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Student Loan Interest Rates

You'll have the option of a variable or fixed interest rate. Your actual interest rate offer will be provided after Wells Fargo reviews your application and credit requirements have been met.

Wells Fargo offers competitive private student loan rates with fixed and variable interest rate options.  While variable private student loan interest rates usually start lower than fixed rates, a fixed rate option can offer protection if interest rates go up over time.

Fixed interest rates:

  • Remain the same over the life of the loan, and ensure your monthly payments remain stable over time.
  • Allow you to better predict how much total interest you will pay on your private student loan.
  • If the Prime rate falls after you lock in a fixed interest rate, your fixed interest rate will stay the same, and your monthly payments may be higher than they would have been with a variable interest rate loan.

Variable interest rates:

  • Generally provides a lower initial rate on private student loans than fixed interest rates.
  • May rise or fall as the Prime rate adjusts over time, which affects your monthly payment amount.
  • Your payments may vary on a monthly basis, which can lead to payments being higher than a fixed interest rate.

More on variable interest rates:

Variable interest rates are based on an Index, plus a margin. The Index is equal to the Prime rate published in The Wall Street Journal. The annual percentage rate (APR) for a variable rate loan may increase during the life of the loan if the index increases. This may result in higher monthly payments. The variable interest rate on a Wells Fargo private student loan is capped, and will never exceed 18% per year.

How variable interest rates work

A Wells Fargo variable interest rate private student loan is based on two factors:  the Index (Prime rate) which can go up or down depending on market conditions, and the margin, which does not change.  If rates were to increase at a steady pace, you would not exceed our maximum interest rate cap.

Interest rate = Prime rate + Margin

Interest rate
Prime rate

The percentage that lenders charge customers for borrowing money.

Can change when Prime rate changes.

A standard interest rate index many lenders use as the basis for determining the rate charged on a loan.
A fixed percentage determined by the lender, based upon your credit and other factors when you apply for a loan.

How rates impact monthly payments

The table shows sample annual percentage rates and monthly payments, based on a $10,000 loan with a 15-year repayment term and immediate repayment.

Annual Percentage Rate
Monthly payment