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Student Loans: Making Payments Questions

Billing Statements

Can I receive one billing statement if I have more than one loan?

Yes, if you are the primary borrower, 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 of your loans and would like to, call us at 1-800-658-3567 to speak to a representative.

How do I request a separate billing statement if I have more than one loan?

To receive separate billing statements, each of your loans must have a different monthly due date. If you are the primary borrower, call us at 1-800-658-3567 to discuss the option for receiving separate billing statements for each of your loans.

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

The quarterly interest statement is sent while you are in school, or any other time your loan is not in repayment, to show you the accumulated interest for your loan(s). You are typically not required to make payments while you are in school. However, making payments while you are in school helps reduce the amount paid over the life of the loan(s). If you are unsure if you have a payment due, call us at 1-800-658-3567 to speak to a representative.

Can I change my payment due date?

Yes, call us at 1-800-658-3567 to speak to a representative and request a due date change.

How do I notify Wells Fargo of a change of email address, physical address, or phone numbers?

Log on to wellsfargo.com. From the Welcome menu located in the upper right corner, select My Profile, then Update Contact Information. If you have additional questions, please call us at 1-800-658-3567 to speak to a representative.

Making payments

What are my options for making payments?

You may select any of these convenient options when making a payment.

  • Pay online through Wells Fargo Online®. Payments received by Midnight Pacific Time online will be effective as of the date of receipt. If received after Midnight Pacific Time they will be effective the following day.
  • Pay by phone. Make a payment directly over the phone by calling us at 1-800-658-3567. Payments received by Midnight Central Time over the phone will be effective as of the date of receipt. If received after Midnight Central Time they will be effective the following day.
  • Pay at any Wells Fargo banking location. Payments received at a Wells Fargo banking location prior to close of business at that location will be effective as of the date of receipt.
  • Pay by mailing your check or money order to Wells Fargo Education Financial Services, PO Box 10365 Des Moines, IA 50306-0365. Payments received by 5:00 p.m. Central Time will be effective as of the date of receipt. If received after 5:00 p.m. Central Time they will be effective the following day.
  • Pay through automatic payments from a designated checking or savings account at Wells Fargo or at another financial institution once the loan is in repayment. (see Automatic Payments)

Make your check or money order payable to Wells Fargo Education Financial Services. Include your payment coupon with your check or money order. We cannot process payment instructions written on a check or payment coupon.

What if I miss a payment or am having trouble making my payment?

If a payment is missed or is paid late, no late fee will be assessed, however:

  • Additional interest will accrue resulting in a higher total cost of repaying the loan. (see How does the date my payment is received impact my loan)
  • The loan may be reported to the consumer reporting agencies as past due. Delinquencies are reported for each individual loan, whether loans are combined in a single billing statement or billed separately.
  • It may prevent or delay the ability to qualify for cosigner release.

We are committed to helping you successfully repay your student loan(s). Options may exist that could help you repay your loan(s). These options may include forbearances that allow you to temporarily postpone your payments or a loan modification that allows you to temporarily or permanently reduce your payments based on your income or personal situation. We also offer student loan consolidation that may reduce your interest rate and/or current payment amount. If you are having difficulty making payments, call us at 1-800-658-3567 to speak with a representative to learn what you may qualify for.

Does Wells Fargo accept partial payments?

Yes. A partial payment is a payment that is less than the total due (total due = current payment amount + any amounts past due). You are contractually obligated to pay your total due each month, and you can pay your total due each month through a single payment or multiple partial payments within the same billing cycle, which together satisfy your total due. Please note, our acceptance of partial payments does not relieve you of your obligation to make payments that satisfy your total due every month the loan(s) is in repayment. Additionally, if the total due each month is not satisfied by the due date:

  • Additional interest will accrue resulting in a higher total cost of repaying the loan. (see How does the date my payment is received impact my loan)
  • The loan may be reported to the consumer reporting agencies as past due. Delinquencies are reported for each individual loan, whether loans are combined in a single billing statement or billed separately.
  • It may prevent or delay the ability to qualify for cosigner release.

For partial payment examples, see How payments are distributed across multiple loans.

Could my payment amount change?

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

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

Any recalculation of the payment amount would follow timing requirements set forth in your loan agreement(s).

Can I make payments today to cover amounts due in the future (pay ahead)?

No. Although there is no limit to the number of payments you can make each month, any additional payment(s) received before your statement is sent (typically 20 days before your due date) or a payment amount more than the total due will not change your obligation to make payments every month the loan(s) is in repayment. (see Example of paying more than the total due amount with multiple full payments when loans are current)

Can I make a payment while I am in school?

Yes, and we encourage it. You are typically not required to make payments while you are in school. However, making payments while you are in school helps reduce the amount paid over the life of the loan(s). If you are unsure if you have a payment due, call 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. In Wells Fargo Online® go to Manage Alerts through the Accounts tab.

