Private Student Loans With Cosigner - Wells Fargo

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Cosign a Private Student Loan

Read before applying

Wells Fargo is exiting the student loan business – we are selling and transferring our student loans

Last day to apply is January 28, 2021 for customers with an outstanding Wells Fargo Private Student Loan balance. Learn more
Most undergraduates and many graduate students need help qualifying for student loans to pay for college expenses and pursue their educational goals. That’s where cosigners come in.

By agreeing to share equal responsibility for repayment, a creditworthy cosigner may help a student qualify for a student loan. Anyone of legal age (18 years old, in most states), who is a U.S. citizen or U.S. national, or is a permanent resident alien with proper evidence of eligibility and who meets general loan eligibility and credit requirements can cosign. A cosigner can be a parent, guardian, spouse, relative, or even a friend that meets the above stated criteria.

Benefits to the student:

  • May improve chance of loan approval
  • Potentially qualify for a lower interest rate
  • Help student build and establish credit history

Important instructions:

To cosign an existing student loan application or to start a new application as a cosigner before January 28, 2021, please call a Student Loan Consultant at 1-800-378-5526.

A student loan cosigner is typically a parent, guardian, spouse, relative, or friend of the student. To cosign, you need to meet general eligibility and credit requirements for:

  • Legal age (18 or older in most states)
  • Income
  • Citizenship requirements
  • Established credit history

During the application process, we ask cosigners for the following:

  • Social Security number
  • Income and/or employment information
  • Current address and telephone number
  • Monthly rent and/or mortgage payment amounts

The cosigner and student borrower share responsibility for loan repayment. Payment dates and late payments will become part of both of your credit histories.

A few things to keep in mind:

  • Wells Fargo will work with the student borrower’s school to ensure that the student is not borrowing more than they need.
  • For many loans, the school will receive the loan funds and apply those funds directly to the student’s account. Any remaining funds will be given to the student by the school.
  • Understand how much the student is borrowing. We recommend that student loan payments be no more than 10-15% of a borrower’s monthly income after college.
  • Always keep copies of loan documents for your records.

For a cosigner to be released, the following requirements must be met:

  • The borrower must be a U.S. citizen, U.S. national, or a permanent resident alien with proper evidence of eligibility.
  • If the first scheduled payment is received in full and within 30 days of its due date, then the most recent 24 consecutive scheduled monthly payments were also made in full and within 30 days of their due dates or, if the first required payment was not made within 30 days of its due date, the most recent 48 consecutive scheduled monthly payments were made in full and within 30 days of their due dates. Note: If you have an active Wells Fargo student loan applied for prior to May 18, 2015, please see this additional cosigner release information.
  • No forbearances or modifications were granted for hardship reasons during those consecutive monthly payment periods.
  • The borrower must return a signed cosigner release application and, at that time, satisfy a full credit, employment, and income evaluation.
  • The cosigner needs to sign and return a consent form.

If you have any questions about cosigner release, please contact our office at 1-800-658-3567.

In the event of the death of the student, the loan will be forgiven and the borrower and any cosigner will not be responsible for repayment. Loan forgiveness is also available based on the total and permanent disability of the student.

Top frequently asked questions

Should I cosign for a student loan?

When applying for a Wells Fargo private student loan, keep in mind that we consider the creditworthiness of the student applicant.

Undergraduate students typically need to apply with a creditworthy cosigner in order to meet our income and credit history requirements. Graduate students can often qualify on their own without income.

By cosigning, you may help a student to qualify for a private student loan and possibly receive a lower interest rate.

Who can be a student loan cosigner?

A student loan cosigner can be any individual who is of legal age (18 years old, in most states), who is a U.S. citizen or U.S. national, or is a permanent resident alien with proper evidence of eligibility and who meets the general loan eligibility and credit requirements. A cosigner can be a parent, guardian, spouse, relative, or even a family friend.

As a cosigner, you share responsibility with the student borrower for repaying the loan in the event that the student is unable to make student loan payments.

Why is a cosigner important?

Most undergraduate and some graduate students may need a cosigner to meet our employment, income, and credit requirements. If a student has little or no credit history or limited income, a cosigner may help the student qualify for a loan. Additional benefits of having a cosigner include:

  • Potentially qualify for a lower interest rate.
  • Help student build and establish their credit history when payments are made on time.

Can a parent or sponsor be the borrower?

If you would rather borrow on behalf of your student in your name and have the funds disbursed directly to you, please take a moment to learn more about our loan for parents and sponsors.

Can a cosigner view the student loan online?

Yes. Cosigners can view and manage student loan(s) for which they are cosigned through Wells Fargo Online®.

  • Cosigners can sign up for Wells Fargo Online if they don’t already have access.
  • If the cosigner is already signed on to Wells Fargo Online and does not see the student loan(s) they’ve cosigned, 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 account(s)

As a cosigner, how do I make an online payment on a cosigned loan?

You can make an online payment through Wells Fargo Online . Not enrolled? Complete this one-time quick sign up process.

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.

As a cosigner, can I receive statements?

We only provide statements (paper and online) to the primary borrower. However, for any loan you have cosigned, you can view the loan’s balance, monthly payment amount and payment due date by signing on to Wells Fargo Online.

  • Be a U.S. citizen or U. S. national, or be a permanent resident alien with proper evidence of eligibility
  • Have a permanent U.S. address