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Parents and Sponsors

Help your student finance his or her education

Learn about student loan options for the parents, family members, and friends of a student.

If a student has little or no credit history or limited income, a cosigner may help the student to qualify for a loan and potentially receive a lower interest rate.

A cosigner is someone who shares responsibility with the student borrower for repaying the loan.


  • Potentially lower the loan interest rate.
  • Get a quicker credit decision.
  • Help your student build credit.
  • Can be anyone who meets the eligibility requirements.

Cosign an existing loan application


Will my student need a cosigner?

Most undergraduate students will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements. Rates are typically higher without a cosigner, however, cosigners are not required for qualifying student borrowers.

Who can 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 any cosigner share responsibility for ensuring that the loan is repaid.

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

What does a cosigner need to apply?

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

  • Application number
  • Social Security number
  • Telephone number
  • Current address
  • Personal reference name and phone number
  • Gross income information
  • Residence information (whether you own or rent and the monthly housing payment)

How do I cosign a loan?

The student must already have applied for a Wells Fargo private student loan. 

At the end of the application, he or she received an application number; you will need to get that number from the student. If he or she did not save the number, please have the student call us at 1-800-378-5526.

Can a cosigner be released from a Wells Fargo student loan?

A cosigner may be released from the loan if the borrower is a U.S. citizen and contacts Wells Fargo to request release of the cosigner. At the time the borrower asks us to release the cosigner, all the following requirements must be met:

  1. The most recent 24 consecutive monthly payments were made on time including the first required payment or, if the first required payment was not made on time, the most recent 48 consecutive monthly payments were made on time (an “on time” payment is defined as paid within the grace period – no late charges assessed);
  2. No forbearances or modifications were granted for hardship reasons during those consecutive monthly payment periods; and 
  3. The borrower meets a full credit and income evaluation.

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

The Wells Fargo Student Loan for Parents allows parents, family members, or friends to help students cover education-related expenses so they can focus on their studies without having to worry about financing their education.


  • Enjoy increased control with loan funds sent directly to you.
  • Select a competitive fixed or variable interest rate option.
  • Choose immediate repayment or request interest-only payments for up to 48 months.
  • Reduce your loan costs with our interest rate discounts.

The Wells Fargo Student Loan for Parents may offer benefits not available with other types of credit. It can also be used if the student is attending school less than half time.

Unlike the federal PLUS Loan for parents, this loan is available to any qualified borrower, not just the parents of a dependent undergraduate.

Learn more about the Wells Fargo Student Loan for Parents.

You or your family may qualify for one or more of the following education tax credits.

Student Loan Interest Tax Deduction 

Qualified taxpayers may deduct up to $2,500 annually for interest paid on qualified student loans.

American Opportunity Tax Credit

During the first four years of college, you may qualify for a maximum tax credit from $1,800 to $2,500.

Lifetime Learning Tax Credit 

You may qualify for a tax credit of up to $2,000 for qualified education-related expenses.

Tuition and Fees Tax Deduction 

You may be able to deduct as much as $4,000 for qualified expenses related to tuition and fees.

529 College Savings Plans 

Contributions to these savings plans may be used to cover qualified education-related expenses. Also, tax deductions or credits for 529 contributions may also be available.

Always consult your tax advisor for individual tax guidance.

Apply for a Wells Fargo Student Loan for Parents Apply Now