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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 you’ll receive 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, enlisting 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 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
$0
Loan balance at repayment
$15,000
$16,350
Monthly payment after forbearance
$190
$207
Total repayment amount
$24,152
$24,854

 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.

In-school forbearance. If you are in school or completing an internship, residency, or fellowship program, 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 also request forbearance for the summer months if you plan to re-enroll for the fall term.

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.

Extended 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 active duty, on reserve, or retired as a member of our Armed Forces, or if you are in the National Guard full time, you may qualify for a military deferment of up to 36 months.

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 relief for up to six months due to financial hardship
  • 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.

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 does not apply in the event of the death or total and permanent disability of the cosigner.