Wells Fargo Graduate Loan & Wells Fargo Bar Exam Loan

Who Is the Borrower?With some loans the parent borrows on behalf of the student. With other loans the student is the primary borrower, usually with a credit-worthy co-borrower who may or may not be the parent, depending on program restrictions.
Eligible graduate students. A creditworthy co-borrower is recommended.
Is this loan available for International Students?Some lenders will not allow international students to borrow, others will, but will often require a credit-worthy US citizen co-borrower. Check program restrictions.
Yes, when borrowing with a U.S. citizen or permanent resident co-borrower.
Interest Rates and FeesLoans may be offered with interest rates that are fixed for the life of the loan, or they may be variable and indexed to the prime or LIBOR rate. Fixed and variable rates may be tiered which means that the rate you are offered is determined by the strength of your credit. Most, but not all lenders charge no fees. Check program restrictions.
Interest rates are tiered and both fixed and variable rate options are available. Fixed rates range from 6.99% to 11.74%. Variable rates are indexed to the prime rate as published in the Wall Street Journal and range from prime plus 0.74% to prime plus 6.24%. Interest rates are capped at 18%. Rates are reset monthly. There are no origination, disbursement, or early repayment fees.
Average Rate BU Borrowers got Last YearThe rate you are offered may be higher or lower than the average rate offered to BU borrowers for this loan in the past.
Credit CriteriaSome lenders evaluate the strength of your credit based on your credit score, others consider your credit history, others use a combination of both, and some include an assessment scale that is at least in part proprietary. In most cases, a credit-worthy co-borrower is encouraged.
Approval and interest rates are based on the student borrower’s and/or co-borrower’s creditworthiness as determined by Wells Fargo.
Minimum and MaximumWhile the maximum amount a student could borrow in a credit-based educational loan is the annual cost of education (as determined by BU) minus any financial aid, including any Federal Stafford Loan, some lenders impose minimum and maximum limits that are more restrictive.
Loans are approved from $1,000 up to the total cost of education minus any financial aid, including any Federal Stafford Student Loan. The maximum aggregate limit, including all the borrower’s other educational debt, is $180,000.
Repayment TermsRepayment terms are set by the lender and may include the length of the repayment term, minimum monthly payment amounts, and whether principal and/or interest payments are due while the student is enrolled. Most lenders have no prepayment penalties.
Repayment is required beginning 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 StatusMany but not all lenders require that the student be enrolled at least half time and be in a degree program to be approved for the loan. Check program restrictions.
Students must be enrolled at least part time in an eligible graduate degree program.
Deferment OptionsMany lenders offer borrowers the option to pay principal and interest while the student is enrolled or to pay interest only or make no payments while enrolled. Deferring repayment may increase the overall cost of borrowing. Check program restrictions.
Up to 5 years of in-school deferment of interest and principal payment is available as long as student is enrolled at least part time. Hardship forbearance may be granted under certain circumstances.
Can Loan be Sold?Some lenders retain ownership of the loans they originate while others bundle and sell their loans to a third party. Check each lender’s stated practice if this is a determining factor for you.
Wells Fargo states that it does not routinely sell its loans.
Other Borrower BenefitsSome lenders offer benefits such as interest rate reductions to borrowers who, for example have a prior customer relationship with the lender, agree to make payments electronically, graduate with good grades. Check borrower benefits offered by each lender you are considering.
Borrowers get a 0.25% interest rate reduction while payments are automatically deducted from a checking or savings account. Borrowers may qualify for an interest rate discount if the borrower or co-borrower has an existing banking relationship with Wells Fargo Bank.
Bar Study Loans?
The Wells Fargo Bar Exam Loan is available to law students to cover bar exam registration costs, exam-related preparatory materials, and living expenses they’ll incur while studying for the bar exam. The maximum loan amount is $12,000. This is a non-certified loan designed for students in the final year or have graduated in the past 30 days. Apply at: www.wellsfargo.com/student/graduate-loans/bar-exam
Lender Website and More InformationMore detailed information about loan products is available on each lenders website or by contacting the customer service department of the lender.
Get more information at: https://www.wellsfargo.com/studentCall Wells Fargo at: 877-451-5039
How to ApplyMost loans are applied for electronically via the lender’s website.
Apply online at: https://www.wellsfargo.com/student
This information is based on information provided by lenders identified in response to a Request for Information issued by Boston University. The terms and conditions of any loan may vary depending on, among other things, market conditions and your credit score. Proposed terms may have changed since lenders provided information to Boston University. You should contact the lender to obtain current terms and information. You should review any proposed terms and obligations carefully.