Wells Fargo has announced a reduction in variable rates for its student loan programs, with rates as low as 3.5 percent tied to the prime rate for those who qualify.
The reduced rates apply to its programs: Wells Fargo Collegiate Loan and Wells Fargo Student Loan for Parents. The programs do not have application, origination, or repayment fees. Borrowers can defer payments until graduation or make in school payments
The lender said its private student loan customers can reduce their interest rate during repayment by 0.25 percent if they set up automatic payments.
Wells Fargo Collegiate Loan customers can lower their rates by an additional 0.50 percent through the Wells Fargo Student Graduation Benefit Program.
If students qualify for both programs and the lowest pricing tier, their overall interest rate could be as low as 2.75 percent – based on today’s Prime Rate index of 3.25 percent, Wells Fargo said.
Published tuition and fees at public four year colleges and university rose at an average annual rate of 4.9 percent per year beyond general inflation from 1999-2000 to 2009-2010, more rapidly than the previous two decades, according to CollegeBoard.com.
“Wells Fargo offers private student loans to qualified customers who need to fill the gap between the amount of federal financing for which they qualify and the overall cost of their education,” said Kirk Bare, head of Wells Fargo Education Financial Services. “We strongly advise students and families who borrow private student loans to exhaust all grants, scholarships, and federal loan eligibility first.”
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[...] eCreditDaily.com [...]
Wells Fargo, who recently acquired Wachovia Bank, needs to do something immediately about the fact that Wachovia Bank, for the past THREE YEARS, has been submitting erroneous negative information to all three credit bureaus, in spite of the fact that I’ve reported them to vog.saert.cconull@thgindoog.adnilem to vog.denull@nacnud.enra, and moc.ografsllewnull@nimda. There is no excuse for this whatsoever, so please inundate these people with e-mails demanding they stop monkeying around and deliberately ruining my credit, when in fact, I have NEVER been in arrears or even late with old student loans. My loans were always in approved forbearance or deferment when not making payments.
http://education.change.org/petitions/view/boycott_wachovia_bank_to_occ_us_dept_of_ed–do_your_jobs
Carol Tucker, MA
Pensacola, FL
How much did Wells Fargo pay you to remove my previous comment?
http://education.change.org/petitions/view/boycott_wachovia_bank_to_occ_us_dept_of_ed–do_your_jobs
You just violated my freedom of speech…and so quick to do so…revealing your “priorities.”
Carol Tucker, MA
Pensacola, FL
I see it’s back now. What’s up with THAT???