Wells Fargo Reaffirms Commitment to Student Lending; Announces New Loan Solution for Families
SAN FRANCISCO — May 19, 2010
In a move to better meet the needs of its customers, Wells Fargo & Company (NYSE: WFC) launched Wells Fargo® Student Loan for Parents, a one-of-a-kind loan solution that helps parents (or any other sponsor) cover their students’ education costs. In most cases, funds from this loan can be used to cover all of a student’s outstanding expenses. The loan funds come with no origination, disbursement or early repayment fees, and are sent directly to the parent or sponsor accepting the loan.
“We remain committed to serving the financial needs of students and families through responsible lending of private student loan products,” said Kirk Bare, head of Wells Fargo Education Financial Services. “We understand that financing student education is one of the most important decisions families make. And now that other funding options may not be as available as they were in the past, our customers are searching for new ways to cover those expenses. That’s why we launched the Wells Fargo® Student Loan for Parents. It provides families yet another affordable financing option to help their students obtain their educational dreams.”
Adding even more flexibility, customers have the option to make interest-only payments for up to 48 months while the student is in school. Parents and sponsors can take up to 15 years to complete repayment, while students can benefit from reduced debt burden and focus on their education.
The Wells Fargo Student Loan for Parents is ideal for:
- Parents who want alternative funding options: Currently, many families have limited options due to reduced access to traditional sources of college financing. This new option allows a borrower to protect future earnings and assets while helping a student to secure their own financial future.
- Students who need additional funds without additional debt: With school costs continuing to rise, there is an ever-increasing gap between federal aid and the full cost of college. Some students wish to avoid additional debt or may be unable to qualify for more funds on their own.
- Sponsors and family members who want to help: While the Federal PLUS Loan allows parents to cover a dependent child’s additional education costs, this new loan option allows any qualified sponsor to receive funds on behalf of any qualified student.
Additional Wells Fargo private student loan products include Wells Fargo Collegiate® Loan, Wells Fargo Education Connection® Loan, Wells Fargo GraduateSM Loan, MedCAP® Alternative Loan, MedCAP-XTRA® Loan, the Wells Fargo Bar ExamSM Loan, and the Wells Fargo Private ConsolidationSM Loan. Customers can learn more about student lending at WellsFargo.com/student or call toll-free at 800-378-5526.
Wells Fargo Education Financial Services serves more than 2.4 million student and family customers in all 50 states and is committed to helping customers make smart borrowing decisions to finance education. Education Finance Services provides customers with financial tips and tools to keep their finances on track while in school and prepare them financially for when they finish college. Wells Fargo markets its education products to colleges and universities, directly to consumers and through Wells Fargo Bank and Wachovia Bank.
Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores and 12,000 ATMs and the Internet (wellsfargo.com and wachovia.com) across North America and internationally.