Wells Fargo Reviews: Student Loan Refinancing and Private Student Loans
Wells Fargo offers refinancing and private student loans only to existing Wells Fargo private student loan borrowers. It will no longer offer any student loans products after Jan. 28, 2021.
Student loan ratings

Student loan refinancing
Private student loan
The bottom line: Wells Fargo has provided student loans since the mid-1960s. Its refinancing loan, which it calls its private consolidation loan, is only available to existing Wells Fargo student loan borrowers. It's best for those who want to take advantage of payment reduction options. Its private loan is also only for borrowers with existing Wells Fargo student loans. It's best for those enrolled less than half-time.
Student loan refinancing review

Wells Fargo Student Loan Refinance
5.0
NerdWallet ratingFixed APR
3.74 - 9.74%
Variable APR
3.00 - 8.74%
Min. Credit Score
Does not disclose
Pros
- You are assigned a dedicated student loan advisor.
- More flexible repayment options for struggling borrowers than other lenders.
Cons
- Shorter length of hardship forbearance than most other lenders.
- Only borrowers with existing Wells Fargo student loans are eligible.
Best for borrowers with existing Wells Fargo student loans.
Full Review
Wells Fargo refers to its student loan refinancing product as private consolidation. By either name, it means replacing one or more student loans with a single lower-rate loan. As of July 1, 2020, consolidation is available only to borrowers with existing Wells Fargo student loans. After January 28, 2021, Wells Fargo will no longer accept new applications for any of its student loan products.
Wells Fargo is one of a handful of lenders that allow borrowers to refinance loans without earning a college degree. It also offers multiple options to lower payments in case of financial hardship.
Wells Fargo student loan refinancing at a glance
Several payment-reduction options for struggling borrowers.
Only existing Wells Fargo student loan borrowers can qualify.
Hardship forbearance of 6 months is less than most lenders.
How Wells Fargo could improve
Wells Fargo could improve its student loan refinancing product by offering:
Biweekly student loan payments via autopay.
Greater-than-minimum payments via autopay.
How much can refinancing save?
Wells Fargo student loan refinancing details
Before refinancing with Wells Fargo
You can apply for a Wells Fargo refinanced student loan on its website. Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.
If you aren’t eligible to refinance with Wells Fargo
If Wells Fargo denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.
NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.
How does this loan compare?
Fixed APR2.99 - 6.88% | Fixed APR2.97 - 8.34% |
Variable APR2.25 - 6.43% | Variable APR1.99 - 8.09% |
Min. Credit ScoreDoes not disclose | Min. Credit ScoreDoes not disclose |
Private student loan review

Wells Fargo Private Student Loan
4.5
NerdWallet ratingFixed APR
4.53 - 10.72%
Variable APR
3.39 - 10.09%
Min. Credit Score
Does not disclose
Pros
- You are assigned a dedicated student loan advisor.
- One of the few lenders to offer loans to borrowers enrolled less than half-time.
- More payment reduction options for struggling borrowers than other lenders.
Cons
- Shorter length of hardship forbearance than most other lenders.
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
- Only borrowers with existing Wells Fargo student loans are eligible.
Best for borrowers with existing Wells Fargo student loans.
Full Review
The Wells Fargo Collegiate student loan is a private option for undergraduate students who attend traditional four-year schools. As of July 1, 2020, it is available only to those who already have existing Wells Fargo student loans. After January 28, 2021, Wells Fargo will no longer accept new applications for any of its student loan products.
It's one of the few loans for borrowers enrolled less than half-time in college. Most lenders require at least half-time or full-time enrollment status.
Wells Fargo also has some of the most generous forbearance and repayment options available.
Wells Fargo private student loans at a glance
Flexible forbearance and repayment options.
Borrowers are assigned a dedicated student loan advisor.
Borrowers enrolled less than half-time are eligible.
Borrowers must have existing Wells Fargo student loans to qualify for new private loans.
How Wells Fargo could improve
Wells Fargo could improve its private student loan product by offering:
Personalized rate estimates without impacting credit.
Biweekly student loan payments via autopay.
Greater-than-minimum payments via autopay.
Before applying for a Wells Fargo student loan
You can apply for a Wells Fargo student loan on its website. Before taking out a Wells Fargo student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you aren’t eligible for a Wells Fargo student loan
If Wells Fargo denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.
If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans.
STUDENT LOANS RATINGS METHODOLOGY
NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That's why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines.
Find the Right Student Loan
Frequently asked questions
Wells Fargo private student loans for undergraduate and graduate students have a rating of 4.5 out of 5 stars by NerdWallet. Its refinancing product has a rating of 5 stars.
Its loans are only available for existing Wells Fargo student loan borrowers.
To qualify for a Wells Fargo student loan you'll need to have existing Wells Fargo student loans. You'll also need to meet credit and underwriting requirements. The minimum private loan you can borrow is $1,000. The minimum to refinance is $1,000 per individual loan or $5,000 total loan balance.
Wells Fargo has a minimum of $1,000 per student loan or $5,000 total loan balance to refinance. Wells Fargo will only consolidate existing Wells Fargo student loans. Here are the limits:
Students with undergraduate degrees or graduate degrees: Up to $150,000 in federal and/or private student loans. Students with allopathic, osteopathic, or dental graduate degrees: Up to $300,000. Students with law, MBA, or other medical graduate degrees: Up to $180,000. Students with associate degrees and those who did not graduate may consolidate up to $120,000.