Wells Fargo Private Student Loans

Wells Fargo has exited the student loan business. Our private student loans are being transitioned to a new loan holder and repayment will be managed by a new loan servicer, Firstmark Services, a division of Nelnet.

For assistance:

Avoid processing delays: After your student loan has transferred to Firstmark Services, please ensure that payments are being sent using your new Firstmark Services account number and payment address. Wells Fargo will only forward misdirected payments for 120 days after transfer. After that 120-day period has passed, misdirected payments will be returned.

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Frequently asked questions

 

After your student loan is transferred, your student loan will no longer appear on Wells Fargo Online. If your student loan is your only account with Wells Fargo, you will no longer have access to Well Fargo Online after this transfer is complete. Firstmark Services will mail you written instructions describing how to set up online access using your new account number.

If you are a borrower or cosigner with a pending disbursement, please call us at 1-800-378-5526 Monday to Friday: 9 am to 5 pm Central Time, or login to check your loan status.

If you have not received notice that your student loan servicing has transferred to Firstmark Services, please call Wells Fargo at 1-800-658-3567 Monday to Friday: 7 am to 5 pm Central Time or view payment options, learn about repayment, or get answers to your payment questions.

Yes. This student loan servicing transfer will not affect the terms and conditions of your student loan. Your rights and responsibilities, as defined in your original Promissory Note/Loan Request/Consumer Credit Agreement, will remain the same.

Loans in a forbearance status at the time of transfer will remain in a forbearance. Firstmark Services will maintain the forbearance through the agreed upon dates.

Before your student loan transfers, you will receive written communications in the mail from Wells Fargo that define which student loans will transfer and on what date. These communications will include information and instructions regarding your account, payments, online access, and other details.

After your student loan is transferred, your student loan will no longer appear on Wells Fargo Online®. If your student loan is your only account with Wells Fargo, you will no longer have access to Well Fargo Online after this transfer is complete. Firstmark Services will mail you written instructions describing how to set up online access using your new account number.

Until your student loan transfers, please continue to make your student loan payments to Wells Fargo as you normally would.

Avoid processing delays: After your student loan has transferred to Firstmark Services, please ensure that payments are being sent using your new Firstmark Services account number and payment address.

Wells Fargo will only forward misdirected payments for 120 days after transfer. After that 120-day period has passed, payments will no longer be accepted by Wells Fargo and any payments received will be returned. Visit Firstmark Services for your new payment instructions.

Automatic Payments (ACH): If your loan payment is set up to automatically withdraw using ACH prior to the transfer to Firstmark Services, your ACH preferences will transfer from Wells Fargo Education Financial Services to Firstmark Services. Your current payment amount will continue to be deducted on the same date every month, even if additional payments are made between due dates. After the transfer to Firstmark Services, you may access your account at Firstmark Services to make any updates to your ACH and electronic correspondence preferences.

Bill Pay: If you are using a bill pay service through your bank or other provider and wish to continue with that service, please update your account information and payment address. Any payments you previously set up with your bill pay service will not work without your new Firstmark Services account number and payment address. Visit Firstmark Services for instructions on how to update your bill pay and electronic correspondence preferences.

If your student loan payments are made by someone other than you, please advise them of these changes.

After your student loan has transferred to Firstmark Services, payments should be sent to Firstmark Services. After this transfer, any payments made to Wells Fargo Education Financial Services will be transferred to Firstmark Services for processing for 120 days from your transfer date. After that 120-day period has passed, payments will no longer be accepted by Wells Fargo and any payments received will be returned. Visit Firstmark Services for your new payment instructions.

Once the student loan servicing is transferred, this information may be requested from the new loan servicer at Firstmark Services. For general payment questions related to any student loan(s) still being serviced at Wells Fargo, please call Wells Fargo at 1-800-658-3567 Monday to Friday: 7 am to 5 pm Central Time.

Student loan interest is interest and eligible fees you paid during the year on a qualified student loan. It includes both required and voluntary interest payments. The amount provided to you on your Form 1098-E is a reflection of the amount of interest that has been paid during the year on qualified student loans.

Keep in mind that you do not need an actual Form 1098-E to claim the amount paid on your taxes. You can complete this information with your amount paid and the servicer tax identification number 94-1347393 for tax amounts Wells Fargo Education Financial Services has provided. For tax amounts provided by Firstmark Services, contact Firstmark Services directly for tax information.

For more information, see IRS Pub. 970, and the Student Loan Interest Deduction Worksheet in your Form 1040 instructions. Always consult your tax advisor for individual tax guidance.

If you are the primary borrower and made qualifying payments in 2021, Wells Fargo will mail you an Internal Revenue Service (IRS) Form 1098-E for the portion of 2021 in which your loan was serviced by Wells Fargo Education Financial Services. This will be issued by January 31, 2022. Firstmark Services will provide you with an IRS Form 1098-E for any qualifying payments received during the remainder of 2021.

Please note that while the IRS only requires 1098-E forms be provided if you have paid at least $600 in eligible interest, Wells Fargo generates 1098-E forms for customers who have paid at least $100 in eligible interest due to customer demand. If you did not pay at least $100.00 in eligible interest and fees during the tax year, you will not automatically receive a form 1098-E from Wells Fargo through the mail, even if you received one last year.

For 2021 tax information for student loans that have transferred to Firstmark Services, please visit Firstmark Services or call 1-833-531-1307 for more information.

For general tax questions related to any student loan(s) still being serviced at Wells Fargo, please contact Wells Fargo at 1-800-658-3567 Monday to Friday: 7 am to 5 pm Central Time.

Yes. Please visit Firstmark Services or call 1-833-531-1307 or for details regarding cosigner release.

New student loans and student loan refinancing are no longer available from Wells Fargo. 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.

Please visit Firstmark Services or call 1-833-531-1307.

For a student loan still being serviced at Wells Fargo, please contact us at 1-800-658-3567 Monday to Friday: 7 am to 5 pm Central Time.