Who Is the Borrower? |
Eligible undergraduate 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 7.99%. There is no 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, positive repayment history and $12,000 minimum income) 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 total cost of education minus any financial aid, including any Federal Direct Stafford Student Loan. The maximum aggregate limit is $120,000. |
Repayment Terms |
Repayment begins 6 months after the student graduates or otherwise ceases to be enrolled on at least a part-time basis. The maximum repayment period is 15 years. No prepayment penalties. |
Enrollment Status |
Student must be enrolled at least 6 credits per semester in an undergraduate degree program. |
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. |
|
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. |
How to Apply |
Get more information and/or apply online:
https://www.wellsfargo.com/student/undergrad/collegiate/
Call Wells Fargo at 1-800-378-5526. |
