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Student Loans: Making Payments Questions

Billing

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

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

How do I get one billing statement for each of my loans?

Call us at 1-800-658-3567 to have your due dates changed in order to generate separate billing statements.

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

You may receive a quarterly interest statement that shows the interest that has accumulated on your loan(s).  You are not required to make payments while you’re in school; however making payments while you’re in school will decrease the total amount you will pay over the life of your loan.

Making student loan payments

Can I pay through Wells Fargo Online®?

Yes. You're automatically eligible for online access through Wells Fargo Online once you have a Wells Fargo student loan. Just complete the quick, one-time enroll process. Your 10-digit student loan number is your account number. To find your 10-digit student loan account number, see the upper right-hand corner of your student loan statement or call us.

If you've already enrolled for Wells Fargo Online, your student loan will display 2-3 business days after the funds are disbursed.

How do I make a payment?

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

How does Wells Fargo apply payments to my loan?

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

Accrued interest. The amount of interest that accrues daily on your loan, which is determined by factors such as the number of days between payments, the interest rate on your loan, and the amount of your loan balance.

Billed principal. The portion of your loan’s principal amount included in your most recent monthly billing statement.

Late fees. Any fees charged as a result of the failure to make one or more monthly payments within the applicable payment grace period.

Unbilled principal. The outstanding portion of your loan’s principal amount not yet included as part of your monthly billing statement.

Customer scenario

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

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

Important note

If you have multiple loans grouped in a single billing statement, we will apply your payment as follows unless you instruct us to apply the payment in a different way.

Student loan payment is equal to the total amount billed:

Payment will satisfy all monthly billed amounts, including any applicable late fees.

Student loan payment is greater than the total amount billed:

Payment will first satisfy all monthly billed amounts. Additional amount will be applied to the loan with the highest interest rate and will pay down that loan’s overall loan balance without changing the due date on the next bill.

Student loan payment is less than the total amount billed:

Payment will be applied to satisfy as many monthly billed amounts as possible associated with each loan, starting with the most delinquent loan.

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

Sue has two loans:


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

If Sue makes a $303 payment received on September 8, it will be applied as follows:

  • Loan A - $125 applied, fulfilling the total due on the loan
  • Loan B - $150 applied, fulfilling the total due bringing the loan current. The remaining $28 will satisfy the outstanding late fee.

Example of paying more than total due when loans are current

Sue has two loans:



Total Amount Due Interest Rate
Due Date
Loan Status
Loan A
$125
5%
September 10
Current
Loan B
$75
6%
September 10
Current
If Sue makes a $300 payment received on September 8, it will be applied as follows:
  • Loan A - $125 applied
  • Loan B - $175 applied ($75 Monthly Payment + $100 overpayment which is applied to this loan because it has the highest interest rate) 

Example of paying less than total due when loans are current

Sue has two loans:



Total Amount Due
Interest Rate
Due Date
Loan Status
Loan A
$125
5%
September 10
Current
Loan B
$75
6%
September 10
Current
If Sue makes a $160 payment received on September 8, it will be applied as follows: 
  • Loan B - $75 applied since it has the lowest total amount due.
  • Loan A - $85 applied, leaving $40 due.  If no other payments are received prior to September 10, Loan A will become delinquent. 

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

Sue has two loans:



Total Amount Due
Interest Rate
Due Date
Loan Status
Loan A
$125
5%
September 10 Current
Loan B
$178 ($75 monthly payment + $75 past due + $28 late fee)
6%
September 10
Past Due 30 days
If Sue makes a $200 payment received on September 8, it will be applied as follows:
  • Loan B - $150 applied since this is the most delinquent loan ($75 is the past due amount owed + $75 is the lowest monthly due amount). The late fee remains outstanding.
  • Loan A - $50 applied, leaving $75 due.  If no other payments are received prior to September 10, Loan A will become delinquent.

Can I pay more than my monthly payment amount?

Yes. There is no limit to the amount you can pay each month. Keep in mind, despite how much you paid the month prior, your minimum monthly payment must be made every month your loan is in repayment.  Any additional amounts paid will reduce your overall loan balance (interest, principal, and any applicable fees) without changing the due date on your next bill.  This may result in less interest accruing on your student loan and a lower total cost of repaying your loan.

Example 1:

John owes $100 on the 25th of each month and is current on his loan.

  • On January 25, John makes a payment of $200. This fulfills the January payment.
  • The remaining $100 is applied towards the overall loan balance (interest, principal, and any applicable fees). 
  • John must still make the $100 February payment. The February payment can be made after the February amount has been billed (generally 20 days prior to the due date).

Example 2:  

John owes $100 on the 25th of each month and is current on his loan.

  • On January 15th, John makes a payment of $100.  This fulfills the January payment.
  • On January 27, John makes a payment of $100.  This is applied towards the overall loan balance (interest, principal, and any applicable fees) since he hasn’t been billed for February.
  • John must still make the $100 February payment. The February payment can be made after the February amount has been billed (generally 20 days prior to the due date).

What if I pay less than the monthly amount due on my student loan?

The monthly payment amount must be received in full each month in order to advance your due date, prevent a late fee, and protect your good credit.

Example of paying less than total due when loans are current

Sue has two loans:

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

If Sue makes a $160 payment received on September 8, it will be applied as follows:

  • Loan B - $75 applied since it has the lowest total amount due.
  • Loan A - $85 applied, leaving $40 due. If no other payments are received prior to September 10, Loan A will become delinquent.

