If you are looking for a student loan, you might have come across Wells Fargo’s loan options. Among other banks that offer student loans, Wells Fargo has several on-campus branches. It also comes with several discounts such as a 0.50% off on its private student loan interest rates.
Wells Fargo has lots of advantages such as loans of up to $120,000 for undergraduate education. Moreover, this loan limit can be extended in case you want to finance your post graduate education. This limit is lower than most banks or even loan providers.
However, Wells Fargo loans also have their limitations. Do see these pros and cons of Wells Fargo student loans and make an informed choice.
With the average student loan, you will have up to 15 years to pay back your loan. However, terms and conditions apply as things can change at any time.
Wells Fargo offers a discount of 0.50% on its interest rates if you sign up for automatic loan payments and a Wells Fargo checking account. This discount is beneficial when it comes to lowering your student loan cost.
When it comes to real-time support, Wells Fargo is the best.
They offer excellent customer support and are always responsive, on both phone and email. Wells Fargo answers your queries within a day to ensure that your concerns are promptly addressed.
Wells Fargo does not have the option of consolidating both private and federal student loans. Though consolidation only happens after a student has graduated, having the flexibility goes a long way. This is especially applicable for students looking to lower their interest rates later on.
Just like with many other student loans, Wells Fargo will need you to have a co-signer with a good credit history. This will help you qualify for the best interest rate on your loan. If you make 24 payments on time, including the first one, then Wells Fargo automatically releases your cosigner.
However, if you miss your first payment, they double the required number. This means that you will have to make 48 on-time payments.
When compared to other private student loan services, Wells Fargo is the only one that doesn’t give a long forbearance period. Over the 15 years of the lifespan of the loan, you can only apply for 6 months of payment deferral. In the event of you losing your job, you will have 6 months to manage a back-up for your loan payments.
There are certainly pros of availing Wells Fargo Students loans, but there are some cons too. Before applying for any loan, it is very essential to first do your due diligence.
You must be completely aware of the future implications of the loan you take.
Wells Fargo is headquartered in 420, Montgomery Street, San Francisco, USA. To apply for a new student loan, they can be contacted at 1-800-378-5526 from Monday to Friday, 7 am – 8 pm, Central Time.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.