Wells Fargo Refinancing Student Loans
You’re busy enough with your career and family. You don’t want to spend hours trying to find the best student loan refinance option for you. That’s why Wells Fargo is a great choice for student loan refinancing: we’ve made it easy for you to compare rates and terms from several different lenders in just one place. We also offer competitive rates that can help you save money on your current student loans, so you can put that extra cash toward something else—like retirement or an emergency fund.
Wells Fargo offers student loan refinancing to borrowers with good credit, strong income and a history of making on-time payments.
If you’re looking to refinance your student loans with Wells Fargo, make sure you have strong credit and good income. The bank offers student loan refinancing to borrowers with good credit, strong income and a history of making on-time payments. If you meet these qualifications, you can refinance your student loans with Wells Fargo or any other lender.
With Wells Fargo, you can choose between two different types of student loan refinancing loans.
There are two types of student loan refinancing loans offered by Wells Fargo.
The Wells Fargo Student Loan Refinancing Plus is a product that allows you to refinance your federal and private student loans into one loan. If you have any federal or private student loans, then this option may be the best choice for you. The interest rate on this product ranges from 5.95% APR to 8.95% APR depending on your credit score, but all applicants must have a minimum credit score of 640 in order to qualify for this program (aside from educational institutions).
The Wells Fargo Student Loan Refinancing is also available if you want to refinance only your federal student loans or only your private student loans, but not both at once like with the Plus version above; however, if you don’t qualify for Plus due to high debt-to-income ratio or other reasons then this option might be better suited for what type(s) of debt relief options suit them best overall when considering all factors involved such as monthly payments amounts etcetera which we will discuss next section below under “Benefits & Drawbacks” section further down in post where we talk about how much money can potentially save each month based upon different scenarios involving different balances/interest rates etcetera which could help determine whether they should go ahead with application process now before going further down list below:
How Wells Fargo compares for refinancing student loans.
Well, there are a couple of things to keep in mind when looking at Wells Fargo for refinancing your student loans. The first is that their rates and terms vary depending on whether you have good or bad credit. If you have poor or average credit (a FICO score below 600), then the rate will be higher than if you had excellent credit (a top-tier score above 720).
- If you have excellent credit, they offer an interest rate as low as 4.24% APR on their five year fixed plan. This is one of the lowest rates available right now! But if your score is less than 650, then this same plan would cost 6.99%. That’s still far below most other lenders but it’s still significantly higher than what some others are offering.*
- If your FICO falls between 620-650, then Wells Fargo offers a 5-year fixed rate of 6.49% on unsecured loans (no collateral required.) This isn’t quite as competitive as those with higher scores but it’s still better than many other lenders who don’t offer unsecured options at all.*
You can refinance your student loans with Wells Fargo, but it’s not the best option if you’re looking for lower rates.
Wells Fargo Student Loan Refinancing is a way to consolidate your student loans at a lower interest rate. If you have federal student loans from multiple lenders, refinancing can help you get one monthly payment and lower your interest rate.
Refinancing with Wells Fargo can be confusing because there are many different types of loans, repayment plans and APRs offered by other banks and private lenders. To make matters worse, it’s difficult to compare different offers side-by-side because each lender uses its own unique criteria for approving borrowers and determining how much they’ll pay back in total over time (the “loan term”).
So what are the pros and cons? Here’s what we found:
If you’re looking to refinance your student loans, Wells Fargo is a good option. However, there are other lenders who offer lower rates and encourage repayment flexibility. If you’re not able to repay your loan in full over the term of the loan, then Wells Fargo might not be for you.