All About Wells Fargo Student Loans
Wells Fargo offers a wide assortment of student loans that can help you pay your way through college. Even if you have already qualified for federal loans or grants, you can benefit from making Wells Fargo your lender. In fact, they offer federal loans, private loans and even loans for parents that can make the process of paying for school completely doable.
Federal Wells Fargo Student Loans
Wells Fargo can be your lender for a federal student loan. For instance, the Federal Stafford Loan, while governmentally funded, can be borrowed from a lender like Wells Fargo. You will still receive the same benefits of the Stafford loan—deferred payments until you graduate and subsidized interest—but have the convenience of personalized services.
All of the standard Federal Stafford Loan requirements apply, including needing to be enrolled at least half-time in a degree program and meeting certain income requirements.
Wells Fargo Collegiate Loan
An example of a Wells Fargo private student loan is the Wells Fargo Collegiate Loan. This loan can be used to offset the cost of tuition that is not covered by federal financial aid. The money is typically sent directly to your school of choice (just like with a federal loan) although you will be responsible for the interest that accrues while in school.
Education Connection Loan By Wells Fargo
Another private loan is the Wells Fargo Education Connection Loan. This loan can be used to supplement or replace a federal loan if, for instance, you drop down to less than half-time enrollment or are pursuing a certificate rather than a degree. You can borrow up to the amount your education will cost and will be paid directly in a lump sum, rather than having the money sent to your school twice a year.
Wells Fargo Student Loans For Parents
You can get a Federal PLUS Loan through Wells Fargo, which allows parents to borrow money for their child’s education. With a fixed 8.5% interest rate and the ability to defer payments until the dependent has graduated, the PLUS loan is truly a viable way to pay for education costs.
Another option is the Home Equity Financing at Wells Fargo. Many parents who own homes decide to use their home equity in order to pay for a dependent student’s college costs. It is a quick way to finance an education without changing monthly payments too drastically.
In all cases, the Wells Fargo student loans provide students and their parents with plenty of options for paying for college. Now, if only other things in life were so easy to deal with!