Automatic payments

Can I set up automatic payments?

Yes, once the loan is in repayment, you can set up automatic student loan payments from a designated 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, the current payment amount will be deducted each month even if you pay additional funds during the month. A monthly billing statement will only be available through Wells Fargo Online®.

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. Discounts help reduce the amount of interest paid over the life of the loan(s). The automatic payment discount may not change your current payment amount depending on the type of loan(s) 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 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(s) will reflect past due status until the automatic payment has posted to your loan(s). In these situations, the loan(s) will not be reported to the consumer reporting agencies as past due, and no additional interest will accrue 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 post the payment on Monday the 12th (as long as it’s not a holiday) and apply the payment effective Saturday the 10th. If Ann looks at her account online Sunday the 11th, it will show past due. However, since we will backdate the payment to the 10th, no additional interest 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 online Tuesday the 13th, the loan(s) 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, notify us at least three business days before your due date to allow enough time to process your request. If we are not notified within this time frame, the automatic payment will proceed as scheduled and the requested cancelation will take effect prior to the next due date. If automatic payments are canceled, any corresponding interest rate discounts your loan(s) may have qualified for will be discontinued until automatic payments are reestablished.

How payments are applied and how interest is calculated

How does Wells Fargo apply payments to my loan(s)?

Payments are applied in the following order:

  1. Accrued interest. If your payment amount exceeds the accrued interest, then to:
  2. Principal balance. The remaining amount of your payment in excess of accrued interest will be applied to the principal on a loan.

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. Accrued interest is the amount of interest that accrues daily on the loan(s).

How is the interest calculated?

Your loan accrues interest using the daily simple interest method. This means that interest accrues on a daily basis on your principal balance from the date the interest charges begin until you repay the loan in full.

Example of daily simple interest calculation:

Principal balance X (Annual Interest Rate/day count)
= Daily interest
$6,000
X  (7%/365) = $1.15

How does the date my payment is received impact my loan(s)?

Because of daily simple interest, the date your payment is received impacts the amount of interest you pay.

  • When the total due is received prior to your due date less interest accrues and more of your payment is applied to principal, decreasing the loan’s principal balance.
  • When the total due is received after your due date more interest accrues and less of your payment is applied to principal.

Example of how the date my payment is received impacts my loan(s):

Principal balance
Due date
Total due
Daily interest
$6,000
25th
$100
$1.15
  • If $100 is received on the 25th of the month, the payment will first be applied to accrued interest of $34.50 and the remaining $65.50 would be applied to the principal balance, decreasing the principal balance to $5,934.50.
  • If $100 is received on the 20th of the month (prior to the due date), five days’ less interest would accrue on the $6,000 balance. The payment will first be applied to accrued interest of $28.75 and the remaining $71.25 would be applied to the principal balance, decreasing the principal balance to $5,928.75.
  • If $100 is received on the 30th of the month (after the due date), five days’ more interest would accrue on the $6,000 balance. The payment will first be applied to accrued interest of $40.25 and the remaining $59.75 would be applied to the principal balance, decreasing the principal balance to $5,940.25.

How payments are distributed across multiple loans

How does Wells Fargo distribute payments to the loan(s)?

Unless you request otherwise (see Options to Designate How Payments Are Distributed):

  • Payments less than or equal to the total due will be distributed first to the loans that are the most days past due until all loans are the same number of days past due or current, then to the loan with the lowest payment due. If the loans are the same number of days past due or current, the payments will be applied first to the loan with the lowest payment due.
  • Payments more than the total due will be distributed as described above with the remaining amount distributed to the loan with the highest interest rate. If multiple loans share the highest interest rate, the remaining amount will be applied to the loan with the highest interest rate and the highest principal balance, decreasing that loan’s principal balance.
  • For information about what happens after payments are distributed, see How payments are applied and how interest is calculated.

Payments of equal to, less than, or more than the total due can be made through a single payment or multiple partial payments. There is no limit to the number of payments you can make each month.

Example of paying the total due amount when loans are past due:
A customer has two loans – both loans are the same number of days past due and makes a $350 payment:


Loan A
Loan B
October 15 due date
$50 amount past due1
$125 amount past due2
November 15 due date
$50 current payment amount due3
$125 current payment amount due4
Total due on November 15th
$350 total due
The $350 payment received by November 15 will be distributed in the following order:
  • 1 Loan A - $50 distributed to the amount past due, because both loans are the same number of days past due and Loan A has the lowest amount past due.
  • 2 Loan B - $125 distributed to the amount past due, because the loan is now the most days past due.
  • 3 Loan A - $50 distributed to the current payment amount due, because both loans are current and Loan A has the lowest current payment amount.
  • 4 Loan B - $125 distributed to the current payment amount due.

