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Wells Fargo Review

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PROS / Wells Fargo offers discounted rates to borrowers who have qualifying Wells Fargo accounts.

CONS / This lender doesn't offer live chat support on its website.

 VERDICT / Wells Fargo is a large bank that offers a variety of private student loan options.

For years, Wells Fargo has been a leader in the student loan industry. The organization has worked with many schools across the country to be a premiere institution to house federal student loan debt. With the shifts in the student loan industry, Wells Fargo remains a leader in private student loan lending. It offers a full array of private student loans, rate-reduction programs and competitive terms, making Wells Fargo the Top Ten Reviews Bronze Award winner for student loan providers.

Wells Fargo Visit Site

Loan Types

Wells Fargo offers a full array of private student loans. The company has relationships with schools across the county and offers loans to current undergraduate and graduate students. These private student loans are in addition to the federal student loans you can receive directly from the U.S. Department of Education. The loan limits for both the undergraduate and graduate loans offered by Wells Fargo compare favorably to the other lenders in our reviews.

One feature that places this company among the top lenders is its consolidation loans. You can take out a consolidation loan to combine all of your private and federal student loan debt. Usually this results in a lower monthly payment and a better overall APR.

Loan Terms

Wells Fargo offers a variety of rate reductions depending on your relationship with the bank. If you have a Premium Membership Account, you may qualify for a rate reduction. You may also qualify for a rate reduction if you have previously had a loan through Wells Fargo or a qualifying checking account. The bank doesn't charge an origination fee or application fee for student loans.

While the bank offers a variety of rate reductions, the base APR is higher than most other private student loan lenders we reviewed. This applies to variable-rate and fixed-rate loans. The lender offers many interactive budgeting tools on its website, including a scholarship finder that helps you find alternative financing and a cost calculator that helps you budget your finances to avoid excessive debt.


Wells Fargo offers a set term for both fixed-rate and variable-rate loans. The maximum term compares well with other lenders in our review. There is no prepayment penalty for paying off your loan early. The bank offers a standard grace period after you graduate from school. During the grace period, the loan still accrues interest, but you don't have to make monthly payments. This helps you to find employment without the burden of starting to repay your student debt right away. Wells Fargo also reduces your APR if you set up automatic payments and meet other qualifications.

Help & Support

Wells Fargo offers plenty of help and support features to assist borrowers. There are great informational resources on the company website for educating parents and students about the federal student loan industry. There is a FAQs section on the website that is perfect for finding answers to common questions about bank student loans. If you have technical questions, you can call or send an email to receive personalized support.


Wells Fargo's many rate-reduction offers and established relationships with schools make it one of the top lenders for private student loans. The base APRs for its variable- and fixed-rate loans can be higher than other student loan lenders, but Wells Fargo offers more rate-reduction incentives to offset these. Wells Fargo is a viable option if you have federal student loan debt you need to consolidate or if you are looking to borrow extra money through private student loans.

Wells Fargo Visit Site