About Wells Fargo
Wells Fargo is a well-established personal commercial bank with its roots in the American gold rush of the late 1800s. Serving as both a bank and courier, Wells Fargo was established in 1852 in New York City. In recent years, the bank has served primarily the western states, but continues to expand eastward to serve even more markets. They are now a huge student loan lender, including private loans for college students and debt consolidation. In addition to offering a wide array of private loan choices, the Wells Fargo website is full of useful information, including and interactive tool to help you find the private student loan that best suits your education needs.
Private Student Loan Name: Wells Fargo Collegiate Loan, Wells Fargo Graduate Loans, Education Connection Loans, MEDCAP Alternative Loan, MEDCAP-Xtra Loan, Wells Fargo Bar Exam Loan
Loans for Which Students? Undergraduate Students, Graduate Students, Health Professions Students, Law Students
Minimum/Maximum Amount per Student: Wells Fargo Collegiate Loan – $120,000; Wells Fargo Graduate Loan – $180,000; Wells Fargo Education Connection Loan – $100,000; MedCAP Alternative Loan – $250,000; MedCAP XTRA – $15,000; Wells Fargo Bar Exam Loan – $180,000
Rates: (varies depending on your credit history) See website for latest rate information.
Repayment Terms: 15 – 20 years, repayment begins six months after graduation (60 months for MedCAP Loans)
Other Information: Wells Fargo is probably with the bank with the most options for students looking for private students loans. Not only do they have college loans for students at both the graduate and undergraduate levels, they also have multiple loans available for each education level (some are paid directly to school, while others are paid to you). Wells Fargo Education Connection Loans are special in that they are designed for students who might not qualify for federal aid because they are not studying full-time, or for students who would rather have their private student loan funds in one lump sum. In addition to a .25% interest rate reduction for automatically having loan payments deducted from your bank account, they offer a .5% bonus just for graduating (Wells Fargo Student Graduation Benefit). That’s a big savings on your interest payments!
How to Apply/Contact Information: Apply Online.