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Student Loan Refinancing and Consolidation

Find your rate and payment estimates without affecting your credit score

Get Your Estimated Rate

Looking to take control of your student loans?

COVID-19 update: Wells Fargo is not refinancing federal student loans at this time. This allows affected customers to pursue the benefits announced by the Dept. of Education. You are welcome to apply to refinance any eligible private student loans.

With a Wells Fargo Private ConsolidationSM loan you may be able to consolidate multiple federal and/or private student loans into a single loan or even refinance a single federal or private student loan.

Refinancing offers a new interest rate as well as options to potentially lower your monthly payment or pay off your loan faster to reduce the interest paid over the life of the loan.

When you apply with Wells Fargo, we will help you to carefully review all of your options.

Benefits:

  • Refinance both federal and/or private student loans from any lender.
  • Receive a new rate and payment with a 5, 7, 10, 15, or 20-year term (view APR examples) based on the amount of your loan and the credit qualifications of you, and your cosigner, if applicable.
  • Choose from a competitive fixed or variable interest rate option.
  • Lower your private student loan interest rates with a qualifying relationship discount.
  • Get your personalized rate and payment estimates before you apply.
  • There are no application, origination, or late fees, and no penalty for paying off your loan early.
Ready to apply? Apply Now
You can also call a Student Loan Consultant at 1-877-315-7723
How it works

Interest Rate Information

We make it easy to get your personalized rate and payment estimates with no impact to your credit score.

Keep in mind that your actual interest rate may vary as it will be determined by several factors when you apply. These factors include the repayment term selected and the credit qualifications of you, and 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 variable or fixed interest rate.

Competitive Annual Percentage Rate (APR)

  • Variable rates range from 2.50% APR (with discounts) to 8.49% APR (without discount).
  • Fixed rates range from 3.74% APR (with discounts) to 9.99% APR (without discount).

The range of available APRs differs by repayment term.

Actual APR based on repayment term selected and the creditworthiness of you, and of your cosigner, if applicable.

Repayment terms options may include 5, 7, 10, 15 and 20 years based on the amount of your loan and the credit qualifications of you, and your cosigner, if applicable.

View APR examples

Calculate your rate and payment ranges by answering just 3 questions without any personal information. 

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.

Learn more about student loan discounts. 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 but may reduce the number of payments or reduce the amount of your final payment.

Should I choose a variable or fixed interest rate?
Variable interest rates are based on market conditions, so if market rates go up or down, so may 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.

Refinancing and Consolidation Process

Step 1: Get your rate and payment estimates before you apply

Need estimates quickly? Two ways to find rate and payment estimate information:

Step 2: Start an application or call us

Borrowers or cosigners are welcome to begin the application process.

Step 3: Provide loan details

For each loan you would like to consolidate, you will need to know:

  • Loan account number
  • Current interest rate
  • Monthly payment
  • Remaining balance
  • Loan servicer

You will be asked to upload a copy of your billing statement.

Need help? Your Student Loan Consultant is just a phone call away – 1-877-315-7723. They can answer questions and help guide you through the process.

Step 4: Detailed Loan Review

Designed to help you understand how consolidation will affect each of your loans, our detailed loan review process will provide you with the in-depth information you need in order to make an informed decision about which loans you want to consolidate and which loans you may want to leave out. You can reach out to your Student Loan Consultant at any point during the process.

Step 5: Sign your documents

If your loan is approved, we’ll email you a link when your loan documents are ready to be signed. You can sign online or print out to sign and upload, fax or mail. You’ll receive a final loan disclosure once all documents are signed. 

That’s it!

Once your loan is finalized, we'll pay off the loans you’ve included in your consolidation and those loans will make up one new loan with one monthly payment to Wells Fargo.

FAQs

What does a consolidation loan do?

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.

What are the eligibility requirements?

  • 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.

What can I include in a private consolidation loan?

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 to $120,000.

What do I need to know about my current loans to apply for a private student consolidation loan?

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

  • The lender’s name
  • Your account number
  • Your outstanding balance
  • Your current interest rate
  • Your most recent billing statement

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.

How will consolidation or refinancing affect my payments?

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.

Will I need a cosigner?

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.

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.

Can a cosigner ever be removed early from the loan?

Under certain circumstances, a cosigner can be removed.

Who is responsible for paying the loan?

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.

How does my cosigner apply?

Your cosigner may apply online or over the phone.

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

Payments

You will receive a billing statement in the mail after your loans have been successfully consolidated and loan proceeds have been disbursed to your prior loan servicers. The billing statement will include the due date for your first payment.

Learn about repayment

Calculators

Here are two ways to estimate your rate and payments: 

Get your estimated rate – See your personalized rate and payment estimates with a soft-credit inquiry and no impact to your credit score.

See general rate examples – Our basic calculator shows rate and payment range estimates and requires no personal information.

Cosigners

An eligible cosigner may help you qualify for a private consolidation loan and potentially lower rates.

Learn about cosigning

Managing Student Debt

A little budgeting goes a long way. Learn more about student loan debt, and get valuable tips.

Learn about student debt

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