6 months after leaving school before the repayment period begins?

Yes, and we encourage it. By paying early, you can reduce the amount paid over the life of the loan.

Learn more about student loan payment options.

Can I receive alerts about my payments?

Yes. You can choose to subscribe to receive email or text alerts through Wells Fargo Online. Alerts are available when a payment posts or as a reminder of an upcoming payment due date. Access Manage Alerts through the Accounts tab.

Automatic Payments

How do I set up automatic payments?

Once the loan is in repayment you can set up an automatic monthly student loan payment from a designated checking or savings account at Wells Fargo or at another financial institution. You can select to make automatic payments for 1 or more of your loans. Once the loan is set up on automatic payments, a full scheduled monthly payment will be deducted each month regardless if you pay additional funds during the month.

There are many ways to set up automatic payments from your account on Wells Fargo Online.

Learn more about student loan payment options.

Important note:

Discount eligible during repayment: You may qualify for a 0.25% interest rate discount during repayment if you set up automatically withdrawn payments (ACH), directly with Wells Fargo Education Financial Services (EFS), from a designated deposit account. This discount does not apply to bill pay or automatic transfers not set up directly with Wells Fargo EFS. If the automatic payment is canceled at any time after repayment begins, the discount will be lost until automatic payment is reinstated. The 0.25% interest rate reduction is effective the day after the first payment is made using automatic withdrawal during the repayment period. Discount helps reduce the amount of interest paid over the life of the loan. The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment. ACH payments and discount will discontinue upon entering deferment or forbearance periods. Wells Fargo reserves the right to modify or discontinue interest rate discount program(s) for future loans or to discontinue loan programs at any time without notice. For details, including eligibility requirements, visit us at wellsfargo.com/student or call 1-800-658-3567.

What happens when the automatic payment date falls on a weekend or holiday?

If the payment due date falls on a weekend or holiday, your payment will be processed the following business day. Keep in mind, the loan will reflect past due status until the automatic payment has posted to your loan(s). In these situations, there will be no late fees, the loan(s) will not be reported to the consumer reporting agencies as past due, and no additional interest accrued because your payment will be processed as if it was received on the due date.

Example
Ann owes $100 on the 10th of each month and is set up for automatic payments to pull from her bank account on the 10th of each month. If the 10th falls on a Saturday, we will not post the payment until Monday the 12th (as long as it’s not a holiday) but we will make the payment effective as of the 10th. If Ann looks at her account on the 11th online, it will show delinquent. However, since we will backdate the payment to the 10th, no additional interest will be charged, no late fees will be charged, and the loan(s) will not be reported to the consumer reporting agencies as past due. When Ann looks at her account on Tuesday the 13th, the loan will show current and she will see the payment posted as of the 10th.

How do I cancel automatic payments?

If at any time you would like to cancel your automatic payments, please notify us at least three business days before the next scheduled payment date to allow enough time to process your request. If we are not notified within this time frame, the automatic deduction will proceed as scheduled and the requested cancellation will take effect prior to the next scheduled payment. If automatic payments are cancelled any corresponding interest rate discounts your loan may have qualified for will be discontinued until automatic payments are reestablished.

How Payments are Applied and Distributed

How does Wells Fargo apply payments to the loan?

Payments are applied to specific portions of the overall balance for each loan in the following order:

  1. Accrued interest. The amount of interest that accrues daily on the loan, which is determined by factors such as the number of days between payments, the interest rate on the loan, and the outstanding principal loan balance. Interest does not accrue on late fees.
  2. Billed principal. The portion of the loan’s principal amount included in the most recent monthly billing statement.
  3. Late fee(s) (if applicable). Any fees charged as a result of the failure to make 1 or more monthly payments before the applicable payment grace period expires.
  4. Unbilled principal. The outstanding portion of the loan’s principal amount not yet included as part of the monthly billing statement.

If you have more than one loan combined into a single account, payments will be applied to each of the loans as described above whether there is a separate billing statement for each loan or if multiple loans appear on one billing statement.

How does Wells Fargo distribute payments to the loans?

Making a single payment or multiple payments:

Paying the current payment and past due (if any) amount with a single or multiple payments on or before the due date will result in the following:

  • The loan(s) will be current until the next due date.
  • No late fee(s) will be assessed if payment(s) are received before the applicable payment grace period expires (please note: a late fee is never assessed for non-payment of a prior late fee).
  • The loans(s) will not be reported to the consumer reporting agencies as past due.

