Student Loan Consolidation and Refinancing

A consolidation loan allows you to refinance one or more loans into one new loan with a new interest rate and/or payment term.

Consolidating your federal and/or private student loans with Wells Fargo may help you take control of your finances by creating a single private loan with a new interest rate, one monthly payment, and a new repayment term of your choice.

A single eligible loan can also be refinanced with the Wells Fargo Private Consolidation loan.

• You must be a U.S. citizen or U.S. national, or be a permanent resident alien with proper evidence of eligibility.
• You and any cosigner must meet credit, employment, and debt-to-income requirements.
• Your total student loan balance must be at least $5,000 to consolidate, while each individual loan must have a minimum balance of $1,000.

You can include federal and/or private student loan debt from Wells Fargo or another lender, including: Federal Direct loans, Federal Stafford Loans (subsidized and unsubsidized) and Federal PLUS loans.

You cannot include any other debt that is not a qualified education loan (for example, credit card or line of credit), even if it was used to pay education expenses.

Your total student loan balance must be at least $5,000 to consolidate, while each individual loan must have a minimum balance of $1,000.

Student loan consolidation borrowing limits

• Students with undergraduate degrees, graduate degrees, or completed certificate programs may consolidate up to $150,000 in federal and/or private student loans.
• Students with allopathic, osteopathic, or dental graduate degrees may consolidate up to $300,000.
• Students with law, MBA, or other medical graduate degrees may consolidate up to $180,000.
• Students with associate degrees and those who did not graduate may consolidate up $120,000.

For each private student loan, you’ll need to provide:

• The lender’s name
• Your account number
• Your outstanding balance
• Your current interest rate

If any of your loans are federal loans, be sure to understand the federal student loan benefits you may be forfeiting by refinancing or consolidating.

Consolidating multiple student loans or refinancing a single private student loan may lower your monthly payment if you qualify for a lower interest rate or a longer repayment period. Keep in mind that extending the repayment term may increase the total amount you pay over the life of the loan. Alternatively, if you choose a shorter repayment term than your current loans, your monthly payments may increase, but the total amount you pay may be less over the life of the loan.

Some borrowers will need a cosigner for this loan to meet the loan credit requirements. Rates are sometimes higher without a cosigner. Borrowers that qualify on their own do not need a cosigner but may still choose to apply with a cosigner.

Any adult who meets the credit and citizenship requirements can be a cosigner for a private student loan.

Under certain circumstances, a cosigner can be removed.

The borrower and the cosigner (if applicable) share responsibility for ensuring that the loan is repaid.

If financial hardship makes it difficult to remain current on the loan payments, we encourage you to talk to us about your payment options.

If a consolidation loan borrower dies or becomes totally and permanently disabled, and that individual was a student borrower on loan(s) included in the consolidation loan, the amount forgiven will correspond to the outstanding balance of any underlying loan(s) made to that individual.

Your cosigner may apply online or over the phone.

Review the application checklist for information on what you need to apply.