Student loans are quite important in the present day scenario. Students who are unable to afford higher education due to financial problems resort to the various type of student loans through private or government/federal lenders. Anyone can either apply for federal or private loans or both. However if any borrower (student) is looking for security and safety, Wells Fargo Student Loans can be a very good option.
The official website of Wells Fargo Student Loan is Wells Fargo Website . The website is extremely organized and is packed with all information you may need. Navigation is easy with categorized information regarding Wells Fargo Student Loan. Wells Fargo started their student Loan program after the student loan regulations were signed by the Obama administration. Wells Fargo offers their private loans as the federal backed loan business have been cut off from federal backing.
ABOUT WELLS FARGO
Wells Fargo is a company that offers topnotch banking, insurance, investment, mortgage, and consumer financial solution to North America and also to other countries. The company is based in San Francisco which pledges to provide active assistance to financial needs and demands of its customers/borrowers. The company has partnered with Wachovia Securities to provide better facilities and services to its customers. Thus Wells Fargo has gained the popularity and confidence of millions of its customers around the world.
FEATURES OF WELLS FARGO STUDENT LOANS
Wells Fargo offers many features for student loans. The website is secured that protects your information and has numerous other tools to help you take your decision. The online calculator is a very useful tool that helps you determine your monthly installments, interest rates etc. You can view your account and use scholarship search function. Thus Wells Fargo can be said to be a very competitive and effective company that offers many tools, help and guidance to make the customers/borrowers feel at ease and take their informed decisions.
- You can borrow about 25,000 dollars every academic year.
- Interest rates are reduced with regular payments.
- Loan repayment can be done in a span of 15 years.
- The parent/guardian will get the loan amount straightaway.
- No charges are applied for application, repayment or origination.
TYPES OF WELLS FARGO STUDENT LOANS
Student Loans are of different types that vary in interest rates, payment options, repayment period, etc. Wells Fargo offers three different types of student Loans.Other Loan type federal/private can be found at Student loan types. These loans have variable interest rates and are often dependant on the applicant’s credit. Interest rates are reduced for those who do opt for automatic payment on installments. The three different types of student loans are:
Wells Fargo Student loan for parents – In this type of loan a parent or a sponsor is the one who has to apply for the loan. The payments begin immediately and here no graduation benefits are offered. The interest rates are low at about 3.50% with no application fee. Here the cap is 25,000 dollars per year or 1, 00,000 dollars in total. The payout is to the sponsor or the parent who is applying for the loan. These loans can also be applied for even if you have a Federal Stafford Loan.
Wells Fargo Collegiate Loan – This type of wells Fargo Loan is available to full time students. The collegiate Loan requires a certification from the school and pays directly to the school. The interest rate of this type of loan is the lowest which starts at about 3.40 %. In Wells Fargo collegiate loan, payments are not required until the student leave school with which you get an added graduation benefit of 0.50%. The total cap for this loan is 120000 dollars as this loan provides the highest amount of financing. With the collegiate Loan there is no application fee but a cosigner is required usually.
Wells Fargo Education Connection Loan – The third type of Wells Fargo student Loan is Education Connection Loan. The interest rate of this type of loan is about 5.68 %. Also in this type of loan no payment is require until the student leaves school by which he/she gets an additional benefit of 0.50%. The annual maximum amount is 25,000 dollars with the total aggregate of 1, 00,000. The payout is to the student and in this loan a cosigner is required and there is an application fee of 2.0%.
WELLS FARGO PAYMENT OPTIONS
Six months is allowed to start payment after a student leaves school. The student can enroll into their auto pay program which debits the money from your bank account for the payments or you can even opt for online payments for better account management or options. This method makes it easier to make payments ad thus very convenient.
SUMMARY AND CONCLUSION
The Wells Fargo student loan is overall a great service/ loan program that the students must take advantage when they need an online student loan company. Numerous Features advantages and tools make it easy to obtain a loan from this company even in bad credit cases to further the education and make a bright future.