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Student Loans: Making Payments Questions

Billing

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 your loan due dates and generating separate billing statements.

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 may reduce the total amount you pay over the life of the loan.

As a cosigner, can I receive statements?

We only provide statements (paper and online) to the primary borrower. However, you can view the loan’s balance, payment amounts, and payment due dates by signing on to Wells Fargo Online®.

Making student loan payments

Can I pay through Wells Fargo Online® banking?

Yes. You're automatically eligible for online banking 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 online banking, the student loan will display 2 to 3 business days after the loan is funded.

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.

How does Wells Fargo apply payments to the 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 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 loan balance.

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

Late fees. Any fees charged as a result of the failure to make 1 or more monthly payments within the applicable payment grace period.

Unbilled principal. The outstanding portion of the loan’s principal amount not yet included as part of the 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 The interest and amount applied to the billed principal remain the same. The remaining principal balance is $6,945.
Before the 25th Less interest accrues and some funds are applied to the unbilled principal, paying down the overall balance.
After the 25th More interest accrues and fewer funds are applied to the billed principal, and no funds would go towards unbilled principal.

Important note

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

Considerations for Cosigners

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

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

  • 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.

Student loan payment is equal to the total amount billed:

Payment received on or before the due date will satisfy all monthly billed amounts (accrued interest, billed principal, and any applicable late fees) for the loan(s) on the statement.

Student loan payment is greater than the total amount billed:

  1. Payment received on or before the due date will first satisfy all monthly billed amounts (accrued interest, billed principal, and any applicable late fees) for the loan(s) on the statement.
  2. Payment will be applied to satisfy as many monthly billed amounts as possible for each loan, starting with the most delinquent loan.
  3. The remaining amount will be applied to the loan with the highest interest rate and will pay down that loan’s overall loan balance without advancing the due date further into the future.

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 the 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 was paid the previous month, the minimum monthly payment must be made every month the loan is in repayment. Once the accrued interest, billed principal, and any applicable fees have been fulfilled, additional amounts paid will reduce your overall principal balance without advancing the due date further into the future. This may result in less interest accruing on your student loan and a lower total cost of repaying the 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 principal balance.
  • 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 a payment due date is missed, a late fee may be assessed and this may be reported to the credit reporting agencies. You can make payments online, by phone at 1-800-658-3567, by mail, or at a Wells Fargo location. Please also note that if you 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 1 loan?

Yes. You have a number of options:

  • Select the student loan(s) you’d like to make a payment on within Wells Fargo Online.
  • Set up automatic payments for each individual loan through Wells Fargo Online, or download, complete and submit the Automatic Payment Authorization Form.
  • Contact us at 1-800-658-3567 to speak to a representative.

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 the 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 the 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 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 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 tab to each student loan account’s detail page on Wells Fargo Online banking. Your loan status will fall into 1 of the following 6 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 online banking.

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.

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 personal 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 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 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, no late credit reporting, 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 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 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 Profile and Settings under Account and Settings in the More menu (top right)
    • Select Manage online settings
    • Select Add Online Account Access and follow the instructions to add the student loan account(s)

As a cosigner, how do I make an online payment on a student loan that I’ve cosigned?

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

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 1 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. For additional information on late fees, please contact us at 1-800-658-3567.

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 total repayment cost.

How do I pay off the student loan in full?

Please call 1-800-378-5526. Because interest on the loan accrues daily, you’ll need to provide the exact date when Wells Fargo will receive payment (the payoff date). You’ll then receive the 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 the 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 the last payment was received and the date the 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.