Example of paying exactly the total due on or before your due date

A customer has 2 loans – 1 current and 1 past due and makes a $303 payment that is received on September 8:


Total Amount Due
Interest Rate Due Date Loan Status
Loan A $125 ($125 monthly payment) 5%
September 10 Current
Loan B $178 ($75 monthly payment + $75 past due + $28 late fee) 6%
September 10 Past Due 30 days

The $303 payment will be distributed as follows:

  • Loan B - $150 applied toward the monthly payment, paying the total due on Loan B and bringing the loan current. $28 will be applied to pay the outstanding late fee.
  • Loan A - $125 applied toward the monthly payment, paying the total due on Loan A.

Loan A and Loan B will be current until the next due date, no late fees will be assessed on either loan, and the loans will not be reported to the consumer reporting agencies as past due.

What happens when the payment(s) are more than the total due?

Payment(s) received on or before the due date that are greater than a full payment will pay the entire total due amount (current payment amount, amount past due, outstanding late fees(s)) for the loan(s) on the statement.

Any remaining amount will be applied to the loan with the highest interest rate and will decrease that loan’s overall balance. If multiple loans share the highest interest rate, the remaining amount will be applied to the loan with the highest outstanding principal balance.

If the additional amount pays off an individual loan, any remaining amount of the payment will be applied to the loan with the highest interest rate and will decrease that loan’s overall balance. If any remaining loans share the highest interest rate, the remaining amount will be applied to the loan with the highest outstanding principal balance.

You will still need to make your next monthly payment on the billing statement; that is, you must pay the total due amount by the due date specified in the billing statement.

Paying more than the total due (current payment amount, amount past due, outstanding late fee(s)) can result in the following:

  • Paying down more of the principal amount owed will result in less interest accruing which may help reduce the amount paid over the life of the loan(s).
  • The loan(s) will be current until the next due date.
  • No late fee(s) will be assessed if payment(s) are received before the applicable payment grace period expires (please note: a late fee is never assessed for non-payment of a prior late fee).
  • The loan(s) will not be reported to the consumer reporting agencies as past due.

Example of paying more than the total due when loans are current

A customer has 2 loans – both current and makes a $300 payment received on September 8:


Total Amount Due
Interest Rate
Due Date
Loan Status
Loan A
$125 ($125 monthly payment)
5%
September 10
Current
Loan B
$75 ($75 monthly payment)
6%
September 10
Current

The $300 payment will be distributed as follows:

  • Loan A - $125 applied toward the monthly payment, paying the total due on the loan.
  • Loan B - $175 applied in total, with $75 going toward the monthly payment and the remaining $100 over payment applied to this loan because it has the highest interest rate.

Loan A and Loan B will be current until the next due date, no late fees will be assessed on either loan, and the loans will not be reported to the consumer reporting agencies as past due. Additionally, because of the lump sum principal reduction of Loan B, less interest may accrue resulting in a lower amount paid over the life of Loan B.

Example of paying more than the total due when loans are current and past due

A customer has 2 loans – one current and one past due, and makes a $400 payment that is received on September 8:


Total Amount Due
Interest Rate
Due Date
Loan Status
Loan A
$125 ($125 monthly payment)
5%
September 10
Current
Loan B
$178 ($75 monthly payment + $75 past due + $28 late fee)
6%
September 10
Past due 30 days

The $400 payment will be distributed as follows:

  • Loan A - $125 applied toward the monthly payment, paying the total due on the loan.
  • Loan B - $275 applied in total, with $75 going toward the past due amount, $75 going toward the monthly payment, $28 going to late fee(s) and the remaining $97 overpayment applied to this loan because it has the highest interest rate.

Loan A and Loan B will be current until the next due date, no late fees will be assessed on either loan, and the loans will not be reported to the consumer reporting agencies as past due. Additionally, because of the lump sum principal reduction on Loan B, less interest may accrue resulting in a lower amount paid over the life of Loan B.

Does Wells Fargo accept partial payments?

Yes. You are contractually obligated to pay your full current payment amount each month, which you can do through a single payment or multiple partial payments that together satisfy your full current payment obligation. Please note, however, that our acceptance of partial payments does not relieve you of your obligation to pay the full current payment each month.

What happens when the payment(s) are less than the total due?

