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Examining Wells Fargo Student Loans

The Essential Information

Student loans are type of financial aid to students who cannot afford to pay for their higher education. These loans can be obtained through federal or private lenders. Students can apply either for federal or private loans or for both. If you are thinking of taking a private student loan to support your studies, you should consider applying for Wells Fargo Student Loans since it is considered to be a very safe and secure way of borrowing.

About Wells Fargo

Wells Fargo company with the seat in San Francisco, USA is a one of the leading lending companies in the USA that besides loans, offers banking, investment, mortgage, insurance and other consumer financial options in North America and worldwide alike. It serves online millions of customers all around the world today and gives assistance to large number of undergraduate and graduate students to acquire higher education.

There are numerous benefits Wells Fargo’s borrowers can enjoy and the most important advantages of Wells Fargo student loans include following:

  • Interest rates on your loan are going to be reduced if you make regular payments
  • You can borrow approximately $25,000 every academic year
  • The loan amount is available to parents/guardians without delay
  • Loan repayment can be done in a period of 15 years
  • There are no charges applied for application, origination and loan repayment.

Wells Fargo Student Loan Options

Wells Fargo offers three types of student loans options with different interest rates, repayment options and borrowing terms, but they all are dependent on borrower’s credit.

• Wells Fargo Education Connection Loan

This version of Wells Fargo student loans requires no loan repayment while student is still in school. The annual maximum amount that student can borrow is $25,000. This student loan option has interest rate of 5.68% and you are going to need a cosigner when apply. There is an application fee of 0.02% required with under this student loan option.

• Wells Fargo Student Loan for Parents

Under this student loan plan parent or guardian applies for the loan. Loan is issued immediately and the interest rate is about 3.50%. There is no application fee, but there aren’t graduation benefits offered. The annual maximum amount you can borrow is 25,000 dollars. Loan repayment is parent’s responsibility.

• Wells Fargo Collegiate Loan

This type of Wells Fargo student loans is accessible to fur-years undergraduate students and you are going to need a certification from your school in order to qualify. Your loan will be disbursed directly to the school. This loan type provides the highest loan amount with the cap of $120,000. The Wells Fargo loan option has the lowest interest rate which starts at about 3.40%. You are not required to make payments until you leave the school which gives you an additional graduation benefit of 0.50%. There is no application fee, but the cosigner on application is required.

Wells Fargo Loans for Undergraduate Students

If you are an undergraduate student attending a four-year school and you find that you need to borrow money to pay for your books, tuition, living costs and other education-related costs, we recommend to consider applying for Wells Fargo loans for undergraduate students. With this loan option you are not required to make payments until six months after leaving school, and no origination and application fees apply. You can choose from fixed or variable interest rate; variable rates are offered as low as 2.45% APR and fixed rates at 5.72% APR and you can enjoy a repayment discount benefit of up to 0.50% interest rate reduction.

To qualify for Wells Fargo loans for undergraduate students, you must:

  • Be enrolled undergraduate or graduate student seeking degree at an eligible school;
  • Have a cosigner;
  • Be a US citizen, US national, permanent resident or international student with a temporary resident status. In the last two cases a US citizen cosigner is required.

Wells Fargo Loans for Graduate Students

This group includes graduate, MBA and Health student loans. The main benefit of this type of Wells Fargo student loans is that you don’t need a cosigner when you apply for the loan. In addition, you can choose between fixed and variable interest rates options and variable interest rates starts as low as 3.71%, fixed at 5.56%. You will also take an advantage of repayment discount of up to 0.50% interest rate reduction. Furthermore, loan repayment begins six months after you leave school.

To be eligible for this student loan option, you must:

  • Be full-time enrolled at an  eligible school;
  • Make continuous academic progress in an eligible program;
  • Have a good credit history and
  • Be a US citizen, US national, permanent resident or international student with the temporary = resident status. In case you are permanent or temporary resident, a US citizen cosigner is required.

Wells Fargo Bar Exam Loans

This student loan option is offered to law students looking for finances for their examination expenses and related costs. There are variable and fixed interest rates offered; variable rates with the interest of 6.61% and fixed interest rates of 8.47%.

There is available discount of 0.50% interest rate reduction in repayment. The maximum loan amount offered is $12,000.

Wells Fargo Repayment Plan

There is a grace period of six months after student leaves school and you will be allowed to start your repayment after that period. There is an auto pay program offered, which means that its debits the money for the payment from your bank account or you can even choose an online payment option.

Wells Fargo Uncertified Student Loan

Lots of students seek for Non Certified Student Loans since they find them beneficial in several ways. These loans do not require any authorization from your college or university in order to get the loan, they offer much higher loan limits than Certified Student Loans and you can attain the whole loan amount at once. Their main drawback is related to rather higher interest rates.

Wells Fargo offers Uncertified Student Loan opportunity and in order to apply for uncertified Wells Fargo student loan, you need to have an excellent credit history. However, you may still need a creditworthy cosigner. In case you are planning to obtain Wells Fargo uncertified student loan, it is strongly recommended that you borrow a reasonable amount and repay your loan in a rational period of time.

Summary on Wells Fargo Student Loans

Generally speaking, the Wells Fargo student loan is a great opportunity for those looking for private student loan options. It is easy and convenient online loan borrowing alternative many students today take advantage of. However, before you apply, make sure that you’ve checked out all the other financial student aid options available.

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Defining Uncertified Student Loans

Uncertified student loans, also referred to as direct-to-consumer education loans (DTC loans), are private loans that do not require confirmation from the college in order to be approved. With these loans, the college or university does not need to be aware of the fact that you are looking for more financial assistance.

