Before I apply for a private student loan, what do I need to do?
- Understand how much you may need to borrow.
Review the financial aid award letter from your school or use one of our calculators.
- Choose a loan that meets your needs.
Enter your information to find out which loan products meet your needs.
- Find a cosigner.
No matter who the lender is, private student loan applicants may need a cosigner, especially undergraduates or students who don’t have a steady income or credit history. Even if you have an established credit history, a cosigner may improve your ability to get approved, enable you to secure a lower interest rate, and speed up the credit decision process.
If you have an annual income of $12,000 or higher, you may qualify for the loan on your own.
- Collect the information for the application.
- School information, including school name, major, grade, and school term for which you need the loan
- Social Security number
- Telephone numbers
- Current addresses, both for your home and your school
- Personal reference information and phone number
- Gross income information
- Residence information, including whether you own or rent, and the monthly housing payment
- Requested loan amount
What are the steps for applying online?
Here are a few of the details on the online application experience (this summary is based on a student applicant with a cosigner):
- Complete the application online.
- After you’ve completed your part of the student loan application, your cosigner will need to apply. Make sure you share your application number with the cosigner. The cosigner can access your application from wellsfargo.com/student at cosign an existing loan application.
- As part of your online application, you will receive a disclosure showing a range of interest rates that are available for the loan you applied for. Later, you will get another disclosure that shows the specific interest rate you qualified for.
- Watch for an email that tells you what your next steps are. Follow the steps and provide the requested information.
- Sign or electronically sign the documents. Sign an existing loan
- Sign the consumer credit agreement.
- Sign the self-certification form to show you’ve verified the amount you need to borrow. Additionally, your school will verify (sometimes referred to as “certify”) that you’ve enrolled and that your requested loan amount does not exceed the cost of attendance. The school certification may impact the amount you requested.
- Watch for the final disclosure sent through U.S. mail.
- Funds will be distributed to your school.
Please allow two to three weeks to complete the process, not including any extra time you might need to locate information. We recommend that you allow enough time to be sure that you can complete the process comfortably before funds are due to the school.