The payment(s) will be distributed to pay as many monthly billed amounts associated with each loan as possible, starting with the most delinquent loan(s) first, then to the loan with the lowest monthly payment due. If the loans are equally delinquent or equally current, the payment(s) will be applied to the loan with the lowest monthly payment due. By bringing as many loans current as possible, this approach minimizes the assessment of late fees and may help protect your credit history.

Paying less than the current payment and past due (if any) amount can result in the following:

  • Late fee(s) being assessed when the applicable payment grace period expires.
  • The loan(s) being reported to the consumer reporting agencies as past due.
  • If you plan to request a cosigner release, missed payments may prevent or delay your ability to qualify for this option.
  • The next total due amount could include a past due amount.
  • Additional interest will accrue on the loan(s) resulting in a higher amount paid over the life of the loan(s).

We are committed to helping you successfully repay your student loan(s). Options may exist that could help you repay your loan(s). If you are having difficulty making payments, please call us at 1-800-658-3567.

Important Note: The required monthly payment amount may be paid through a single payment or multiple payments. We will apply payments made within the same billing cycle as they are received until the entire amount is paid. Any amount received on or before the due date in excess of the total due amount will reduce unbilled principal.

Example of paying less than the total due when loans are current

A customer has 2 loans – both current, and makes a $160 payment that is received on September 8:


Total Amount Due
Interest Rate Due Date Loan Status
Loan A $125 ($125 monthly payment)
5%
September 10 Current
Loan B $75 ($75 monthly payment)
6%
September 10 Current

The $160 payment will be distributed as follows:

  • Loan B - $75 applied toward the monthly payment since it has the lowest monthly payment amount, paying the total due on the loan.
  • Loan A - $85 applied toward the monthly payment, leaving $40 still due.

Loan B will be current until the next due date, no late fees will be assessed, and the loan will not be reported to the consumer reporting agencies as past due.

If no other payments are received to pay the monthly payment before the applicable payment grace period expires, Loan A will have a late fee assessed, the loan may be reported to the consumer reporting agencies as past due, and additional interest will accrue on the loan resulting in a higher amount paid over the life of the loan.

Please note that if a customer plans to request a cosigner release, missed payments may prevent or delay the ability to qualify for this option.

Example of paying less than the total due when loans are current and past due

A customer has 2 loans – 1 current and 1 past due, and makes a $200 payment that is received on September 8:


Total Amount Due
Interest Rate Due Date Loan Status
Loan A $125 ($125 monthly payment) 5%
September 10 Current
Loan B $178 ($75 monthly payment + $75 past due + $28 late fee) 6%
September 10 Past Due 30 days

The $200 payment will be distributed as follows:

  • Loan B - $150 applied first to this loan since this is the most delinquent loan. $75 is applied to pay the past due amount owed and $75 is applied to pay the monthly payment. The late fee remains outstanding.
  • Loan A - $50 applied toward the $125 monthly payment, leaving $75 still due.

Loan B will be current until the next due date, no additional late fees will be assessed, and the loan will not be reported to the consumer reporting agencies as past due. Prior late fee assessed will remain on the loan until paid.

If no other payments are received to pay the monthly payment before the applicable payment grace period expires, Loan A will have a late fee assessed, the loan may be reported to the consumer reporting agencies as past due, and additional interest will accrue on the loan resulting in a higher amount paid over the life of the loan.

Please note that if a customer plans to request a cosigner release, missed payments may prevent or delay the ability to qualify for this option.

How does the date my payment is received impact my loan?

When the current payment and past due (if any) amount is received after the statement is generated and before the due date:

  • Since the payment is received before the due date and covers fewer days of interest, less interest accrues and some funds are applied to the unbilled principal, paying down the overall balance. This helps reduce the amount paid over the life of the loan.
  • The loan will continue to be current until the next due date.
  • No late fee will be assessed.
  • The loan will not be reported to the consumer reporting agencies as past due.

When the current payment and past due (if any) amount is received on the due date:

  • The loan will continue to be current until the next due date.
  • No late fee will be assessed.
  • The loan will not be reported to the consumer reporting agencies as past due.

When the current payment and past due (if any) amount is received after the due date:

  • Since the payment is received after the due date and covers more days of interest, additional interest will accrue on the loan resulting in a higher total cost of repaying the loan.
  • A late fee will be assessed (if not paid before the applicable payment grace period expires)
  • The loan may be reported to the consumer reporting agencies as past due.
  • If you plan to request a cosigner release, missed payments may prevent or delay your ability to qualify for this option.

