Parent Student Loans – College Loans for Parents | Wells Fargo

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Parent Student Loans for College

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
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.
  • Lower your private student loan interest rates with a qualifying relationship discount.

 Ready to get started? 

See a checklist of what you'll need to apply.
Ready to apply? Apply Now
You can also call a Student Loan Consultant at 1-800-378-5526
Easy Online Application Process


Repayment begins immediately.


There are no application, origination, or late fees, and no penalty for paying off your loan early.

Competitive Annual Percentage Rate (APR)

  • Variable rates range from 3.99% APR (with discount) to 10.49% APR (without discount).
  • Fixed rates range from 6.74% 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: Receive a 0.50% interest rate discount with a Portfolio by Wells Fargo® relationship, a 0.25% interest rate discount with a qualified Wells Fargo consumer checking account, or a 0.25% interest rate discount for a prior or existing Wells Fargo student loan.
  • Automatic Payment Discount: Receive a 0.25% interest rate discount for enrolling in automatic payments during repayment.

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. 

Learn more about student loan interest rates.

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:

  • $79.08 if variable APR is 5.00%
  • $101.43 if fixed APR is 9.00%
  • $113.66 if variable APR is 11.00% 
The monthly payment amount will be at least $50 during your repayment period. The monthly payment amount may be more depending on your loan amount and other factors.

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 person who meets eligibility requirements, 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. 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 forbearance 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 or U.S. national, or be a permanent resident alien with proper evidence of eligibility.

Easy Online Application Process

  • Apply from your smartphone, computer, tablet, or over the phone.
  • Get help if you need it from your own Student Loan Consultant.
  • Receive email or text status updates along the way.
  • Upload any required documents online.