Wells Fargo Student Loans: The Pros & Cons in 2020

Written by: Kristyn Pilgrim
Updated: 3/06/20
Lender nameWells Fargo
Loan assessedUndergraduate private student loan
Enrollment requirementLess-than-part-time students can apply
Minimum FICO scoreDoes not disclose
Average credit score of approved applicantsDoes not disclose
Minimum incomeDoes not disclose
Average income of approved applicantsDoes not disclose
Highest allowed debt-to-income ratioDoes not disclose
Available for international student borrowers?Yes
Available throughout the US?Yes
Application process
Online only?Yes
Phone applications available?No
Interest rates
Structures availableFixed, variable
APR range4.33% to 10.72%
Interest rate based on an underlying index?Prime
Rate quote available with a soft credit pull?No
Loan limits
Minimum loan amount1000
Maximum loan amount$120,000 (including the amount you borrow from all other sources)
Repayment options
Grace period6 months
Terms availableDoes not disclose
Repayment optionsDefer or pay while in school (no specifics offered)
Prepayment penaltyNone
Deferment optionsAvailable for financial hardship
Forbearance provisionsInternship, residency, fellowship, public service, military, FEMA disasters, and more
Death or disability dischargeAvailable
Cosigner releaseAvailable after 24 consecutive, on-time payments made
Customer service
Lender have own customer serviceYes
Loan servicerNone
Other issues
FeesLate payment fees
Borrower benefitsDiscounts for automatic debit and/or a prior relationship with the bank
Related productsGraduate loans, community college loans, parent loan, consolidation loan

Wells Fargo is closely associated with credit cards, but that’s not all the company provides.

Wells Fargo also offers student loans with favorable terms, and they’re open to students all across the United States. Even international students can apply for loans through Wells Fargo. 

We want you to make the best decision about student loans. We dug into the details about Wells Fargo loans for undergraduates. Here’s what we found out.

Wells Fargo Undergraduate Student Loans at a Glance 

Wells Fargo student loans are made for almost every family that needs help paying for school. The organization doesn’t disqualify students based on where they live, and even international students can apply. You can borrow as little as $1,000 or quite a bit more, and you can decide how long you’ll need to pay back the balance.

Plenty of companies offer loans to undergraduate students. Wells Fargo products are special due to:

  • Deferment and forbearance. Wells Fargo officials seem to recognize that students struggle to pay back their loans. The company offers more options for forbearance than almost any other private company in business today. 
  • Eligibility requirements. You can apply for a loan through Wells Fargo, even if you’re not taking classes part-time. Few other companies offer this benefit. 
  • Related products. Wells Fargo is a large and established bank. You can stick with them throughout your educational career and use their other loans to help pay for graduate school and more. 

You’ll need information about your financial history to apply, and many of the details about your loan won’t become clear until you see final loan offer documents. For example, you’ll need to start an application to find out the interest rate you qualify for. And you’ll need to wait for that paperwork to understand your loan terms. 

Wells Fargo pricing is competitive, and you won’t pay a fee to apply for a loan or get your first payment. If you make late monthly payments, you will be subject to financial penalties.

But Wells Fargo makes it easy to repay what you owe. You can make payments automatically, you can make them online, and you can even walk into a bank and pay.

Wells Fargo Pros & Cons 

There’s a lot to love about an undergraduate student loan from Wells Fargo. Competitive pricing, a quick application process, and plenty of repayment options top the list of perks for some students. But there are a few drawbacks to be aware of.


  • Plenty of customer service options: If you have a question about your loan, your repayment plan, or your loan terms, you can call Wells Fargo customer service. If you prefer in-person conversations, you can head into a branch and ask for help. 
  • Partial payments accepted: You’re not locked into a repayment plan while in school. You can pay nothing, or you can toss money at your loan when it becomes available. 
  • Many discounts: You’ll get a 0.5% discount for a relationship with Wells Fargo, and you’ll get a 0.25% interest rate reduction for enrolling in automatic payments. 


  • Unclear terms and conditions: If you’d like to know how much you’ll pay in interest, and you want details about repayment terms before you apply, Wells Fargo will disappoint. The company puts those details in loan documents after a hard credit check. 
  • Late payment fees: Slip up, and you’ll have a small penalty attached to your bill. 

How to Apply for a Student Loan With Wells Fargo 

While this company offers plenty of in-person support at branches open all across the country, you’ll need to apply for your loan online. It won’t take long for you to complete the process and get the funding you need. 

Head to the Wells Fargo website, open an account, and be prepared to answer many questions. You’ll need to tell the bank more about the school you’re attending, how much you need to borrow, how much debt you have now, and when you expect to graduate. 

You might need a cosigner to qualify for a Wells Fargo student loan. Many young students just don’t have the full credit history they need to prove that they’re a low lending risk.

A cosigner agrees to pay your loan off when you can’t, and that statement could mean the difference between qualifying and facing rejection. You can release your cosigner from financial obligation after you make about two years of on-time payments.

If you need a cosigner, identify that person before you apply. That way, you can both fill out the application together. 

Wells Fargo will examine your application. If you’re approved, money will be sent right to your school.

What Other Student Loan Options Are Available?

If you’re heading to a four-year institution to get an undergraduate degree, the Wells Fargo loan we’ve been discussing might be just right for you. But if you are hoping for a different type of education experience, you might need a different kind of loan. Wells Fargo can still help.

In addition to undergraduate student loans, Wells Fargo offers:

  • Graduate loans. The company offers four different types of loans for students who hope to enhance their job prospects with an advanced degree. Special products for medical school and law degrees are available. All have different loan terms and conditions. 
  • Community college loans. If you’re hoping to attend a two-year college or nontraditional school, this could be the loan for you. Interest rates start at 6.58% APR, and you can borrow up to $15,000 per year. 
  • Student loans for parents. If students can’t borrow enough to pay for college, they may need help. Parents and other family members can use this product to assist struggling students. Interest rates start at 5.74%, and you can borrow up to $25,000 per year. 
  • Consolidation loans. Combine multiple private and federal loans into one product with one payment. Pay back the balance between 5 and 20 years. Interest rates start as low as 3.25%. 

Wells Fargo offers plenty of documents you must sign before you can access your loan. Read everything carefully so you know exactly what you’ve agreed to. 

Don’t forget to apply for federal aid through the U.S. Department of Education. Products and services from the federal government, including financial aid and federal student loans, could be just what you need to pay for school.