Multiple payments within the same billing cycle

Can I pay my total due amount through multiple payments?

Yes. There is no limit to the number of payments you can make. We will apply the payments made within the same billing cycle as they are received until the entire total amount due is paid. Any amount we receive in excess of the total due amount will apply towards unbilled principal on the loan(s) covered by the billing statement. By paying more than the total due, less interest may accrue which may help reduce the amount paid over the life of the loan(s).

By paying the total due amount:

  • The loan(s) will be current until the next due date.
  • No late fee(s) will be assessed if payment(s) are received before the applicable payment grace period expires (please note: a late fee is never assessed for non-payment of a prior late fee).
  • The loan(s) will not be reported to the consumer reporting agencies as past due.

Example of making multiple payments:

A customer has 2 loans – both current


Total Amount Due
Interest Rate Due Date Loan Status
Loan A $125 ($125 monthly payment)
5%
September 10 Current
Loan B $75 ($75 monthly payment)
6%
September 10 Current

If a customer makes a $50 payment that is received on August 25, it will be distributed as follows:

  • Loan B - $50 applied to the monthly payment since it has the lowest monthly payment amount.

If a customer makes an additional $50 payment that is received on September 1, it will be distributed as follows:

  • Loan B - $25 applied toward the monthly payment, which together with the $50 from the prior payment, will pay the monthly payment for the September 10 due date.
  • Loan A - $25 applied to the monthly payment since Loan A is the only loan with a remaining amount still due. This will leave $100 still due.

If a customer makes an additional $100 payment that is received on September 9, it will be distributed as follows:

  • Loan A - $100 applied to the monthly payment, which together with the $25 from the prior payment, will pay the monthly payment for the September 10 due date.

Both Loan A and Loan B will be current until the next due date, no late fees will be assessed on either loan, the loans will not be reported to the consumer reporting agencies as past due, and less interest may accrue which may help reduce the amount paid over the life of each loan.

Options to designate how payments are distributed

Can I designate how my payment is distributed across multiple loans combined in a single account?

Yes. You have options to designate how a one-time payment is distributed:

  • Select the student loan(s) you’d like to make a payment on using Wells Fargo Online .
  • Contact us at 1-800-658-3567 to speak to a representative about how to distribute a payment you make over the phone.

Important note: Unless you choose to pay following one of the methods listed above, Wells Fargo will distribute your payment as described in "How does Wells Fargo distribute payments to the loans," "What happens when the payment(s) are more than the total due," or "What happens when the payment(s) are less than the total due." We cannot process payment instructions written on a check or remittance coupon.

Example of designating a payment across multiple loans:

A customer has two loans – both are current


Total Amount Due
Interest Rate Due Date Loan Status
Loan A
$125 ($125 monthly payment)
5%
September 10 Current
Loan B $75 ($75 monthly payment)
6%
September 10 Current

Option A: If a customer makes a $100 payment on September 9 and designates $50 to Loan A and $50.00 to Loan B, it will be distributed as follows:

  • Loan A - $50 applied toward the monthly payment, leaving $75 still due.
  • Loan B - $50 applied toward the monthly payment, leaving $25 still due.

If no additional payments are received to pay the monthly payments for each loan, both Loan A and Loan B will be assessed a late fee, both loans may be reported to the consumer reporting agencies as past due, and additional interest will accrue on the loans resulting in a higher amount paid over the life of the loans.

Option B: If a customer makes a $100 payment on September 9 and designates $25 to Loan A and $75 to Loan B, it will be distributed as follows:

  • Loan A - $25 applied toward the monthly payment, leaving $100 still due.
  • Loan B - $75 applied toward the monthly payment, paying the total due on the loan.
  • Loan B will be current until the next due date, no additional late fees will be assessed, and the loan will not be reported to the consumer reporting agencies as past due.

If no additional payments are received to pay the monthly payment, Loan A will be assessed a late fee, the loan may be reported to the consumer reporting agencies as past due, and additional interest will accrue on the loan resulting in a higher amount paid over the life of the loan.

