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Lower your total loan cost and reduce your monthly payments when it’s time to repay your loan.
Did you know if you or your cosigner already have a student loan with Wells Fargo, we’ll give you a 0.25% interest rate discount on your new student loan?
Did you know you can get an interest rate discount for having or opening a qualifying Wells Fargo Checking Package®?
Interest rate discounts on a Wells Fargo private student loan are a good way to manage your expenses. We appreciate you as a customer and want to help you reduce your total loan costs, and lower your monthly payment amount.
Discounts for Wells Fargo customers
Reduce your interest rate with one of the following discounts if you or your cosigner have a prior student loan or have or open a qualifying account during the application process:
- 0.25% interest rate discount with a prior federal or private student loan with Wells Fargo [prior Wachovia federal student loans are not eligible]
- 0.50% interest rate discount with a Wells Fargo PMA® Package
- 0.25% interest rate discount with a qualifying Wells Fargo Checking Package account
If you don’t have a qualifying checking account, contact Wells Fargo at 1-800-869-3557 or open your account online today prior to your Final Loan Disclosure being issued.
Reduce your costs even more during repayment
Automatic Payment Discount . 0.25% interest rate discount for enrolling in automatic payments
You may qualify for multiple discounts that can add up to great savings over the life of your loan as long as you continue to qualify.
You can setup automatic payments online or by submitting the authorization form*.
Parents, family members, or friends can help with a student's education. Be a cosigner to help your student qualify for a student loan and potentially receive a lower interest rate. Or borrow for the benefit of a student with the Wells Fargo Student Loan for Parents.
Wells Fargo private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable self-certification form, school certification of loan amount, and student's enrollment at a Well Fargo-participating school.
Interest Rate Discounts:
Discounts 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 Checking Package® — 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 variable interest rate loans, if the qualifying relationship ends, the interest rate may be reset to reflect the removal of the discount.
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.
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