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