Wells Fargo - Review

If you’re on the hunt for a student loan or looking to refinance your current loan, Wells Fargo might have what you’re looking for. Find out if it's the best choice for you here.

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    Wells Fargo is a massive and long-standing bank, having been around since 1852, although it only took the name in 1954. Since the mid-60s, it’s branched out to offer student loans and refinancing options to borrowers nationwide.

    Why get a student loan from Wells Fargo?

    There are some appealing offers that could motivate you to take a loan out here. It has some flexible repayment and payment reduction offers, and you’re eligible even if you’re only enrolled half time.

    What student loans does Wells Fargo offer?

    This lender has options for taking out private student loans or refinancing your current one. However, the option to refinance is only available to existing Wells Fargo student loan borrowers.

    Student loan refinancing information 

    There are some flexible options for refinancing, and you’ll even be assigned a student loan advisor, but if your loan is with another organization, then forget about it.

    Fixed rates from:

     3.74% - 9.74%
    Variable rates from:  3.00% - 8.74%
    Loan repayment terms: 5, 7, 10, 15, or 20 (Years)
    Loan amount:     $5,000 to $120,000

    Private student loans

    Wells Fargo has some quite attractive starting APRs on its private student loans, and again you'll be provided with a student loan advisor. Most impressively, it actually funds half time students, which is unusual. However, the optional deferral term length is quite short, the minimum credit and income criteria aren’t provided, and to find out this information you’ll need to carry out a hard credit check.

    More about rates and fees of Wells Fargo’s loan options

    If you’re still interested in these loans, check out the rates and fees below:

    Fixed rates from:

    Variable rates from:      3.39%
    Application fee:       None
    Origination fee:         None
    Disbursement fee:        None
    Late fee:     None
    Returned payment fee:                     Not stated
    Prepayment penalty:          None

    Wells Fargo pros and cons


    • Support for half time students
    • No late fees


    • You need to already have a Wells Fargo student loan to refinance

    How to apply for a Wells Fargo student loan

    Applying is as simple as using the online forms, but you’ll need to do a hard credit check to even find out if you're eligible.


    Wells Fargo has some positives, such as the fact that you’re provided with a student loan advisor, you can apply as a half time student, and there are many options for payment reduction when struggling. However, the length of forbearance offered is quite short, the shortest term for a loan is 15 years, and you can’t finance a student loan from anywhere else. What’s more, it's difficult to know if you’ll be eligible without a hard credit check.

    Better options might be Ascent or SoFi. These lenders also offer access to advisors and no late fees, but you can refinance loans regardless of where you took them out.