Loan A and Loan B will be current until the next due date of December 15 and the loans will not be reported to the consumer reporting agencies as past due.

Example of paying less than the total due when loans are current:
A customer has two loans – both loans are current and makes a $120 payment:


Loan A
Loan B
November 15 due date
$50 current payment amount due1
$125 current payment amount due2
Total due on November 15th
$175 total due

The $120 payment received by November 15 will be distributed in the following order:

  • 1 Loan A - $50 distributed to the current payment amount due, because both loans are current and Loan A has the lowest current payment amount due.
  • 2 Loan B - $70 distributed to the current payment amount due.

Loan A will be current until the next due date of December 15 and will not be reported to the consumer reporting agencies as past due.

Loan B has $55 remaining due for November 15, will be past due if no further payments are received, and:

  • Additional interest will accrue resulting in a higher total cost of repaying the loan. (see How does the date my payment is received impact my loan)
  • The loan may be reported to the consumer reporting agencies as past due.
  • It may prevent or delay the ability to qualify for cosigner release.

Example of paying less than the total due when one loan is current and one loan is past due:
A customer has two loans – one loan is current and one loan is past due and makes a $200 payment:


Loan A
Loan B
October 15 due date
 
$125 amount past due1
November 15 due date
$50 current payment amount due2
$125 current payment amount due3
Total due on November 15th
$300 total due

The $200 payment received by November 15 will be distributed in the following order:

  • 1 Loan B - $125 distributed to the amount past due, because the loan is the most days past due.
  • 2 Loan A - $50 distributed to the current payment amount due, because both loans are now current and Loan A has the lowest current payment amount due.
  • 3 Loan B - $25 distributed to the current payment amount due.

Loan A will be current until the next due date of December 15 and will not be reported to the consumer reporting agencies as past due.

Loan B has $100 remaining due, will be past due if no further payments are received, and:

  • Additional interest will accrue resulting in a higher total cost of repaying the loan. (see How does the date my payment is received impact my loan)
  • The loan may be reported to the consumer reporting agencies as past due.
  • It may prevent or delay the ability to qualify for cosigner release.

Example of paying more than the total due amount when loans are current:
A customer has two loans – both loans are current and makes a $200 payment:


Loan A – lower interest rate
Loan B – higher interest rate3
November 15 due date
$50 current payment amount due1
$125 current payment amount due2
Total due on November 15th
$175 total due

The $200 payment received by November 15 will be distributed in the following order:

  • 1 Loan A - $50 distributed to the current payment amount due, because both loans are current and Loan A has the lowest current payment amount due.
  • 2 Loan B - $125 distributed to the current payment amount due.
  • 3 Loan B – remaining $25 distributed to Loan B decreasing that loan’s principal balance because it has the higher interest rate.

Loan A and Loan B will be current until the next due date of December 15 and the loans will not be reported to the consumer reporting agencies as past due.

Example of paying the total due amount with multiple partial payments when loans are current:
A customer has two loans – both loans are current and makes a $100 payment on November 10 and a $75 payment on November 15:


Loan A
Loan B
November 15 due date
$50 current payment amount due1
$125 current payment amount due2,3
Total due on November 15th
$175 total due

The $100 payment received on November 10 will be distributed in the following order:

  • 1 Loan A - $50 distributed to the current payment amount due, because both loans are current and Loan A has the lowest current payment amount due.
  • 2 Loan B - $50 distributed to the current payment amount due.

Loan A will be current and Loan B has $75 remaining due.

The $75 payment received on November 15 will be distributed in the following order:

  • 3 Loan B - $75 distributed to the current payment amount due.

Loan A and Loan B will be current until the next due date of December 15 and the loans will not be reported to the consumer reporting agencies as past due.

Example of paying less than the total due with multiple partial payments when loans are past due:
A customer has two loans – both loans are the same number of days past due and makes a $100 payment on November 1 and a $100 payment on November 15:


Loan A
Loan B
October 15 due date
$50 amount past due1 $125 amount past due2,3
November 15 due date
$50 current payment amount due4
$125 current payment amount due
Total due on November 15th
$350 total due

The $100 payment received on November 1 will be distributed in the following order:

  • 1 Loan A - $50 distributed to the amount past due, because both loans are the same number of days past due and Loan A has the lowest amount past due.
  • 2 Loan B - $50 distributed to the amount past due, because the loan is now the most days past due.

Loan A has $50 due for November 15 and Loan B has $75 remaining past due and $125 due for November 15.

The $100 payment received on November 15 will be distributed in the following order:

  • 3 Loan B - $75 distributed to the amount past due, because the loan is the most days past due.
  • 4 Loan A - $25 distributed to the current payment amount due, because both loans are current and Loan A has the lowest current payment amount due.

