Please read through this page when considering a Wells Fargo private student loan or a Wells Fargo Private Consolidation Loan, or if you are an existing Wells Fargo private student loan customer.
Wells Fargo is exiting the student loan business – we are selling and transferring our student loans. This means that in the coming months, Wells Fargo private student loans will be transitioned to a new loan holder and repayment will be managed by a new loan servicer, Firstmark, a division of Nelnet. More information will be delivered directly to our customers as soon as it becomes available.
January 28, 2021 at 6:00 PM Central Time will be the last date Wells Fargo will accept new applications for any of its private student loan products.
Up through that date, 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 ConsolidationSM loan if you submit your application no later than January 28, 2021.
- To successfully submit an application by this deadline, the borrower (or cosigner, if applicable) must submit a credit application for review either by phone or using our online application. When your application is successfully submitted, you will receive an email that thanks you for applying and describes the next steps to complete your loan request. Any incomplete student loan credit applications that have not been submitted for review prior to the deadline will be cancelled on January 29, 2021.
- Wells Fargo will not be offering private student loans beyond the 2020-2021 academic year. For new applications submitted between September 23, 2020 and January 28, 2021, we will not disburse loan funds beyond June 30, 2021.
- 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.
Note: Applications submitted prior to September 23, 2020 are not affected by these changes.
Refer to the FAQs below for more details on what may apply to your personal situation.