Wells Fargo Collegiate® Loan

A Wells Fargo Collegiate Loan is a low-cost option for most undergraduate students applying to a four-year school.

Cover the cost of education, including tuition, books, computers, housing, or even a study abroad program.

Benefits:

  • Make no payments until six months after leaving school.
  • Pay no application, origination, or early repayment fees.
  • Select a competitive fixed or variable interest rate option.
  • Reduce your loan cost with our interest rate discounts.

A cosigner may help you qualify and potentially get a lower interest rate.

Ready to get started?

See a checklist of what you'll need to apply.

Ready to apply?

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You can also call a loan specialist at 1-800-378-5526

Interest Rates & Features

Payments

No payments are required until six months after you leave school, plus you’ll have up to 15 years to repay the loan.

Fees

There is no application or origination fee, and no penalty for paying off your loan early.

Competitive annual percentage rate (APR)

  • Variable interest rates range from 3.17% APR (with discount) to 8.60% APR (without discount). 
  • Fixed interest rates range from 6.39% APR (with discount) to 10.93% APR (without discount).

See examples of today’s rates

Two great ways to lower your interest rate

  • Customer Discount . 0.25% rate reduction for a previous Wells Fargo student loan or other qualifying account.
  • Automatic Payment Discount . 0.25% rate reduction for enrolling in automatic payments.

Learn more about how to take advantage of these student loan discounts.

Borrow only what you need

We help you borrow only what you need by working with your school to:

  • Verify the amount you need and your enrollment.
  • Accept funds on your behalf.
  • Distribute any remaining funds to you, after the school receives your funds.

The lifetime limit for this loan combined with all other education-related debt, including federal loans, is $120,000.

Calculators

Estimate how much you may need to cover your education costs:
How much you may need to borrow

Decide how much student loan debt you can manage based on your expected starting salary:
Loan debt vs. earning power

Cosigners

If you're a student with little or no credit history or limited income, a cosigner may help you to qualify for this loan and potentially receive a lower interest rate.

A cosigner is someone who shares responsibility with the student borrower for repaying the loan. The cosigner doesn't have to be a relative; he or she can be any adult who meets the eligibility requirements.

FAQs

Will I need a cosigner?

Most undergraduates may need a cosigner to meet our employment, income, and credit requirements.

Students with an annual income of $12,000 or higher may qualify for the loan on their own.

Who should I ask to be a cosigner?

Any adult who meets the credit and citizenship requirements can be a cosigner for a private student loan. 

The cosigner doesn’t have to be a relative; he or she can be anyone who meets the requirements — ideally someone with an established credit history and steady income.

What are the cosigner's responsibilities?

The student borrower and the cosigner share responsibility for ensuring that the loan is repaid. The student borrower may request that the cosigner be released from the loan after the first 24 consecutive monthly payments are made on time and the student borrower meets certain credit requirements. 

In the event of the death or total and permanent disability of the student borrower, the loan can be forgiven and the cosigner won’t be responsible for repayment. 

Please note that the student borrower must be a U.S citizen to be eligible for cosigner release.

Under what circumstances may cosigners be released from their loan responsibility?

The student borrower may request that the cosigner be released from the loan after the first 24 consecutive monthly payments are made on time and the student borrower meets certain credit requirements. 

In the event of the death or total and permanent disability of the student borrower, the loan can be forgiven and the cosigner won’t be responsible for repayment. 

Please note that the student borrower must be a U.S citizen to be eligible for cosigner release.

Who is responsible for paying the loan?

The student borrower and the cosigner share responsibility for ensuring that the loan is repaid. 

If financial hardship makes it difficult to remain current on the loan payments, we encourage you to talk to us to see what options are available.

How does my cosigner apply?

  1. Be prepared to apply with your cosigner online or over the phone.
  2. Make sure that you and your cosigner have the required documents.
  3. You and your cosigner will be given instructions as to how to complete the application.
 

How Interest Rates Work

All of our private student loans come with competitive interest rates

  • Variable interest rates range from 3.17% APR (with discount) to 8.60% APR (without discount). 
  • Fixed interest rates range from 6.39% APR (with discount) to 10.93% APR (without discount).

We also provide discounts designed to help you lower your interest rate and pay less over the life of your loan.

Should I choose a variable or fixed interest rate?

Variable interest rates are based on market conditions, so if market rates goes up or down, so do your interest rate and monthly payments. Fixed interest rates stay the same over the life of the loan.

How do interest rates impact monthly payments?

In the examples below, you can see a $10,000 loan, assuming:

  • You are in school for 48 months (four years).
  • First required payment will be due six months after you graduate or leave school.
  • You pay back the amount borrowed plus interest in 15 years.

Monthly payment could be:

  • $82.74 if variable APR is 3.40%
  • $118.07 if fixed APR is 6.62%
  • $155.67 if variable APR is 9.24%

How do I know what my interest rate will be?

Your interest rate will be determined by several factors when you apply, most importantly your credit history and that of your cosigner, if applicable.

Your interest rate options will be presented during the application process, at which point you can choose between a specific variable interest rate and specific fixed interest rate.

Eligibility

To be eligible:    

  • You must be enrolled as an undergraduate or graduate student at an eligible school, and seeking a degree, certificate, or license.
  • You may qualify for this loan even if you are enrolled less than half time.
  • You must be a U.S. citizen, U.S. national, permanent resident alien without conditions, or international student who is a temporary resident alien with a current U.S. address and proper evidence of eligibility.
  • You may need a cosigner, unless you meet credit history, income, and employment requirements. For permanent and temporary resident aliens, a U.S. citizen must cosign the loan.

Call Us

1-800-378-5526
Mon – Fri: 7 am - 8 pm
Central Time

Important Information and Footnotes

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 self-certification form, school certification of loan amount, and student’s enrollment at a Wells Fargo-participating school.

Students are not required to make payments while in school; repayment begins six months after you graduate or leave school. The maximum in-school period is seven years after the date of first disbursement. Interest continues to accrue during any deferment periods and is capitalized to the account upon entering repayment.

Interest Rate Discounts:
Discounts eligible at time of application: You may qualify for an interest rate discount if you or your cosigner has any of the following Wells Fargo products prior to your Final Loan Disclosure being issued:

  • A Wells Fargo PMA® Package — 0.50% discount
  • A qualifying Wells Fargo Checking Package® — 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 automatically receive the highest applicable discount. For variable interest rate loans, if the qualifying relationship ends, the interest rate may be reset to reflect the removal of the discount.

Discount eligible during repayment: Interest rate discount is effective once you qualify for the discount – your monthly payment amount is adjusted at a later time.

  • Automatically withdrawn payment discount (“ACH”) — 0.25% interest rate reduction to borrowers who have their payments automatically withdrawn from a personal checking or savings account. This discount does not apply to automatic bill payments set up solely by you. 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 does not apply during any deferment or forbearance period.

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.

The quoted APR includes a 0.25% discount for having a prior student loan with Wells Fargo or a qualified Wells Fargo Checking Package®. Variable interest rates are based on an Index, plus a margin. The Index is equal to the Prime rate published in the Wall Street Journal "Money Rates" section on the last business day of the preceding month, effective the first day of the following month through the last day of the month. If the Prime rate changes, it will change monthly on the first day of each month. However, the Index is subject to a contractual minimum of 3.25%.

The annual loan limit for temporary resident aliens is $25,000.

Annual Percentage Rates and payments are representative samples for educational purposes only, and do not reflect current or actual loan rate offers or available percentage rates.

Disclosures

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.