Wells Fargo MedCAP Alternative Loan for Health Professionals
|Who Is the Borrower?||Eligible graduate students; borrower or co-borrower must be U.S. citizen or permanent resident. A co-borrower is recommended.|
|Interest Rate||Interest rates are tiered and both fixed and variable rate options are available. Fixed rates range from 7.29% to 9.49%. Variable rates are indexed to the prime rate as published in the Wall Street Journal and range from prime plus 1.50% to prime plus 4.00%. Interest rates are capped at 18%. Rates are reset monthly.|
|Credit Criteria||Approval and interest rates are based on the student borrower’s and/or co-borrower’s creditworthiness as determined by Wells Fargo.|
|Fees||There are no origination, disbursement, or early repayment 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 Stafford Student Loan. The maximum aggregete limit, including all the borrower’s other educational debt, is $180,000 or $250,000 depending on discipline.|
|Repayment Terms and Grace Period||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 to 20 years depending on discipline. No prepayment penalties.|
|Enrollment Status||Students must be enrolled at least part time in an eligible graduate degree program.|
|Deferment Options||Maximum of 5 to 7 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 in certain circumstances.|
|Can Loan be Sold?||Wells Fargo states that it does not routinely sell its loans.|
|Other Borrower Benefits||Borrowers get a 0.25% 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 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.|
|Loans Offered for Residency, Relocation or other Expenses?||Yes. The MedCap-XTRA Loan Option B Residency Interview or Relocation is available to medical/dental students to help with residency, interview and relocation expenses in their final year of an approved program. School certification is not required. Students may apply only once. A current relationship with Wells Fargo is required. The program loan limit is $15,000 total ($5,000 for interview expenses and $10,000 for relocation expenses).|
|How to Apply||
Get more information and/or apply online: https://www.wellsfargo.com/student/.
Call Wells Fargo at: 800-658-3567 or 877-699-5444.
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.