Wells Fargo Student Loans Refinance

Wells Fargo Student Loans Refinance

5 min read


How to Refinance Your Wells Fargo Student Loan

If you have been thinking about refinancing your student loans, here are some things you should know with regard to refinancing your student loan(s) through Wells Fargo Bank.

Step One: Start Saving Now!

You’ve probably heard us say that savings is the first step towards achieving your goals—and this is no different when it comes to refi’ing your Wells Fargo student loans. If you don’t have money set aside now, then you may find yourself paying more interest, making larger payments, or both.

Step Two: Figure Out What You Can Afford

As we discussed above, the amount you want to pay for your student loan refi is based off of what you can afford. Before you even start looking at rates, however, you should figure out how much you can comfortably put toward each payment without going over your budget—or running up additional debt. We recommend using personal finance software to help track your expenses and income.

Step Three: Find A Good Lender

When you’re ready to take the next step on the road to refinancing your student loans through Wells Fargo, you need to find a lender who offers competitive rates and terms. There are several factors you will consider when choosing a lender, including their customer service record, whether they offer fixed-rate or variable rate options, and the type of documentation they require before approving your application (such as proof of employment).

Step Four: Request Approval

Once you’ve identified a lender that best suits your needs, you need to request approval for your student loan refinance. Once you submit the request, lenders will review your information and if approved, you’ll get prequalified and receive a conditional approval letter. From there, you can shop around for the best deal.

Step Five: Apply And Get Preapproved

The final step is applying for your student loan refinancing and getting preapproved. To apply, you’ll provide your current interest rate, repayment term, monthly payment, and original principal balance. After submitting this information, you’ll wait for your lender to preapprove you and give you the opportunity to accept or reject the offer. Once you approve, you’ll be able to choose the right plan for you.

Wells Fargo Student Loans Refinance

Who Can Refinance?

Anyone who has student loan debt can refinance their loans. However, only people under certain conditions should pursue refinancing. If you have good credit, then you might qualify for a lower interest rate on your loans. But if you’re not eligible for that option, a private lender might still be able to help you. You’ll need to check out the terms of the loan first. And make sure you know how much money you’d save before committing any money, since refinancing isn’t free.

What Are My Options?

The two major options for refinancing your student loans are Direct Consolidation and Income Based Repayment (IBR). Both can allow you to consolidate your student loan debt into one monthly payment, but they work differently. In order to understand how these options work, we’ll take a look at each type of consolidation.

Direct Consolidation

With direct consolidation, your existing federal education loans are consolidated into one loan. Your new loan would be serviced by the original lender. You don’t get to choose the terms of your new loan; however, you do get to pick between fixed-rate and variable-rate loans.

You must pay off any remaining balances on your old loans. You will receive the same amount of money that you currently owe, plus the principal balance on your new loan. All payments go toward your new loan rather than paying back the old ones.

If you decide to switch lenders, you’ll want to contact them to find out what fees you may incur. Your lender might charge you a fee to transfer your loans.

Income Based Repayment

Income based repayment lets you pay back your student loans over a period of time instead of making a single payment. This method could help you avoid bankruptcy, because you’ll only have to repay your debts while you are working. Payments are based on your income and family size. Once again, payments are applied to your new loan. At the end of your term, you will pay off your entire loan according to the terms of your agreement.

Both methods of consolidating your student loans offer some advantages and disadvantages. Talk to your current lender about both options. You may learn something new!

Wells Fargo Student Loans Refinance

What is WellsFargo Student Loan Refinance?

Wells Fargo Student Loan Refinancing is the consolidation of student loans. This means that all of your federal student loan balances are consolidated into 1 monthly payment. You choose how much consolidation (the amount of money) you want at that time. Once you pay off the loan(s), you no longer have a debt. You then receive a single monthly payment to make your payments easier.

How Do I Qualify for a WellsFargo Student Loan refinancing?

You may qualify if…

You have a mix of private and government backed loans

Your current interest rate is above 6% APR

You have less than $10K in total outstanding balance

Your expected graduation date is within 10 years of applying

Is There A Deadline To Apply?

Yes, there is a deadline to apply. You must complete your application before 11/30/18 to meet the deadline.

How Much Will My Monthly Payment Be After Refinancing?

The amount of your monthly payments will depend on several factors including your loan type, credit history, and expected graduation date. In general, though, you can expect to pay around 12-15% lower per month after refinancing.

When Can I Expect To See the Money From My New Payment?

After applying, your lender should contact you to let you know what their processing time is. Depending on your lender’s policy, you could get paid between 5-8 weeks after they’ve processed your loan.

Wells Fargo Student Loans Refinance

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Wells Fargo Student Loans Refinance

Get approved for student loans

You will need to have a steady income if you want to pay off your student loans faster. You should make at least $50,000 a year (or if you’re self-employed, $61,000). Your monthly payments may go down after 6 years, but they’ll still be high. In order to get approved for refinance, you’ll need to show proof of stable employment or substantial side hustles.

Avoiding bankruptcy

If you file for Chapter 13 bankruptcy, you could end up with a lower interest rate than if you file for bankruptcy under Chapter 7. If you do not file for bankruptcy, you’ll lose all of your loan balance plus accruing interest while your case is being processed.

Locking in a fixed rate

Your interest rate will stay fixed throughout repayment. That means it won’t rise over time, even though it’s possible that rates will fall. But remember to check the fine print – some companies don’t guarantee fixed rates. And if you miss a payment, your interest rate could jump temporarily.

No prepayment penalties

Most student loans charge a penalty for paying early. Check to make sure there aren’t any prepayment penalties before refinancing.

Save money

It costs less to borrow money upfront. So if you have $10,000 left to repay on your student loans, borrowing $20,000 gives you a bigger return. However, you’ll pay more in interest.

Repaying smaller amounts

Repaying your loan faster lowers your total amount owed. Instead of making 20 monthly payments of $300 each, you could make 12 payments of $500. And since you paid back more right away, you’d save money.

Lower interest rate

Refinancing makes sense if you have good credit and your debt load is low. Many companies offer special rates for people who are current on their payments.

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