Compare Benefits of Federal and Private Student Loans | Wells Fargo

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Compare Benefits of Federal & Private Student Loans

Is a private student loan consolidation or refinancing loan right for you?

If you’re considering consolidation, remember that federal student loans offer many benefits and protections that you could lose if you consolidate into a private loan. Also, you don’t have to include your federal student loans in a private consolidation loan.

It’s important to compare all your options to determine if the Wells Fargo Private ConsolidationSM loan is a good fit for you.

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

Benefits at a Glance

Benefit Federal Student Loan Wells Fargo Private ConsolidationSM Loan
Repayment options based on income Yes No, but temporary and permanent income-driven loan modifications are available to assist with repayment hardship
Forbearance Yes Limited
Deferment Yes No
Public service jobs and loan forgiveness Yes No
Military Yes Limited
Rehabilitation of defaulted loans (curing a default) Yes No
Loan forgiveness upon death or total permanent disability Yes Yes
Employer-paid loan repayment Yes, certain employers Very rare

Want detailed information? Check out the Federal Loan Informed Choice Form (PDF).

For more information about federal student loan repayment plans that would not be available with a private consolidation loan, you can visit: Student Aid

To learn more about federal loan consolidation, you can also visit: Student Aid

  • Get your estimated rate in minutes with no impact to your credit score.
  • Get ready to apply by gathering your most recent billing statements for any loans that are not already with us. 
  • Apply from your smartphone, computer, tablet, or over the phone.
  • Get help whenever needed from a dedicated Student Loan Consultant.
  • Receive email status updates along the way.
  • Upload any required documents online.
  • Sign your documents online or print and sign.