Option C: If a customer makes a $100 payment on September 9 and doesn’t provide instructions on how to designate the payment, it will be distributed as follows:

  • Loan B - $75 applied toward the monthly payment since it has the lowest monthly payment amount, paying the total due on the loan.
  • Loan B will be current until the next due date, no late fee will be assessed, and the loan will not be reported to the consumer reporting agencies as past due.

If no other payment(s) are received to pay the monthly payment, Loan A will have a late fee assessed, the loan may be reported to the consumer reporting agencies as past due, and additional interest will accrue on the loan resulting in a higher amount paid over the life of the loan.

Can I designate a payment toward an individual loan if I have more than one loan on a statement?

Yes. You have options to designate how a one-time payment is distributed:

  • Select the student loan(s) you’d like to make a payment on using Wells Fargo Online .
  • Contact us at 1-800-658-3567 to speak to a representative about how to distribute a payment you make over the phone.

Important note: Unless you choose to pay following one of the methods listed above, Wells Fargo will distribute your payment as described in "How does Wells Fargo distribute payments to the loans," "What happens when the payment(s) are more than the total due," or "What happens when the payment(s) are less than the total due." We cannot process payment instructions written on a check or remittance coupon.

Example of designating a payment toward an individual loan:

A customer has two loans – both are current


Total Amount Due
Interest Rate Due Date Loan Status
Loan A
$125 ($125 monthly payment)
5%
September 10 Current
Loan B $75 ($75 monthly payment)
6%
September 10 Current

Option A: If a customer makes a $75 payment received on September 9 and designates the payment to Loan A, it will be distributed as follows:

  • Loan A - $75 applied toward the monthly payment for Loan A, leaving $50 still due.

If no additional payment(s) are received, both Loan A and Loan B will be assessed a late fee, both loans may be reported to the consumer reporting agencies as past due, and additional interest will accrue on the loans resulting in a higher amount paid over the life of the loans.

Option B: If a customer makes a $75 payment received on September 9 and designates the payment to Loan B, it will be distributed as follows:

  • Loan B - $75 applied, paying the monthly payment for Loan B. Loan B will be current until the next due date, no late fee will be assessed, and the loan will not be reported to the consumer reporting agencies as past due.

If no additional payment(s) are received to pay the monthly payment for Loan A, Loan A will be assessed a late fee, may be reported to the consumer reporting agencies as past due, and additional interest will accrue on the loan resulting in a higher amount paid over the life of the loan.

Option C: If a customer makes a $75 payment received on September 9 and doesn’t provide instructions on how to designate the payment, the payment will be distributed as follows:

  • Loan B - $75 applied as it is the lowest amount due, paying the monthly payment for Loan B. Loan B will be current until the next due date, no late fee will be assessed, and the loan will not be reported to the consumer reporting agencies as past due.

If no additional payment(s) are received to pay the monthly payment for Loan A, Loan A will be assessed a late fee, may be reported to the consumer reporting agencies as past due, and additional interest will accrue on the loan resulting in a higher amount paid over the life of the loan.

Cosigners

Can a cosigner view the student loan online?

Yes. Cosigners can view and manage student loan(s) for which they are cosigned through Wells Fargo Online®.

  • Cosigners can sign up for Wells Fargo Online if they don’t already have access.
  • If the cosigner is already signed on to Wells Fargo Online and does not see the student loan(s) they’ve cosigned, they can add them by following these steps:
    • Select Account Settings (click on your name, top right)
    • Select Add Account and follow the instructions to add the student loan account(s)

As a cosigner, how do I make an online payment on a cosigned loan?

You can make an online payment through Wells Fargo Online . Not enrolled? Complete this one-time quick sign up process.

What should I consider if I am a cosigner making payments?

Each primary borrower is assigned a single account number. When a loan is funded it will be added to that account number so a borrower may have multiple loans under the same account number.

All payments made by cosigners through Wells Fargo Online will be at the individual loan level, eliminating the need for you to provide detailed posting instructions.

If you would like the payment applied to a specific loan(s):

  • Select the student loan(s) you’d like to make a payment on within Wells Fargo Online . (All payments made through Wells Fargo Online will be at the individual loan level, eliminating the need for you to provide detailed posting instructions).
  • Set up automatic payments for each individual loan.
  • Contact us at 1-800-658-3567 to speak to a representative

As a cosigner, can I receive statements?

We only provide statements (paper and online) to the primary borrower. However, for any loan you have cosigned, you can view the loan’s balance, monthly payment amount and payment due date by signing on to Wells Fargo Online.


