Firstly, It is true that federal student loans are popular financing brand with genuine interest rate and repayment options, but private student loans like Wells Fargo can play a role in furthering your education. This is because there is low control or limit to what you can borrower compared to what a federal student loan will offer you. I believe what all is after is the amount you can actually borrow to help your needs. So if you are in the field of that category, private loans can stand in the gap for your financial tap while you finish up your degree.
Wells Fargo is a private student loan lender offering loans for undergraduate, graduate, and vocational students (and their parents). It doesn’t require a fee charge from you. You must also not forget to find out the downside of the coin before your dive in for an application. Find out what you should know over the section below.
WHAT YOU SHOULD KNOW
- Firstly, do you know that parent loans can be forgiven in a scenario where the student is totally disabled? It is uncommon for a parent-student loan to be forgiven even down to federal student loans.
- Secondly, there are chances of getting a discount on the interest rate by signing up for automatic payment. Wells Fargo offers two discount packages that are partitioned to automatic payment sign up and Wells Fargo, customers. Each respectively reduces the cost of interest by 0.25% and 0.50%.
- Also, you should also know that there is no application, origination, or late fees. Don’t bother about application fees, origination fees, or late fees.
- Moreso, do you know that interest rates on Wells Fargo may be higher than you would get with federal loans? It is inconsiderable as interest over this platform is even higher than the federal student loan, unlike other private lenders. Furthermore, you may be getting a fixed-rate loan for undergraduate students under a range of 4.53% if be a helping hand of discount rate to 10.72%. Also, this warrants that if you will qualify for loans with a relatively lower interest rate you will have excellent credit.
- Interestingly, do also know that you will be restricted to strict limits on total education debt disbursed. This means that the limit you can take out in total education debt is limited.
- In addition, it does not permit repayment alternatives. Though other lenders may offer multiple payment options like interest-only payment, and so on, Wells Fargo is designed to offer alone one repayment options for most students. Also, you will be given six months grace period before you start making full principal and interest payment.
Available Wells Fargo Student Loans
A couple of student loans available on this platform includes undergraduate, graduate, and parent borrowers. More so, it also provides loans for students in their residency, completing the bar exam or in pursuit of career training or even studying at the community colleges.
Undergraduate Student Loans
With federal direct student loans as an undergraduate student, you will be offered at least $5,500 to $12,500. Then you can catch up on your tuition and room with private student loans from walls Fargo if the cost isn’t up enough to cover the rest.
There is no room for origination, application, or late fees for undergraduate student loans on Wells Fargo. It allows you to borrow up to the total cost of attendance, aside from other financial aid you may be receiving. Wells Fargo limits education debt just like federal student loans to $120,000
| Variable Rates | 2.68% – 9.46% |
| Fixed Rates | 4.53% – 10.72% |
| Loan Amounts | You can borrow from $1,000 up to the total cost of attendance (can result to lifetime limit) |
| Loan Terms | 15 Years |
Graduate School Loans
Having a plan as a student to obtain your master’s degree, MBA, law degree, or other professional credit to your documents, you can apply for a graduate student loan from Wells Fargo. This can be an alternative to federal student loans. You could qualify for a loan on Wells Fargo over a fixed interest rate as low as 5.6%.
Also here, the limit Wells Fargo allows for all education debt for graduate loans is $12,000. Graduate student loans used in pursue for law degree or business permits lifetime limit of $180,000.
| Variable Rates | 3.21% – 9.44% |
| Fixed Rates | 5.64% – 11.76% |
| Loan Amounts | You can borrow from $1,000 up to the total cost of attendance (can result to lifetime limit) |
| Loan Terms | 15 years |
Medical School Loans
Are you graduate students in Medical, nursing, dental, or other health programs? Wells Fargo will offer you a medical school loan (MedCAP). Certainly, it assures you of six months grace period and afterward, they can proceed fully with the payment. But students of allopathic and osteopathic can qualify for a 36 months grace period so that they can gain time to start their careers before they begin making payments.
Over here, the loan limit is determined by the course of study. So take a look at the time below to figure out what limit you can borrow:
- For Allopathic or osteopathic medicine and dentistry, you just have a loan limit of$250,000
- For Graduate nursing, occupational therapy, optometry, pharmacy, physical therapy, physician assistant, podiatry, and veterinary medicine, you just have a loan limit of $180,000
- Other eligible disciplines are coordinated to having a loan limit of$120,000.
| Variable Rates | 3.07% – 8.01% |
| Fixed Rates | 4.82% – 9.54% |
| Loan Amounts | $1,000 up to $250,000 (dependent on course of study and subject to lifetime limit) |
| Loan Terms | 20 years |
Medical Residency and Relocation Loans
Medical residents can take up their expenses in terms of residency, medical boards, or relocation expenses with the aid of Medical Residency and Relocation loan from Wells Fargo’s MedCAP-XTRA loans. IT typically offers six months grace period and 36 months grace period to allopathic and osteopathic students particularly, with a loan limit up to $15,000 for qualifying expenses.
| Variable Rates | 7.46% – 7.69% |
| Fixed Rates | 9.76% – 9.99% |
| Loan Amounts | $1,000 to $15,000 for residency interview and relocation expenses
Also, $1,000 to $12,500 for medical boards and clinical exams and $1,000 to $5,000 for internship expenses (subject to lifetime loan limit) |
| Loan Terms | 7 years |
Bar Exam Loan
You can take out a loan as a law school student in pursuit of bar exams. This helps you cover up registration fees, test preparation materials, and living expenses. It allows borrow the cost of up $12,000, and six months grace period after you leave school.
| Variable Rates | 9.99% – 10.21% |
| Fixed Rates | 12.45% – 12.67% |
| Loan Amounts | $1,000 – $12,000 (subject to lifetime loan limit) |
| Loan Terms | 7 years |
Parents Student Loans
As a parent of an undergraduate, with good credits, you can take out a student loan with the advantage of becoming a loyal customer? This leverages your interest discount with a Wells Fargo parent student loan. You can borrow up to $25,000 per year. There is no grace period as it kicks off with full repayment.
| Variable Rates | 3.99% – 10.49% |
| Fixed Rates | 6.74% – 12.99% |
| Loan Amounts | $1,000 to $25,000 per year (subject to a lifetime limit of $100,000) |
| Loan Terms | 15 years |
Private Student Loans for Career Training and Community Colleges
Even as a career program aspirant, planning to attend a two-year career program, you may be eligible for a Wells Fargo loan for community colleges. It allows you to borrow up to $15,000 per year in a two-year private or public school and $20,000 per year in a four-year proprietary school. You are leveraged for a six-month grace period after you graduate.
| Variable Rates | 5.00% – 10.43% |
| Fixed Rates | 7.24% – 12.45% |
| Loan Amounts | $1,000 to $20,000, depending on your program (subject to a lifetime loan limit) |
| Loan Terms | 12 years |
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