Private Student Loan Consolidation

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).

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.

A cosigner may be released from the loan if the student borrower is a U.S. citizen or U.S. national, or is a permanent resident alien with proper evidence of eligibility, and contacts Wells Fargo to request release of the cosigner. We will evaluate credit, employment, and income factors to determine the student borrower's ability to take full responsibility for repaying the loan.

At the time the borrower asks us to release the cosigner, all of the following requirements must be met:

1. If the first scheduled payment is received on time, then the most recent 24 consecutive scheduled monthly payments must be made on time and in full, or, if the first required payment was not made on time, the most recent 48 consecutive scheduled monthly payments were made on time and in full.

   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.

If these requirements are met, then the borrower must return a signed cosigner release application and, at that time, satisfy a full credit, employment, and income evaluation. Finally, the cosigner needs to sign a consent form agreeing to be removed from the loan.

To learn more about our cosigner release benefit eligibility or if the borrower is interested in applying for a cosigner release, please contact our office at 1-800-658-3567.

Loan forgiveness is available in the event of the death or total and permanent disability of the student who borrowed an underlying loan that has been consolidated. The amount forgiven will correspond to the outstanding balance of any underlying loan(s) made to the student borrower.

The 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.

Loan forgiveness is available in the event of the death or total and permanent disability of the student who borrowed an underlying loan that has been consolidated. The amount forgiven will correspond to the outstanding balance of any underlying loan(s) made to the student borrower.

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.

• 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 private 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 any private student loan debt from Wells Fargo or another lender. 

You cannot include:

• Federal loans
• 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

For each private student 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

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.

The Wells Fargo Private Consolidation^SM 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.