Wells Fargo Reduces Its Student Loan Rates

Wells Fargo Bank, headquarted in San Francisco, has just reduced the rate it charges on student loans.

Wells Fargo has two student loan programs – “Wells Fargo Student Loan for Parents” and “Wells Fargo Collegiate” – that provide student loans at variable interest rates. The interest rates have just been reduced to 3.5% for students who qualify. This is a big savings.

Students can lower their rates even further by participating in other Wells Fargo programs. If Collegiate program participants participate in the Wells Fargo Student Graduation Benefit Program, they can lower their interest rates by .5%. Students can also reduce their interest rates by setting up automatic electronic transfer payments. A student in the lowest interest rate tier who takes advantage of both programs could lower their effective interest rate to 2.75%!

One of the best things about Wells Fargo student loan programs is that they do not charge any application fees, origination fees or repayment fees. Furthermore, students receiving loans can also defer payments until after they graduate.