09 billion and a settlement with the Maryland Attorney General for $20 million , both for alleged practices that contributed to the subprime mortgage crisis that occurred between 2005 and 2009. These allegations did not include any issues related to student lending practices, however.
Wells Fargo: Potential Benefits for Borrowers
If you don’t have a private student loan with Wells Fargo, the option is now closed to you, as described above. However, if you have an existing student loan with them and have enjoyed the experience so far, you can still take out additional student loans for a few more months.
- Discounted loan rates if you or your co-signer have existing Wells Fargo accounts: If you have an existing student loan or a consumer checking account with Wells Fargo, you can receive a 0.25% rate discount . If you have a Portfolio by Wells Fargo, you can receive a 0.50% rate discount.
- No application, origination, or late fees: Wells Fargo charges no fees for applying, and there are no origination or late fees on the loans either.
- Discount for entering an automatic payment program: When you enter repayment, you can lower costs even more by setting up automatic payments. This lowers your interest rate by an additional 0.25%.
- No payments required while in school or six months after: You are not required to make any payments while in school, and there is an additional six-month grace period after you leave school before repayment begins. Continue reading “The two government actions against Wells Fargo include a United States Department of Justice (DOJ) settlement agreement for $2”