You may be looking for some information about Wells Fargo student loan refinance calculator. Where to access it? How to calculate it? But, first let me tell you that since January, 2021, Wells Fargo has not offered student loans anymore which means that you cannot refinance there. So, here we will first give you an explanation about what we got about the student loan refinance calculator and also the information related to Wells Fargo exiting its student loan business.
Wells Fargo Student Loan Refinance Calculator
When we accessed the official website of Wells Fargo, we could not find the student loan refinance calculator on the website. It may be because since January 2021, Wells Fargo has exited its student loan business. Instead, we found a mortgage refinancing calculator and repayment calculator on the website of Wells Fargo.
Since Wells Fargo does not offer student loans anymore, you may be able to find the other companies and if you are looking to refinance student loans, you can use the student loan refinance calculator on NerdWallet website to compare lenders and find the right lender for you.
On the NerdWallet calculator, you have to know what you owe first by entering your loan balance, interest rate, and remaining term. Then, you can get the result of it in the estimated monthly payment field. After that, you have to check your rates. On that site, there are a number of lenders and you can compare the rates of each lender by clicking on the Check Rates button. Next, you can run the numbers by entering the details about your hypothetical new refinance loan to see what you could save and you can use 5% if you are not sure about the rate that you will qualify for. Do not forget to hit the Calculate button.
A student loan calculator can also be found on the SmartAsset website. On that calculator, you can enter your loan amount, interest rate, loan term and monthly prepayment. After you fill out the fields, you can see the results in the Monthly Payment field.
About Student Loan Refinance
What is student loan refinance? If you choose to refinance your student loans, it means that a private lender will pay off your existing loans and issue you a single new loan with different terms and a new interest rate. What are the pros of student loan refinance? If your credit is good, you will be able to reduce your interest. According to Nitro College website, their data shows that the average borrower who refinances their student loans is able to lower their payment by $253 per month on average or they can save over $16,000 over the life of their loans. Now, how about the cons of refinancing? As explained in the Nitro College site that there is only one real drawback to refinancing and it only applies if you possess federal loans. Let’s say that you refinance federal student loans. So, you will lose access to federal benefits like student loans forgiveness and income-based repayment. In addition, you will likely lose options like deferment or forbearance, though some lenders provide their own versions of these.
For your information, private loans do not qualify for those benefits so that you will not lose out on anything at all by refinancing your private loans.
Things to Know About Student Loans Exited in Wells Fargo
Wells Fargo no longer offers student loans. So, there is some information that you need to know about it, moreover if you are a customer of student loans at Wells Fargo.
- 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 yet transferred to Firstmark Services, what do I have to do?
If you have not received 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.
- Let’s say 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.
- 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 means 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.
- Can we refinance or consolidate my student loans with Wells Fargo?
Since January 28th, 2021 at 06:00 PM Central Time, Wells Fargo does not accept new applications for Wells Fargo Private Consolidation loans.