Your interest rate options will be presented to you during the application process, at which point you can choose between a specific variable interest rate and specific fixed interest rate.
Once you apply, a private student consolidation loan application usually takes 45 – 60 days to process.
Variable interest rates are based on market conditions, so if market rates go up, so do your interest rate and monthly payments.
Fixed interest rates stay the same over the life of the loan. Your interest rate will be determined by several factors when you apply, most importantly your credit history and that of your cosigner, if applicable.
Variable interest rates are based on an Index, plus a margin.
The APR for a variable rate loan may increase during the life of the loan if the index increases.
Learn more about how to take advantage of both student loan discounts. The lifetime limit for this loan combined with all other education-related debt is $250,000.
Calculate how to potentially pay less interest on your student loan: Student Loan Interest Calculator Calculate the monthly payments on your private student loans: Student Loan Repayment Calculator If you’re a borrower with little or no credit history, or you have limited income, a cosigner may help you to qualify for this loan and potentially receive a lower interest rate.
The borrower and any cosigner share responsibility for ensuring that the loan is repaid.
In the event of the death or total and permanent disability of the borrower, the loan can be forgiven and the cosigner won’t be responsible for repayment.
A cosigner may be released from the loan if the student borrower is a U. citizen and contacts Wells Fargo to request release of the cosigner.
Wells Fargo will evaluate credit and income factors to determine the student borrower’s ability to take full responsibility for repaying the loan.
When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.