Consolidate or Refinance Private Student Loans

We’ve lowered the interest rates on our Wells Fargo Private ConsolidationSM loan, so now may be a great time to explore your options.

You may be able to receive a lower monthly payment with a reduced interest rate or an extended repayment term.

Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.

Benefits:

  • Enjoy a potentially lower monthly payment.
  • Consolidate multiple private student loans or refinance a single private student loan.
  • Choose from a competitive fixed or variable interest rate option when you apply.
  • Reduce your loan cost by qualifying for our interest rate discounts.
  • Pay no application, origination or early-repayment fees.

When you apply online or call a knowledgeable Student Loan Consultant, we’ll help you to understand if consolidation can benefit you.

Tip

Use this interactive worksheet to organize your current loan information and make your application easier

Watch and learn how consolidation can help your future take flight.

Watch the video




Ready to apply?

Apply Now

You can also call a loan specialist at 1-877-315-7723

Interest Rates & Features

Payments

Repayment begins immediately upon private student loan consolidation.

Fees

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 3.49% APR (with discount) to 8.49% APR (without discount).
  • Fixed interest rates range from 6.74% APR (with discount) to 11.79% APR (without discount).

See examples of today's rates

Two great ways to lower your interest rate

  • Customer Discount. 0.25% rate reduction for a previous Wells Fargo student loan or other qualifying account.
  • Automatic Payment Discount. 0.25% rate reduction for enrolling in automatic payments.

Learn more about how to take advantage of both student loan discounts.

Combine your private loans

Up to $120,000 for this loan. The lifetime limit for this loan combined with all other education-related debt is $250,000.

Calculators

Calculate how much you can decrease your interest paid by consolidating:
Interest savings calculator

Estimate your monthly payment:
Private loan repayment calculator

Cosigners

If you're a student with little or no credit history or limited income, a cosigner may help you to qualify for this loan and potentially receive a lower interest rate.

A cosigner is someone who shares responsibility with the student borrower for repaying the loan. The cosigner doesn't have to be a relative; he or she can be any adult who meets the eligibility requirements.

FAQs

Will I need a cosigner?

If you haven't yet established a credit history, or if you haven’t yet had one full year of employment, you may want to consider asking a cosigner to help you consolidate your private student loans. 

Most applicants may need a cosigner to meet our employment, income, and credit requirements. 

If you have an annual income of $12,000 or higher, you may qualify for the loan on your own.

Who should I ask to 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 the cosigner share responsibility for ensuring that the loan is repaid. The student borrower may request that the cosigner be released from the loan after the first 24 consecutive monthly payments are made on time and the student borrower meets certain credit requirements. 

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

Please note that the student borrower must be a U.S citizen to be eligible for cosigner release.

Under what circumstances may cosigners be released from their loan responsibility?

The student borrower may request that the cosigner be released from the loan after the first 24 consecutive monthly payments are made on time and the student borrower meets certain credit requirements. 

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

Please note that the student borrower must be a U.S citizen to be eligible for cosigner release.

Who is responsible for paying the loan?

The student borrower and the cosigner 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 to see what options are available.

How does my cosigner apply?

  1. Be prepared to apply with your cosigner online or over the phone.
  2. Make sure that you and your cosigner have the required documents.
  3. You and your cosigner will be given instructions as to how to complete the application.

How Interest Rates Work

All of our private student loans come with competitive interest rates

  • Variable interest rates range from 3.49% APR (with discount) to 8.49% APR (without discount).
  • Fixed interest rates range from 6.74% APR (with discount) to 11.79% APR (without discount).

We also provide discounts designed to help you lower your interest rate and pay less over the life of your loan.

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 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 and that of your cosigner, if applicable.

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.

FAQs

What can I include in a consolidation loan?

You can include any private student loan debt from Wells Fargo or another lender. 

You cannot include:

  • Federal loans
  • Any other debt that is not an education loan (for example, credit card or line of credit), even if it was used to pay education expenses

What do I need to apply for a consolidation loan?

For each loan, you’ll need to provide:

  • The lender’s name and address
  • Your account number
  • Your outstanding balance
  • Your current monthly payment
  • Your current rate and whether it’s fixed or variable

How does the consolidation process work?

Once you apply, a private student consolidation loan application usually takes 45 – 60 days to process. 

Until we notify you that your loans are consolidated, you’ll need to continue making payments on all your separate loans.

How will consolidation affect my payments?

Below is an example to help you compare monthly payments with and without consolidation. The chart shows a monthly payment example with multiple lenders, different balances, payment amounts, and annual percentage rates.


Monthly payment amount without consolidating

Lender
Balance due at repayment
Monthly
payment
APR
Fixed/
Variable		 Term
(years remaining on loan)
ABC

$10,000
$75.03
4.21%
Variable
15
Bank BB
$15,000
$151.63
6.67% Fixed
12
ABC
$20,000
$145.84
3.79%
Variable
15
ABC $5,000 $50.00 3.62% Variable 15
Total

$422.50



Monthly payment amount with the Wells Fargo Private Consolidation℠ Loan

Lender
Balance due at repayment
Monthly
payment
APR
Fixed/
Variable		 Term
(years remaining on loan)
Wells Fargo
$50,000
$302.99
4.00%
Variable
20
Wells Fargo
$50,000
$417.91 7.99% Fixed 20

Call Us

1-800-378-5526
Mon – Fri: 7 am - 8 pm
Central Time

Important Information and Footnotes

The Wells Fargo Private Consolidation student loan is subject to completion of a loan application/consumer credit agreement, verification of application information, credit qualification, and a benefit to borrower determination. Federal student loans cannot be consolidated into a Wells Fargo Private Consolidation student loan.

Interest Rate Discounts:

Discount eligible at time of application: You may qualify for an interest rate discount if you or your cosigner has any of the following Wells Fargo products prior to your Final Loan Disclosure being issued:

  • A Wells Fargo PMA® Package — 0.50% discount
  • A qualifying Wells Fargo consumer checking account — 0.25% discount
  • A prior federal or private student loan made by Wells Fargo — 0.25% discount [prior Wachovia federal student loans are not eligible]. 

Only one qualifying relationship discount will apply. You will automatically receive the highest applicable discount for the life of the loan.

Discount eligible during repayment: Interest rate discount is effective once you qualify for the discount – your monthly payment amount is adjusted at a later time.

  • Automatically withdrawn payment discount (“ACH”) — 0.25% interest rate reduction to borrowers who have their payments automatically withdrawn from a personal checking or savings account. This discount does not apply to automatic bill payments set up solely by you. If the automatic payment is canceled at any time after repayment begins, the discount will be lost until automatic payment is reinstated. The 0.25% interest rate reduction is effective the day after the first payment is made using automatic withdrawal during the repayment period. Discount does not apply during any deferment or forbearance period.

Wells Fargo reserves the right to modify or discontinue interest rate discount program(s) for future loans or to discontinue loan programs at any time without notice. For details, including eligibility requirements, visit us at wellsfargo.com/student or call 1-800-378-5526.

The quoted Annual Percentage Rate (APR) includes a customer discount of 0.25% for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account. Variable interest rates are based on an Index, plus a margin. The APR for a variable rate loan may increase during the life of the loan if the index increases. This may result in higher monthly payments.

Annual Percentage Rates and payments are representative samples for educational purposes only, and do not reflect current or actual loan rate offers or available percentage rates.

Assumed minimum payment of $50.00 applies.

Disclosures

  • Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.