How is the student loan consolidation in Wells Fargo? You may wonder about it, but do you know that since January 2021, Wells Fargo does not offer student loans anymore? Well, here we will give you some information about student loan consolidation that we got from some resources and also about Wells Fargo which stops its student loan business.
Student Loan Consolidation in Wells Fargo
The student loans which are offered by Wells Fargo include undergraduate, graduate, medical, parent, career and community college, consolidation, health professionals and bar exam. The loan amounts for private loans is $1,000 to $250,000 and for consolidation loans starts from $1,000. The interest rates for private loans is 2.68% to 10.49 variable APR, 4.53% to 12.99% fixed APR with autopay. For consolidation loans, the interest rates is 3.25% to 9.94 variable APR, 4.49% to 10.99% fixed rate ARP with autopay.
The repayment terms for private loans is up to 15 years and for consolidation loans is 5 to 20 years. The grace period is 6 months and there is no co-signer required.
According to Good Call website, Wells Fargo private consolidation student loans can be a good option for students who are paying high interest rates, students who wish to make one payment or students who wish to extend their loan term to lower monthly payments. After you submit your information, Wells Fargo will spell out in its detailed loan review how moving forward will give an effect to each of your loans, showing whether consolidation really is a good option for your condition.
If you want to qualify for a Wells Fargo private consolidation student loan, you need to show creditworthiness, fill out the loan application and have an outstanding loan balance of at least $5,000. If your loan is accepted, then your only repayment option is immediate repayment with no grace period.
To apply for a Wells Fargo Private Consolidation Loan, you can review personalized interest rate and repayment terms first by entering some personal information for a soft credit check or answering a few general questions. Then, you can complete an application which needs information about the loans that you want to consolidate including account numbers, loan services, current interest rates, current monthly payments and your remaining balances. If you have given all the information, Wells Fargo will return a detailed loan review that explains how following through with consolidation will affect your loans.
Wells Fargo No Longer Provides Student Loans
In January 2021, Wells Fargo exited the student loan business. The private student loans of Wells Fargo are moved to a new loan holder and repayment will be managed by a new loan servicer, Firstmark Services which is a division of Nelnet.
Are you one of the customers who notice that your student loan servicing has been transferred to Firstmark Services? If so, you are able to access Firstmark Services or you are able to call 1-833-531-1307 for getting help to do repayment.
Some Frequently Asked Questions About Student Loan in Wells Fargo
Because Wells Fargo no longer offers student loans, so instead of giving a lot of information about student loan consolidation in Wells Fargo, we will give you the information about transferring student loan from Wells Fargo to Firstmark Services. Here are some frequently asked questions about it based on the official website of Wells Fargo.
- If my student loan servicing has moved, how do I contact Firstmark Services, a division of Nelnet?
If the servicing of your Wells Fargo student loans has been moved, a welcome letter from Firstmark Services will be received by you with your new account number and contact details. After this letter is received by you, you are able to access the website of Firstmark Services or you can call 1-833-531-1307 to get customer support.
- Why doesn’t my student loan appear on Wells Fargo Online?
After your student loan is moved, your student loan will not appear on Wells Fargo Online anymore. In case your student loan is your only account with Wells Fargo, you will not have access to Wells Fargo online after this transfer is done. You will be mailed by Firstmark Services about how to set up online access by using your new account number.
- If I need help with an application in progress or pending disbursement, what do I have to do?
If you are a borrower or cosigner with an application in progress, you can call at 1-800-378-5526 which is available from Monday to Friday at 9 am to 5 pm Central Time or you can login to check your application status or sign loan documents.
- If I need help and my student loan has not yer transferred to Firstmark Services, what do I have to do?
If you have not got notice that your student loan servicing has moved to Firstmark Services, you can call Wells Fargo at 1-800-658-3567 which is available from Monday to Friday at 7 am to 5 pm Central Time.
- After this servicing transfer, will the terms of my student loan remain the same?
Yes, the terms and conditions of your student loan will not be affected by this student loan servicing transfer. It also mean that your rights and responsibilities will be the same.
- If I’m not required to pay at this time, will my repayment status change because of this servicing transfer?
It is important to note that loans in a forbearance status at the time of transfer will remain in a forbearance. The forbearance will be maintained by Firstmark Services through the agreed upon dates.
- If my student loan servicing has moved, what happens if I deliver a payment to Wells Fargo?
After your student loan has moved to Firstmark Services, payments should be delivered to Firstmark Services. After this transfer, any payments which are made to Wells Fargo Education Financial Services will be transferred to Firstmark Services for processing for 120 days from the date of your transfer. After that period, then payments will not be accepted by Wells Fargo anymore and any payments received will be returned.