Who Is the Borrower? |
Eligible non-degree students; borrower or co-borrower must be U.S. citizen or permanent resident. A co-borrower is recommended. |
Interest Rate |
Variable interest rate is indexed to the prime rate as published in the Wall Street Journal. Rates are tiered and "best" tier borrowers get loans at the prime rate plus 1%. Rates range up to prime plus 10.49%. There is no interest rate cap. Rates are reset monthly. |
Credit Criteria |
Approval and interest rates are based on the student borrower's and/or co-borrower's creditworthiness (acceptable debt-to-income ratio and positive repayment history) as determined by Wells Fargo. |
Fees |
There are no origination, disbursement, repayment or default/insurance fees. |
Minimum and Maximum Allowed |
Loans are approved from $1,000 up to the lesser of $25,000 or the total cost of education minus any other financial aid. The maximum aggregate limit is $100,000. |
Repayment Terms |
Repayment begins 6 months after the student ceases to be enrolled on at least a part-time basis. The maximum repayment period is 15 years. No prepayment penalties. |
Enrollment Status |
Students must be enrolled at least half time. |
Deferment Options |
Up to 5 years of in-school deferment of payments as long as student is enrolled at least part-time. Hardship forbearance may be granted under certain circumstances. |
Can Loan be Sold? |
It is Wells Fargo's business practice to hold its loans through repayment. |
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Other Borrower Benefits |
Borrowers get a 0.50% interest rate reduction when the student's graduation is verified through the Wells Fargo Graduation BenefitSM Program. Borrowers get a 0.25% interest rate reduction when Wells Fargo automatically withdraws payments from a personal checking or savings account. After making the first 24 consecutive monthly payments on time and meeting certain credit requirements, the student can request to remove the cosigner from the loan. |
How to Apply |
More Wells Fargo Education Connection Loan information:
https://www.wellsfargo.com/student/undergrad/education/
Apply online:
https://www.wellsfargo.com/student/undergrad/education/
Call Wells Fargo at 800-658-3567.
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