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

Sue has two loans:

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

If Sue makes a $200 payment received on September 8, it will be applied as follows:

  • Loan B - $150 applied since this is the most delinquent loan ($75 is the past due amount owed + $75 is the lowest monthly due amount).  The late fee remains outstanding.
  • Loan A - $50 applied, leaving $75 due.  If no other payments are received prior to September 10, Loan A will become delinquent.

What if I miss a payment?

If you miss your payment due date, you may be assessed a late fee.  You can make payments through Wells Fargo Online, by mail, by phone, or in person. Please also note that if you have a cosigner and plan to request a cosigner release, missed payments may prevent the cosigner release request from being approved.

Can I designate how I want my payment to be allocated across more than one loan?

Yes. You can make a payment to one or more of your individual student loans by selecting the student loan(s) you’d like to make a payment on within Wells Fargo Online. You also have the option to set up automatic payments for each individual loan.

To pay by mail, follow these instructions:

  • Write your account number on the front of your check.
  • If you have a remittance slip, include specific instructions on how to allocate the payment across your loans. If you do not have a remittance slip please include the detailed instructions on the front of your check.
  • Mail your payment to:

Wells Fargo Education Financial Services
P.O. Box 10365
Des Moines, IA 50306-0365

Questions? Give us a call at 1-800-658-3567.

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.

Could your monthly payment amount change?

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 your interest rate changes
  • You've enrolled (resulting in a rate decrease) or cancelled (resulting in a rate increase) automatic payments

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

Can I make a payment when I’m 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 total amount you pay over the life of the loan.

Learn more about student loan payment options.

What is Loan Status Information? How does this affect my loan?

For your convenience, we've added a Loan Status Information section to the individual student loan account activity pages on Wells Fargo Online. The status of your loan will fall into one of the following six categories:

  • In School
  • Grace
  • Partially Disbursed
  • Repayment Current
  • Repayment Late
  • Deferred/Forbearance

Loans in Repayment Current and Repayment Late require monthly payments. Payments for loans in any other status are optional.  To see the status of your loan, sign on to Wells Fargo Online.

Can I change my payment due date?

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

To request a different due date, please contact us:

By phone. Call 1-800-378-5526
By mail. Send a written request that includes your 10-digit student loan account number to:

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

Automatic Payments

How do I set up automatic payments?

Once your loan is in repayment you can set up an automatic monthly student loan payment from a personal checking or savings account at Wells Fargo or at another financial institution. You can select to make automatic payments for one 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 personal 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 reduces the amount of interest you pay 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 1-800-378-5526.

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

If your payment due date falls on a weekend or holiday, your payment will be processed the following business day. Keep in mind, your 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, no late credit reporting, and no additional interest accrued because your payment will be processed as if it was received on your 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 no late credit reporting will occur on Ann’s account due to the payment being effective as of the 10th. 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.

Cosigners

Can a cosigner view the student loan through Wells Fargo Online?

Yes. The student will need to add the cosigner as a guest user through Wells Fargo Online. Note: As a guest user, the cosigner will be able to view all information within the student’s Wells Fargo Online, not just student loan information.

To set up a cosigner as a guest user, here are the instructions for the student:

  1. Sign on to Wells Fargo Online and navigate to the Profile and Settings page (Use the More menu in the upper right, select Accounts and Settings then Profile and Settings).
  2. On the Profile and Settings page, expand Manage online settings then select Manage Guest Users.
  3. Select Add New User button.
  4. Enter the cosigner’s information and create a username and password for the cosigner (see example below).
  5. Select View Only as the access level for the student loan and click Submit.
  6. Give the username and password to the cosigner.

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

If you're enrolled in Wells Fargo Bill Pay, you can set up your cosigned loan as a payee to make a one-time or recurring payment.1

You can also make a payment by phone, by mail, or at any Wells Fargo banking location. Find locations

By phone. Please call 1-800-378-5526

By mail. Mail your payment to:

Wells Fargo Education Financial Services
P.O. Box 10365
Des Moines, IA 50306-0365

Please write the borrower’s 10-digit Wells Fargo student loan account number on your check. If the student has multiple loans you will need to specify which loan to apply payments to, or the payment will follow the standard payment allocation.


1. Bill Pay is free of monthly service fees. Charges may apply for Wells Fargo Same Day Payments Service℠. Please refer to the Online Access Agreement for fees associated with our online services. Account fees (e.g. monthly service, overdraft) may apply to the Funding Account. For more information on the account fees, please refer to the account agreement you received when you opened your account.

Fees

Do you charge fees?

The only fees we charge are fees for late payments. Late fee information can be found on your billing statement which includes the dollar amount and date you will be charged a late fee, if one or more monthly payments is not received within the applicable payment grace period. Late fees are assessed at the individual loan level, whether loans are grouped together in a single billing statement or each loan is billed separately.

Paying off your student loan

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

Yes. There is no penalty for paying your loan off early. Doing so will reduce your total repayment cost.

How do I pay off my student loan in full?

Please call 1-800-378-5526. Because interest on your 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 your 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 private student loan interest calculated?

Interest on all loans is charged on a daily simple interest basis. This means interest accrues on a daily basis on the amount of the loan (current outstanding principal balance) from the date the interest charges begin until you repay the loan in full.

Customer scenario

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

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

How is the payment allocated towards interest?

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: 

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

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.

Learn more on our federal loans repayment page.