Cons Explained
- Interest rates: Wells Fargo’s interest rates ple, fixed-rate loans for undergraduate students range from 4.53% (the lowest rate with discounts) to %, not including any customer discounts. To qualify for loans with an interest rate on the lower end of the range, you need excellent credit. By contrast, federal loans for all undergraduate students have a fixed rate of 3.73%, regardless of credit score. However, Wells Fargo is no longer accepting new http://www.getbadcreditloan.com/ applicants for student loans.
- Loan limits: Wells Fargo limits how much you take out in total education debt. The limit for undergraduate student loans, combined with all other education debt-including federal student loans-is $120,000. If you need to borrow more than that, you’ll have to find another lender.
- No alternative repayment options: While other lenders offer multiple payment options-such as interest-only payments or fixed payments-Wells Fargo only offers one repayment method for most student loans. You get a six-month grace period, then start making full principal and interest rate payments on your debt. The limited repayment options are a significant drawback compared to other lenders.
Wells Fargo Student Loans Available
It also has loans for students in their residency, completing the bar exam, or pursuing career training or studying at community colleges.
Undergraduate Student Loans
Depending on your dependency status, the most you can borrow each year in federal direct loans as an undergraduate student is between $5,500 and $12,500. If your tuition and room and board cost more than that, a private student loan from Wells Fargo can help cover the remaining amount.
Wells Fargo’s undergraduate student loans have no origination or application fees and no prepayment penalties. You can borrow up to the total cost of attendance, minus the other financial aid you received. Continue reading “Wells Fargo provides loans for undergraduate, graduate students, and parent borrowers”