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Private Student Loan Repayment

Learn about the process of repaying your private student loan, including what to do in cases of hardship or emergency.

With most Wells Fargo private student education loans, you start making payments six months after you graduate or leave school, although for some loans like the Wells Fargo Student Loan for Parents and the Wells Fargo Private Consolidation℠ loan, payments begin once the loan funds have been sent.

Please refer to your Loan Request/Consumer Credit Agreement for information on your repayment start date. Approximately 45 days before repayment is scheduled to begin we will send you a letter that explains when your loan is scheduled to go into repayment and provides your repayment schedule and terms.

Student Loan Payment Options

You have various options for making payments on your private student education loan, including paying online, by phone or mail, or at a Wells Fargo banking location.

Student loan payment options

Student Loan Payment FAQs

Review and find answers to common student loan payment questions.

Frequently asked Student Loan payment questions

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

Paying Interest Not Paying Interest
Monthly interest payment during forbearance $113
Loan balance at repayment
Monthly payment after forbearance
Total repayment amount

 The bottom line: 

Paying the interest during the forbearance period can reduce your monthly payment after forbearance by $17 a month, and save you about $702 over the life of the loan.

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.

Loan forgiveness

In the event of the unfortunate death or total and permanent disability of the student borrower, private student loan forgiveness is available. Loan forgiveness is available on the Wells Fargo Student Loan for Parents if the student beneficiary dies or becomes totally and permanently disabled. Loan forgiveness is available on the Wells Fargo Private Consolidation loan to the extent the student borrower on the underlying loan(s) dies or becomes totally and permanently disabled. Loan forgiveness does not apply in the event of the death or total and permanent disability of the cosigner.

Individual to Act on Your Behalf

Student borrowers, you have the option to name someone to act on your behalf in the event of your death before the student loan is paid in full. This person can be anyone you choose and would not be responsible for repaying your loan (unless the person is a cosigner on your loan). You are not required to name anyone if you do not want to. If you do want to designate someone, now or in the future, contact us at 1-866-878-1087. We will need the following information about the person you designate: first and last name, address, and primary phone number. Wells Fargo Student Loan for Parents borrowers are not eligible for this option.