Private Student Loan Repayment

Need to postpone repayment? You may qualify for forbearance

Returning to school, serving in the military or enrolling in a graduate or professional course of study may allow you to temporarily suspend your student loan payments. This is known as forbearance. Or, you may have encountered a job loss or other type of financial hardship that makes it difficult for you to remain current on your loan payments.

Interest will continue to accrue during periods of forbearance

Interest on your student loan continues to accumulate during the forbearance period. When your forbearance ends, all accumulated and unpaid interest is added to the outstanding principal balance. This may increase the monthly payment amount after the forbearance and the total amount paid over the life of the loan.

You can make payments during periods of forbearance, even though payments are not required

Any payments made during the forbearance period will help reduce the amount you pay over the life of the loan.

Example of a 12-month forbearance

Loan terms:

• $15,000 loan balance
• 9% fixed interest rate
• 10-year repayment term

Types of forbearance

Whatever your specific situation, we’re here to support you through various forbearance options.

Extended grace: You may be eligible for up to an additional 6 months of grace if you are having short term difficulty making your payments when your initial grace period ends.

In-school forbearance: If you are in school, you may be able to postpone payments on your student loan for the length of time you remain in school, up to a maximum of 48 months. You may qualify for this type of forbearance even if you are enrolled less than half time. You can request an in-school forbearance by completing and submitting the form below:

In-School Forbearance Request Form (PDF*)

Internship, Residency or Fellowship forbearance: If you are completing an internship, residency, or fellowship program you may be able to postpone payments on your student loan, up to a maximum of 36 months. You can request an internship, residency or fellowship forbearance by completing and submitting the form below:

Internship/Residency/Fellowship Forbearance Request Form (PDF*)

Public service forbearance: If you are volunteering for a qualifying public service organization, you may be able to postpone payments on your student loan for the length of time you are volunteering, up to a maximum of 3 years.

Second grace: If you had an in-school forbearance when attending school half time or full time and the in-school forbearance ends, you may be eligible for an additional 6 months of grace time to help you prepare for repayment on your loan.

Military forbearance: If you are on a period of active military service or receiving loan repayment from the Department of Defense repayment program, you may be able to postpone payments on your student loan. Military Forbearances may be processed for the active military service period, up to a maximum of 3 years or up to 90 days for each Department of Defense loan repayment request.

FEMA disasters: When the Federal Emergency Management Agency (FEMA) declares a disaster, Wells Fargo assists our customers by deferring their payments for some period of time.

Please call us at 1-800-658-3567 to discuss these options as it relates to your personal situation.

When you are having difficulty finding employment, have experienced a job loss, or have an unplanned medical expense, we understand that repaying student loans may be difficult.

We may have options that will provide temporary or permanent relief, if you meet eligibility criteria, such as:

• Short-term payment relief for up to two months as long as you’ve consistently made your loan payments on time
• Payment options if you are already past due on your account
• Loan Modification Program which may temporarily or permanently lower payment amounts

Please call us at 1-800-658-3567. We’ll discuss these options with you.

For a cosigner to be released, the following requirements must be met:

• The borrower must be a U.S. citizen, U.S. national, or a permanent resident alien with proper evidence of eligibility.
• The most recent 24 consecutive scheduled payments have been made on time and in full, if the first scheduled payment was received on time; otherwise, the most recent 48 consecutive scheduled payments must have been made on time and in full. An "on time" payment is defined as paid within the grace period – no late charges assessed. Note: If you have an active Wells Fargo student loan applied for prior to May 18, 2015, your first 24 consecutive scheduled payments being made on time and in full will also meet the on time payment requirement.
• No forbearances for hardship reasons or modifications were granted during the consecutive monthly payment periods.
• The borrower must return a signed cosigner release application and, at that time, satisfy a full credit, employment, and income evaluation.
• The cosigner needs to sign and return a consent form.

If you have any questions about cosigner release, please contact our office at 1-800-658-3567.