Wells Fargo Interest Rates On Student Loans

Student loan interest rates may change soon. If you have a federal student loan taken out, you’ll want to make sure you know about any potential changes. According to a recent report from Wells Fargo, interest rates could drop as low as 2 percent. The bank said they’re making the move since students are still graduating at record numbers and their loan balances are still high.

The average student loan balance is $31,300 at the moment. And while that number might seem high, Wells Fargo says the total amount of outstanding loans has increased by nearly 70 million dollars over the last five years. That’s bad news considering student debt now tops $1 trillion dollars. But Wells Fargo thinks some sort of relief is coming for borrowers. In fact, the bank predicts that interest rates could fall to as low as 2 percent in two years.

Wells Fargo said that they’ve adjusted their standard variable rate (SVR) currently set at 5.86% down to 4.75%. Of course, if you have a private student loan then you won’t be impacted by these changes. However, Wells Fargo also said that they don’t expect to cut the SVR for private loans anytime soon. So, if you do have a private loan, make sure you keep tabs on what the interest rate is before signing your next contract. You never know when the SVR might adjust again!

Wells Fargo Interest Rates On Student Loans

This was not our choice to do. We were asked to make this video by Wells Fargo who offered us $20 amazon gift cards if we would record this PSA and share it on social networks! I hope you enjoy watching us take on this challenge as much as we enjoyed filming it 🙂

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Wells Fargo Interest Rates On Student Loans

Interest rates on student loans may go down soon after President Trump signed his executive order on Wednesday. If you have federal Stafford loan debt, then you won’t even need to worry about interest rates going up if Wells Fargo gets their way.

The San Francisco-based bank announced earlier this month that they were going to lower the interest rate on private student loans by 0.25%, citing low mortgage rates as the reason. On Tuesday, Trump signed an executive order directing the Department of Education to lower interest rates on federally subsidized student loans.

So what does this mean? Well, if you currently have a $50,000 loan at 6.31% interest, then Wells Fargo will now lend you a $51,000 loan at 5.75%. While that might not seem like much, it could still save you money over time. Private student loans carry variable interest rates, meaning those rates change each year based on market forces. But the difference between private and public student loans is huge—$10,000 a year for 30 years means a lot of money.

It’s the same for everyone else who has student loan debt, including teachers, police officers, nurses, doctors, and many others. So while this news doesn’t affect anyone right away, it could help out millions of people in the future.

Wells Fargo Interest Rates On Student Loans

The biggest problem facing borrowers today is how to pay back their student loans. Borrowers who were unaware of their options are now faced with expensive loan payments and high interest rates, making it difficult to meet their financial obligations. To help borrowers navigate these obstacles, Wells Fargo has created two special accounts designed to make repaying student loans easier and less costly. These accounts offer borrowers a chance to save money on monthly expenses while saving on interest charges for the remainder of the loan term.

As of June 1, 2013, students have until July 31st to apply for both the Low Income Loan Account and the No-Interest Federal Direct Loan Account. Once applied, borrowers may use these accounts to make payments towards their outstanding federal direct loans at reduced costs. In addition, the accounts allow borrowers to take advantage of lower interest rates that are currently being offered.

To qualify for either account, borrowers need to complete the application process and submit any supporting documentation. Additionally, they will need to provide proof of income, such as a recent paycheck stub, tax return, or Social Security card. While the accounts are open to anyone with federal direct loans regardless of age, borrowers must be enrolled in repayment under a plan that requires no payments for at least 12 years. After those 12 years, borrowers are still obligated to repay the loan but will only be charged the discounted rate for the remaining duration of the loan.

Once a borrower qualifies for either the Low Income Loan Account or the No-Interest Federal Dlro Account, he/she will receive a debit card to use for payment. Payments may be sent electronically using ACH transfers through the Electronic Fund Transfer System (EFT) or through the postal mail. Since they are not considered taxable income, payments from either account should not affect a borrower’s eligibility for other government assistance programs.

Borrowers must begin making payments once they are notified by their lender if they fall under certain income guidelines. If a borrower does not fall under any of the guidelines, he/she will not be subject to paying any interest. However, Wells Fargo will charge an origination fee of 2% of the principal amount of the loan.

While the accounts can be applied for online, borrowers are encouraged to contact their lenders directly for additional information.

Wells Fargo Interest Rates On Student Loans

Wells Fargo Bank & Its Financial Services Group

Wells Fargo was founded in 1852 and is headquartered in San Francisco, California. Since its founding, Wells Fargo has grown to become one of America’s largest financial institutions, serving customers nationwide at approximately 5,000 locations and online at www.wellsfargo.com. In addition to banking products and services, the company provides a variety of financing solutions including retail and commercial finance, business cash management/working capital loans, mortgage banking and consumer lending. The bank offers a wide range of account products and services to consumers while providing corporate clients with specialized investment banking, asset-based lending, treasury and transaction processing services.

Interest Rates

The current interest rate for private student loan borrowers ranges between 4% and 6%. If the borrower has not yet repaid their student loan, they may have the right to defer payments for 10 years or to extend the repayment period for an additional five years. These options are provided under certain circumstances and conditions. 3. Federal Direct Loan Program

The federal direct loan program is managed by the U.S. Department of Education, offering low-interest rates, flexible payment plans, and guaranteed funding. Eligible student loan borrowers who do not qualify for subsidized federal loans can choose to borrow money from the government instead of their school. 4. Subsidized Loan Programs

Subsidized loans offer eligible students lower monthly payments than unsubsidized loans. Students can receive subsidized loans if they meet certain requirements. Generally, subsidized loans require that a student lives with his or her parents, attends school full time, makes satisfactory academic progress, and meets the income limits established by the government.

5. Non-subsidized Loan Programs

Non-subsidized loans provide higher annual loan amounts than those offered under the subsidized loan option. However, non-subsidized loans generally cost borrowers more in terms of interest paid over the term of the loan. Borrowers can obtain non-subsidized student loans only if they fall into specific categories.

6. Income Limits

Income limits help to determine whether a student qualifies for either a subsidized or non-subsidized loan. The maximum amount of loan eligibility is based on the students family size and the total household income. The average subsidy received by borrowers who take out loans in 2012 was $6,400 per year.

7. Parent PLUS Loans

Parent Plus Loans allow parents to pay for their child’s education and repay loans themselves after their children graduate. Parents seeking a PLUS loan must complete the Free Application for Federal Family Educational Loan (FAFEL). Parents then submit their application to their child’s college, university, or vocational school. A PLUS loan cannot exceed the amount that would otherwise be permissible under the federal law known as “Expected Family Contribution” (EFC). Parents with a PLUS loan may be eligible for government subsidies, which reduce the amount of interest charges.

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