Fees

Do you charge fees?

We only charge fees for late payments. Late fee information can be found on the billing statement provided to the primary borrower, which includes the dollar amount and date a late fee will be charged, if the current payment and past due (if any) amount are not received before the applicable payment grace period expires. Late fees are assessed at the individual loan level, whether loans are combined together in a single billing statement or each loan is separately billed. Please note: a late fee is never assessed for non-payment of a prior late fee.

Customer Example
If a customer misses a February payment and there are 3 loans on the billing statement, the missed payment will result in assessment of a late fee on each loan (a total of 3 late fees).

How can I avoid late fees?

To avoid late fees, please pay your current payment and past due (if any) amount before the applicable payment grace period expires. You can do so through a single full payment or multiple partial payments that together equal the current payment and past due (if any) amount.

We are committed to helping you successfully repay your student loan. Options may exist that could help you repay your loan(s). If you are having difficulty making payments, please call us at 1-800-658-3567.

What happens if a loan is assessed a late fee?

If a loan is assessed a late fee, this amount will appear on your billing statement and be included in your total due amount. The late fee should be paid with your next monthly payment on or before the due date.

If the total due is paid after the due date, some or all of the late fee amount for the prior due may continue to appear on your loan(s). This is due to the application of more of your payment to interest that accrued on your loan(s) between the due date and the payment receipt date. If more of the payment is applied to accrued interest, less is available to pay the late fee amount assessed for the prior due date.

We are committed to helping you successfully repay your student loan(s). Options may exist that could help you repay your loan(s). If you are having difficulty making payments, please call us at 1-800-658-3567.

How does Wells Fargo help me keep my loan(s) current after I’ve been assessed a late fee?

When you make your next payment, we will apply it to your current payment and past due amount first (i.e. before applying it to the late fee(s)) to help your loan(s) remain current. This may also avoid assessment of a late fee on your current billed amount. Any remaining funds will be applied to late fee(s).

Paying off your student loan

Can I pay off the loan early before the payment period ends?

Yes. There is no penalty for paying the loan off early. Doing so will reduce the amount paid over the life of the loan.

How do I pay off the student loan in full?

Please call 1-800-658-3567. Because interest on the loan accrues daily, you’ll need to provide the exact date when Wells Fargo will receive payment (your payoff date). You’ll then receive your final payoff amount.

You can make the final payment online, by phone, by mail, or at a Wells Fargo banking location. Just be sure your payment will arrive at Wells Fargo by your payoff date.

Private Student loan interest

How is the interest calculated within the monthly payment?

We count the number of days between the date your last payment was received and the date your current payment is received. We use that number of days to calculate accrued interest as described in the following example:

Calculation of daily interest due over the course of the month:

Principal Balance X (Annual Interest Rate/Year Count)
=Daily Interest
$6,000
X (7%/365) =$1.15

Calculation of interest accrued over the course of a month:

Principal Balance X (Annual Interest Rate/Year Count)
X Number of Days Since Last Payment
=Monthly Interest Due
$6,000
X (7%/365) X31
=$35.65

How is the payment applied towards interest?

Payments are applied to specific portions of the overall loan balance starting with accrued interest. Accrued interest is the amount of interest that accrues daily on the loan, which is determined by factors such as the number of days between payments, the interest rate on the loan, and the amount of the principal loan balance.

Example of payment application toward interest

A customer has a $7,000 principal balance remaining on a loan. The monthly payment amount of $100 is due on the 25th of each month and the loan is current with no outstanding late fees. The calculated interest that will accrue by the 25th of the month is $45.

  • The billed principal is calculated by subtracting the calculated interest ($45) from the monthly payment amount ($100). The billed principal would be $55.
  • If $100 is received on the 25th of the month, the payment will first be applied to accrued interest of $45 and the remaining $55 would be applied to billed principal. There would be a remaining principal balance of $6,945.
  • If $100 is received prior to the 25th of the month, less interest would accrue and some funds would go toward unbilled principal, paying down the overall loan balance.
  • If $100 is received after the 25th of the month, more interest would accrue and fewer funds would go toward billed principal and no funds would go toward unbilled principal.

Federal Loans

I have a federal loan. Where do I make my payment?

If you have a federal student loan you can visit the National Student Loan Data System (NSLDS) to find your lender and servicer, as well as the number to contact them.