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Wells Fargo Bank Collegiate Loan

Phone Number for New Applicants:  (800) 658-3567
Hours of Operation:  M-F 9am-9pm, Sat 9am-2pm ET

Interest Rates


  • THIS IS A VARIABLE RATE LOAN.  Interest rates will change during life of loan based on changes to the Prime Rate (to see current Prime Rate, click here)
  • Current Starting Interest Rates between 3.50% and 9.99%
    • Range in terms of index:  Prime Rate +0.25% to +6.74%
    • Prime Rate (as published in the Wall Street Journal)  may change monthly on the first day of the month, subject to a contractual minimum of 3.25%. So, if the Prime Rate drops below 3.25%, the interest rate will not go any lower than 3.25% plus your margin.
  • Rates effective July 1, 2010

Loan Fees

  • Origination/Repayment Fees:  None
  • Late Payment Fees: Greater of $28 or 5% of payment
    • Timing:  10 days after payment is due, a payment is considered late
  • Returned Payment Fees:  $15
  • Loan rating, loan verification, duplicate bill, or any document or letter, including (but not limited to) those indicating loan payment in full, loan status or loan payment history for past 12 months:  $5
  • Copies of any Promissory Note or disclosures:  $5
  • Full loan payment history:  $10
  • Research fee (one hour minimum):  $15/hour
  • Forbearance Fees:  None

Repayment Terms

  • Standard Repayment Term:  15 years
  • Interest-only payments required while borrower is in school:  Not required.  In-school payment options are available. 
  • Prepayment penalties:  None

Savings Opportunities

  • Auto-Debit Benefit:  0.25% interest rate reduction for signing up to make payments via auto-debit from your personal checking or savings account
  • Graduation Benefit:  0.50% interest rate reduction upon verification of graduation


  • Adding a co-signer may help lower borrower's interest rate and improve the chances of getting approved for a private student loan.  Most students will need to apply with a co-signer in order to meet our credit history, income and employment requirements. 
  • Co-signer Release:  Yes, after making the first 24 consecutive monthly payments on time, borrower can request to remove co-signer from the loan.   The borrower must meet the minimum credit requirements at the time of the request.

Loan Amounts

  • Annual Minimum Loan:  $1,000
  • Annual Maximum Loan:  Cost of attendance less any other financial aid
  • Aggregate Maximum:  $120,000

Application Process

  • Provides immediate response to online loan application:  Yes
  • Upon online credit approval, provides immediate "plain English" disclosure on interest rates and fees:  Yes

Loan Cancellation

  • Borrower can cancel loan within 3 days of receiving the Loan Disclosure Statement
  • Review lender's Promissory Note for details on loan cancellation process

Promissory Note


  • Wells Fargo


  • Loan approval rates, which are not publicly available, may be low
  • This loan may not be dischargeable in bankruptcy


  • Once you have applied for a loan, please complete this short survey to tell us about your experience

Student Lending Analytics (SLA) is an independent research and advisory firm and is not a lender.  SLA receives NO compensation from any lenders for our ratings service nor for any referrals that they may receive through this website.  While SLA has made every effort to confirm each of the lender loan terms described above, it assumes no responsibility for typographical or other errors or omissions in the information provided.   SLA makes no representations or warranties about your eligibility for a particular loan.   SLA recommends that you carefully review each lender's loan application and promissory note for final loan terms, including Savings Opportunities.   Savings Opportunities may not be automatically available and you may not be eligible for certain Savings Opportunities.

Student Lending Analytics Releases 2009 Private Loan Guide

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