FAQs about Wells Fargo Private Student Loans

Please read through this page when considering a Wells Fargo Private Student Loan or a Wells Fargo Private Consolidation Loan

Beginning on July 1, 2020, only customers with an outstanding balance on a Wells Fargo Private Student Loan are eligible to be borrowers on a new private student loan for the 2020-2021 academic year.

This means that:

  • If you have an outstanding balance on a Wells Fargo Private Student Loan, you may be eligible to receive either a Wells Fargo Private Student Loan or a Wells Fargo Private Consolidation Loan.
  • If you don’t have an outstanding balance on a Wells Fargo Private Student Loan, you should contact your school's financial aid office to consider other options.

Refer to the FAQs below for more details on what may apply to your personal situation.

Yes. Customers with an outstanding balance on a Wells Fargo Private Student Loan may be eligible to be borrowers on a new private student loan for the 2020-2021 academic year.

No.  Starting July 1, 2020, if you don’t have an outstanding balance on Wells Fargo Private Student Loan, you should contact your school’s financial aid office to consider other options. There you can find resources and information regarding scholarships, grants, and federal student aid. In addition, your school will likely have information regarding other lenders that work with your school to provide private student loans.

Yes. Customers with an outstanding balance on a Wells Fargo Private Student Loan may be eligible to refinance or consolidate any or all of their private student loans. Wells Fargo is not refinancing federal student loans at this time. This allows affected customers to pursue the benefits announced by the Department of Education.

No. Starting July 1, 2020, customers who do not have an outstanding balance on a Wells Fargo Private Student Loan are not eligible to refinance or consolidate with Wells Fargo.

No. Starting July 1, 2020, only customers with an outstanding balance on a Wells Fargo Private Student Loan are eligible to be borrowers on a new private student loan for the 2020-2021 academic year.

Yes. All customers, with or without an existing Wells Fargo Private Student Loan, who applied prior to July 1, 2020, are eligible to be considered for a loan.

Yes, eligible borrowers with an outstanding balance on a Wells Fargo Private Student Loan may use an eligible cosigner.

Yes, but only for an eligible borrower with an outstanding balance on a Wells Fargo Private Student Loan.

Yes, eligible borrowers with an outstanding balance on a Wells Fargo Private Student Loan may use any eligible cosigner.

Yes, as long as you are the cosigner on a Wells Fargo Private Student Loan with an outstanding balance, you may be eligible to apply as the borrower on a new Wells Fargo Private Student loan. If you wish to cosign again, the borrower on the new Wells Fargo Private Student Loan must also be a returning customer with an outstanding balance on a Wells Fargo Private Student Loan.

Yes. We will continue to service the private student loans in our portfolio.

Questions about applying
1-800-378-5526

Mon – Fri: 7 am – 8 pm Central Time

Questions about your current student loan
1-800-658-3567

Mon – Fri: 7 am – 8 pm Central Time