Wells Fargo Student Loan for Parents
|Who Is the Borrower?||The parent or sponsor of an eligible undergraduate or graduate student. Borrower must be a U.S. Citizen or permanent resident.|
|Interest Rate||Fixed and variable rate options are available. Fixed rates are set at 6.99%, 8.49%, 10.94%, 12.49%, and 13.49%. 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 0.75%. Rates range up to prime plus 6.99%. The interest rate is capped at 18%. Rates are reset monthly.|
|Credit Criteria||Approval and interest rates are based on the 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 annual cost of education minus financial aid, including any Federal Stafford Student Loans, up to a maximum of $25,000 per year. The aggregate loan limit, including all the borrower’s other educational debt, is $100,000.|
|Repayment Terms||The maximum repayment period is 15 years. No prepayment penalties.|
|Enrollment Status||Students must be enrolled at least part time.|
|Deferment Options||Interrest-only repayment is available in 12-month increments for up to, but no more than 48 months.|
|Can Loan be Sold?||Wells Fargo states that they do not routinely sell their private loans.|
|Other Borrower Benefits||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/
Call Wells Fargo at: 877-451-5039.
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.