Wells Fargo Consolidate Student Loans

2 min read

This video provides an overview of Wells Fargo’s consolidation efforts. Students who have $500 billion in student loan debt may qualify for lower rates on their loans if they consolidate. In order to qualify, students need to find a loan servicer that offers low rate programs. Wells Fargo offers several financial options for its customers including mortgages, home equity, auto loans, personal banking and credit cards.

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Wells Fargo Consolidate Student Loans

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Wells Fargo Consolidate Student Loans

Wells Fargo has been reported to consolidate student loans, which will save students money on interest rates. Students may be able to borrow money at lower interest rates if they have multiple federal loans.

If you want to apply for consolidation, you need to meet certain requirements, including being enrolled in school full-time, having a good credit score, and not having defaulted before. You’ll also need to make sure that you’re eligible for loan forgiveness, depending on how much you owe and whether you have financial hardship.

Many people think that consolidating their student loans takes away options for refinancing, but actually, you can still refinance after your initial term — just not with the same lender. Your current servicer may offer repayment plans with different due dates, payment amounts, or even interest rates.

If your financial situation changes, you can always change your repayment plan. Your loans become amortizing loans over 30 years.

Federal loans don’t work like private ones do. Private lenders might give you a grace period after you miss a payment to allow you to catch up. But federal loans only let you defer payments for six months.

Loan forgiveness programs aren’t necessarily offered by banks; they could be offered by nonprofit organizations. Check with your lender to find out what’s available.

As long as you’re working toward paying off your loans, you should never stop applying for jobs or taking advantage of opportunities. A job is often the best way to build your credit and increase your income.

To learn more about student loan debt, visit StudentLoanJustice.org.

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