Wells Fargo private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information and, if applicable, a self-certification form, the school's certification of loan amount, and the student's enrollment at a Wells Fargo-participating school.
Students are not required to make payments while in school; repayment begins 6 months after you graduate or leave school. For the Wells Fargo Student Loan for Parents and the Wells Fargo Private ConsolidationSM loan, repayment begins immediately after funds are disbursed. Maximum in-school periods apply and vary based on loan product. Interest continues to accrue during any deferment period and will be capitalized to the account upon entering repayment.
Loan amount is dependent on loan product, creditworthiness, and other factors. Aggregate loan limits apply. The annual loan limit for temporary resident aliens varies by loan program. The cost of attendance is determined and certified by the educational institution.
Interest Rate Discounts:
Discounts eligible during application: You may qualify for a relationship interest rate discount if you or your cosigner (if applicable) has any of the following with Wells Fargo prior to your Final Loan Disclosure being issued:
- A Portfolio by Wells Fargo® relationship — 0.50% discount
- A qualifying Wells Fargo consumer checking account — 0.25% discount
- A prior federal or private student loan made by Wells Fargo — 0.25% discount (prior Wachovia federal student loans are not eligible).
Only one qualifying relationship discount will apply. You will receive the applicable discount for the life of the loan.
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during repayment: You may qualify for a 0.25% interest rate discount during repayment if you set up automatically withdrawn payments (ACH) directly with Wells Fargo Education Financial Services (EFS) from a personal deposit account.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.
Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.