Loan A has $25 remaining due and Loan B has $125 remaining due. Both Loan A and Loan B will be past due if no further payments are received, and:

  • Additional interest will accrue resulting in a higher total cost of repaying the loan. (see How does the date my payment is received impact my loan)
  • The loan may be reported to the consumer reporting agencies as past due. Delinquencies are reported for each individual loan, whether loans are combined in a single billing statement or billed separately.
  • It may prevent or delay the ability to qualify for cosigner release.

Example of paying more than the total due amount with multiple full payments when loans are current:
A customer has two loans – both loans are current and makes a $175 payment on November 1 and a $175 payment on November 15:


Loan A - lower interest rate
Loan B - higher interest rate3
November 15 due date
$50 current payment amount due1
$125 current payment amount due2
Total due on November 15th
$175 total due

The $175 payment received on November 1 will be distributed in the following order:

  • 1 Loan A - $50 distributed to the current payment amount due, because both loans are current and loan A has the lowest current payment amount due.
  • 2 Loan B - $125 distributed to the current payment amount due.

Loan A and Loan B will be current until the next due date of December 15 and the loans will not be reported to the consumer reporting agencies as past due.

The $175 payment received on November 15 will be distributed in the following order:

  • 3 Loan B – entire payment of $175 distributed to Loan B decreasing that loan’s principal balance because it has the higher interest rate and neither loan has a payment due.

Loan A and Loan B will be due for another $175 when the statement is sent for the December 15 due date. A billing statement is typically sent to you 20 days before your due date.

Options to designate how a payment is distributed

Can I designate how my payment is distributed across multiple loans?

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

  • Select the student loans you would like to pay using Wells Fargo Online®.
  • Call us at 1-800-658-3567 to speak to a representative.
  • Visit a local Wells Fargo banking location.

Unless you choose to pay using one of the methods listed above, Wells Fargo will distribute your payment as described in How payments are distributed across multiple loans. We cannot process payment instructions written on a check or payment coupon.

Cosigners

Can a cosigner view the student loan(s) online?

Yes. Cosigners can view and manage student loan(s) they are liable for through Wells Fargo Online®. Cosigners can sign up for Wells Fargo Online® if they do not have access.

If cosigners sign on to Wells Fargo Online® and do not see the student loan(s) they are liable for, 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(s)

What additional information should a cosigner consider when 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®, at a Wells Fargo banking location, by automatic payment, or by phone will be at the individual loan level. Payments made via any other method will be distributed as described in How payments are distributed across multiple loans.

Can a cosigner receive statements?

No. We provide statements (paper and online) to the primary borrower. However, cosigners can view loan information (balance, payment amount, due date, etc.) by signing on to Wells Fargo Online®.

Fees

What fees does Wells Fargo charge on student loans?

We do not charge any fees on student loans. This means, for example, that we do not charge application fees, origination fees, late fees, pay by phone fees, prepayment fees, and return check fees. We do charge interest. For information regarding interest, see How payments are applied and how interest is calculated.

Paying off your student loan

Can I pay off my loan(s) early?

Yes, you can pay off your loan(s) early at any time. There is no penalty for paying off your loan(s) early.

How do I pay off my student loan(s) in full?

The current principal balance is not your payoff balance. To get your payoff balance, call 1-800-658-3567 to speak with a representative. Since interest on the loan(s) accrues daily, you will need to provide the exact date when Wells Fargo will receive your payment (this will be your payoff date). Be sure your payment arrives at Wells Fargo by your payoff date.

Important notices

Individual to act on your behalf

You have the option to name someone to act on your behalf in the event of your death before your student loan is paid in full. This person can be anyone you choose and would not be responsible for repaying your loan (unless the person is a cosigner on your loan). You are not required to name anyone if you do not want to. If you do want to designate someone, now or in the future, contact us at 1-866-878-1087. We will need the following information about the person you designate: first and last name, address, and primary phone number.

Payments in full for less than the account balance

If you intend to pay your account in full with an amount less than the total owed on your account, you must send your payments to: PO Box 5140, Sioux Falls, SD 57117-5140. Such payments will not discharge your full debt.

Credit reporting agencies notice

We may furnish information about your loan(s) to consumer credit reporting agencies on the last business day of each month. You have the right to dispute the accuracy of information that we have reported by writing to us at PO Box 84712, Sioux Falls, SD  57118-4712 and describing the specific information that is inaccurate or in dispute and the basis for any dispute with supporting documentation. In the case of information that you believe relates to identity theft, you will need to provide us with an identity theft report.

Electronic check conversion notice

When you provide a check as payment, you authorize us to either use information from your check to make a one-time electronic funds transfer from your account or to process the payment as a check transaction. When we use information from your check to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day we receive your payment, and you will not receive your check back from your financial institution.