Payments begin once funds have been received.
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 3.75% APR (with discount) to 10.24% APR (without discount).
- Fixed interest rates range from 6.24% APR (with discount) to 12.99% APR (without discount).
See examples of today's rates
Two great ways to lower your interest rate
- Customer Discount. 0.25% interest rate reduction for a previous Wells Fargo student loan or other qualifying account.
- Automatic Payment Discount. 0.25% interest rate reduction for enrolling in automatic payments.
Discounts reduce the amount of interest you pay over the life of the loan. The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment
Learn more about how to take advantage of both student loan discounts.
Borrow what you need
You can borrow up to $25,000 per school year. The lifetime limit for this loan combined with all other education-related debt is $100,000.
Estimate how much you may need to borrow for college:
Student Loan Calculator
Should I choose a variable or fixed interest rate?
Variable interest rates are based on market conditions, so if market rates go up, 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:
- Payments are due once the funds are sent to the borrower, therefore there is no grace period.
- You pay back the amount borrowed plus interest in 15 years.
Monthly payment could be:
- $73.97 if variable APR is 4.00%
- $92.59 if fixed APR is 7.48%
- $108.93 if variable APR is 10.24%
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.
Your interest rate options will be presented to you during the application process, at which point you can choose between a specific variable interest rate and specific fixed interest rate.
Who can apply?
This loan is designed for any creditworthy adult who would like to help a student to cover education cost. Typical borrowers are parents, family members, or friends.
Unlike the federal PLUS Loan for parents, this loan is available to any qualified person, not just the parents of a dependent undergraduate.
How much should I borrow?
Consider covering the academic year the student is attending school.
- The maximum annual loan amount is the full cost of attendance up to $25,000 per school year, per student. The lifetime limit for this loan combined with all other education-related debt is $100,000.
- If you want to borrow for more than one student, a separate loan would be required.
Who is responsible for paying this loan?
The parent or person whose name is present on the loan is responsible for making payments.
Unlike other student loans, the student is not a borrower or responsible for repayment.
What are my options for repaying this loan?
Repayment begins after funds are disbursed. In-school deferment is not available for this loan; you are required to make payments while the student is in school.
You can request up to 48 months of interest-only payments during the repayment period when the student is enrolled at least half-time.
What else should I know about this loan?
Wells Fargo will forgive any unpaid portion of a Wells Fargo Student Loan for Parents in the event of the student’s death or total and permanent disability.
To be eligible:
- You must apply for the benefit of a student who is enrolled as an undergraduate or graduate student, and who is seeking a degree at an eligible school.
- You must meet credit, employment, and debt-to-income requirements.
- You must be a U.S. citizen.