Wells Fargo does not allow you to consolidate federal student loans – only private student loans are eligible.
The bank offers both fixed and variable interest rates: You’ll pay no origination or application fees.
You’ll also find little sympathy if you need forbearance.
Some other refinancing lenders offer much better terms in this regard.
If you’re interested in Wells Fargo student loan consolidation, it’s important to understand the benefits and drawbacks of the program before applying.
The main advantage of the program is the existing customer incentives.
You’ll get up to a 0.50% discount on your interest rate if you or your cosigner has an eligible Wells Fargo account before applying for the program.
Other potential discounts include: Like many other student loan services, Wells Fargo also offers a 0.25% discount when you enroll in autopay. You may, however, request forbearance to return to college or because of financial hardship.
However, if your personal information changes, a new application can be submitted with your updated information.You could get up to a 0.75% discount on your interest rate between the relationship and autopay discounts.That may sound small, but it adds up over the long run.Both customers and non-customers can qualify for consolidation, but if you’re an existing Wells Fargo customer, you’ll get some extra perks from the program.If you’re interested in consolidating your private loans, take a look at our .