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Consolidate or Refinance Private Student Loans

With a Wells Fargo Private ConsolidationSM loan, you can combine multiple private student loans with multiple payments into one loan with a single payment, or refinance a single student loan.

When you consolidate multiple student loans or refinance a single student loan, you may 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 student loan consolidation can benefit you.

 Tip 

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

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

Watch the video




Ready to apply? Apply Now
You can also call a Student Loan Consultant at 1-877-315-7723

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

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.

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 to potentially pay less interest on your student loan:
Student Loan Interest Calculator

Calculate the monthly payments on your private student loans:
Student Loan Repayment Calculator

If you’re a borrower with little or no credit history, or you have 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 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?

Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements. Rates are typically higher without a cosigner; however, borrowers that meet these requirements 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. 

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 borrower and any cosigner share responsibility for ensuring that the loan is repaid.

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

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

A cosigner may be released from the loan if the borrower is a U.S. citizen and contacts Wells Fargo to request release of the cosigner. At the time the borrower asks us to release the cosigner, all the following requirements must be met:

  1. The most recent 24 consecutive monthly payments were made on time including the first required payment or, if the first required payment was not made on time, the most recent 48 consecutive monthly payments were made on time (an “on time” payment is defined as paid within the grace period – no late charges assessed);
  2. No forbearances or modifications were granted for hardship reasons during those consecutive monthly payment periods; and 
  3. The borrower meets a full credit and income evaluation.

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

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.

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.

What are the eligibility requirements?

  • You must be an U.S. citizen, U.S. national, or a permanent resident alien without conditions. For permanent resident aliens, a U.S. citizen cosigner is required. 
  • You and any cosigner must meet credit, employment, and debt-to-income requirements.
  • You must have at least $5,000 in private student loans to consolidate.
  • You must be enrolled at a Wells Fargo participating school.

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?

The Wells Fargo Private ConsolidationSM loan allows you to consolidate multiple private student loans or refinance a single private student loan. This can potentially lower your monthly payment by qualifying for a lower interest rate or extending the loan repayment term. Keep in mind that extending the repayment term may increase the amount of interest you pay over the life of the loan.