If you have a Pell Grant or other type of federal loan, it might not be adequate to cover all of your entire expenses, so you would need to apply for a private student loan. You will need money for tuition, books, room, computer and other fees that might be involved. If you apply for a certified loan, the college needs to verify the amount of the loan; however, with non certified student loans, the college does not need to confirm the amount. All of the money must be repaid after college, so do not borrow more than the cost of the education.

Finding uncertified student loans can be difficult. The availability of these loans has declined during the struggling economy. College students were taking out student loans and then using the money for other reasons; therefore, they would eventually default on the loan. As a result, these types of loans are not as widely available.

In order to find a lender who will provide non-certified student loans, you might try searching online. Wells Fargo and Chase are the two most popular lenders offering these types of loans. No documents are sent to the college, and you will not be observed to see where you spend the money. All the lenders care about is whether you make your payments on time.

Be careful about applying for non-certified student loans with lenders online. Some lenders are not legitimate, and they will charge you large interest rates. You need to make sure the lender you choose is reputable, or you could end up in further debt. It is always wise to check with the Better Business Bureau before applying for a loan.

Lenders will mainly look at your credit score before approving you of a loan. You need to have a good credit score, strong income and good credit history. If your credit profile is not great, you might consider having a creditworthy co-signer for the loan. If you obtain student loans without a cosigner, you need to have a good credit score, clean credit history and be able to prove to the lender that you can repay the loan, a solid employment history is an important fact that the lender probably will consider. If you are approved, the money should be sent straight to your address. In order to obtain non-certified school loans, the school does not need to be notified in order for you to have access to the funds.

With uncertified loans, the interest rates are affordable, and the terms of repayment are flexible. In addition, you can normally borrow more money with these types of loans, and you are not required to pay the money back while you are in school.

The main difference in an uncertified student loan and a private education loan is that you do not need verification from the school. However, because people have taken advantage of these education loans, availability has decreased. If you would like to apply for an uncertified education loan, you need to search around for lenders who can provide you with a loan. College is very expensive and in particular medical schools or law universities, so a loan can help you be able to afford higher education.

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Getting Private Student Loans to Finance Education

An Introduction to Private student loans

Private student Loans are great loan option to be considered when you cannot obtain other forms of financial aid. Private student loans are financial resource designed to help you pay all expenses of your education and very helpful way to complement your federal student loan. Private student loans are credit-based financial support which you can use to pay any academic costs like tuition, books, room, school fees, transportation and other expenses. Moreover, private loans help you pay additional costs that are not covered by federal financial aid. What makes it different from other student financial aid that the private loan can cover up to the total cost of your education and that in most cases you need to have a cosigner on your application (in that case your interest rate will be calculated based on your credit and your cosigner’s credit). Also, private student loans require a credit check for the primary borrower.

Private Student Loan Benefits

The major advantage of Private Student Loan Plan is flexibility. Private loans give you the elasticity to apply whenever you need financial help during your time at school. Other important benefit is that any creditworthy borrower is eligible to apply for the loan get loan, in contrast to federal loans that are mainly based on financial need (excluding PLUS loan) and student’s status. In addition, this type of loan gives you opportunity to pay for extra costs like transportation, computer, books and other charges. Diverse private loan lenders offer different terms and conditions. We recommend that you discuss these terms and conditions with your lender before signing a contract. Also, ask for benefits and discounts that private lenders offer, since different companies offer different benefits and discounts.

Eligibility Credit Requirements

In order to qualify for private student loan you must be enrolled at least half-time at an eligible school. In addition, you have to be the U.S. citizen or Permanent Resident and your cosigner and you need to have social security number and pass accredit check.

Length of the Process

Usually you should allow 6 to 8 weeks after the application for your school to receive your loan funds.

Private Student Loan Interest Rate

Interest rates under private student loans are calculated based on a published index such as London Interbank Offering Rate (LIBOR) plus extend based on your credit history and score. In case that cosigner is required, your interest rate will be calculated based on your credit and your cosigner’s credit. Since the interest rate is variable, it will oscillate over time.

The best private student loans have interest rates of LIBOR + 2.0% or PRIME – 0.50% with no fees. Unfortunately, these rates often are available to applicants with great credit history and a creditworthy cosigner. If you want to get approved with no cosigner on the loan, you need to prove that you have enough and secure income coming in on a regular basis.

Repayment plans

We strongly recommend that you carefully consider all available loan repayment options when applying for a private student loan.

There are numerous beneficial loan repayment plans offered by different lenders. You should keep informed about these budget friendly repayment options to make your private student loan repayments easier. These repayment plans include full loan deferral, interest only repayment, immediate interest and principle repayment.

Full Deferral

Payment of principal interest starts six months after student lefts school, there is no interest payments during enrollment in school. Interest will continue to accumulate during the deferment period and will be added to the loan at the time of private student loan repayment.

Interest Only

While you are enrolled in school up to four successive years you are going to pay only accrued interest. Principal interest repayments will begin 45 days after graduation.

Immediate Repayment

Payment of principal and interest will begin instantly after the loan is completely paid out.

As a general rule, you should apply for a private student loan only if you have failed to obtain federal student loans or other types of financial aid for students like college scholarships, grants or work-study aid. If you are looking for more flexible financial aid to cover your education expenses you can apply for an uncertified student loan, you can borrow more money because the loan limit is much higher than certified education loans and without any authorization from your college.

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