Wells Fargo Collegiate Loan
|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||Fixed and variable rate options are available. Fixed rates are set at 7.49%, 8.49%, 10.69%, 12.20%, 13.25% and 13.99%. 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 0.25%. Rates range up to prime plus 6.74%. 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, 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 aggregete limit, including all the borrower’s other educational debt, is $120,000.|
|Repayment Terms||Repayment is required beginning 6 months after the student graduates or otherwise ceases to be enrolled on at least a half-time basis. The maximum repayment period is 15 years. No prepayment penalties.|
|Enrollment Status||Students must be enrolled at least 6 credits per semester in an undergraduate degree program.|
|Deferment Options||Up 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 under certain circumstances.|
|Can Loan be Sold?||Wells Fargo states that it is their business practice to hold its loans through repayment.|
|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.|
|How to Apply||
Get more information and/or apply online: https://www.wellsfargo.com/student/loans/undergrad/collegiate
Call Wells Fargo at: 800-658-3567.
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.