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Wells Fargo has been the worst student loan company to work with. I am currently trying to lower my payments because they are 1.5 of my paychecks. They have denied me multiple times for consolidation loans and the loan modification, which is the only two ways to lower the payments. They also do not care if co-signers cannot make the payments. They take the co-signers' income and never look at the debt to income ratio for you or the co-signers. It is impossible to work with these people. They do not care about you or what situation you might be in. They are only trying to get their money.
Wells Fargo may have gotten rid of their late fees but their practice is still unethical. They skyrocketed my interest rate after I graduated. And because of how they compound the interest including the entire life of the loan, my loan doubled overnight. My student loan monthly payment is minimum of $600 a month. Called them to come up with a better repayment plan, income based, anything to avoid becoming default. They refuse anything but full payment. Unwilling to work with you. I have closed all other accounts with Wells Fargo and will never do business with them again. Going to refinance with another company, but they've stalled out many things in my life because of their practices. How they handle student loans has been described by my family and friends as sickening, I agree.
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I recently received a check from Wells Fargo to correct an error in the interest rate I was charged for a grad school loan. I paid off the loan in 2006. The check, issued in September 2019, was for the principal amount that was overpaid. There was no interest adjustment for the 13 years it took them to reimburse the overcharge. I verified this with the Wells Fargo “Executive Office” case worker today. He indicated that he has had a number of calls about this issue and is escalating to “Senior Management”. I’m awaiting a call back from his supervisor now.
Been in the process of trying to reduce my student loan payments and have been getting the run around on the process. I was told I had to fill out a packet and send back. Did that. Had to get information to them on power of attorney for my cosigner. Did that. They sent a Modification Agreement out to me and I sent that back. Now I am told I have to provide more information on power of attorney after I was told that was what I needed. They just give the runaround, like a typical big bank and this is why I won't use them for anything else. I had to talk to someone else to get a clearer answer on why I was not informed. I was told that not every person knows the proper process and that even the guy I spoke to does not know the whole process. That shows that Wells Fargo does not actually care about their customers.
Please do yourself a favor and do not refinance your student loans through Wells Fargo. You can never pay more than what is due monthly and have it go toward the balance, it will go toward interest only. If you have a late fee on your account, it is almost impossible to ever pay it off because any additional money paid will again go to interest. I have the same late fee from July carrying over to October now because they keep having me pay it again and again. When you call customer service, they are not helpful either. They "understand your frustration" but will do nothing to alleviate the situation.
The whole payment set up on their website is backwards. Don't give me my payment due, and include the late fees in the total payment and then I pay all that is due and you DON'T apply it to what I believe I am paying for. There should be a way to make your payments, and pay off any applicable fees and be done with it. They do this purposely so that you keep paying them more money, it is a scam. Their customer service agents are also unprofessional..
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I got a student loan from Wells Fargo during grad school, which totaled less than $37,000. I had a hold on payments during school and for 6 months after school. Over the following five years, I paid $17,000 yet they said my principal had only gone down by $3000!? When I tried to get someone to explain it to me they babbled on about random fees and interest, none of which could explain where the other $14,000 went. I had automatic payment set up so it was never late. In the end, my parents paid it off and I'm paying them back instead, but I'm extremely angry and trying to figure out if there is any recourse. Don't use Wells Fargo.
I initiated a call for a parent plus loan so I could pay for my daughter's college tuition in 2013 since Wells Fargo and I had a long banking "relationship" such as paying off a mortgage. The representative said she needed my daughter's information to confirm she indeed was attending college. Somehow her name appear on the loan. Mind you this is a 19 year old child, yes a teenager right of high school with no job!! I began to pay what I thought was a parent plus loan that started at 8.9% interest but now is at 10.99%. However, if you pay before the bill is issued the payment is not credited for that month so you have to make another payment or you assess a late fee. Yes more interest charged.
Three weeks ago, I decided to refinance the loan with Navy Federal at 6.8% but came to find out I am a cosigner and could not refinance it so I reached out to Wells Fargo for answers about me being a cosigner. The calls escalated to Executive Officer Catherine **. Research/Remediation Analyst who said would look into the issue. Two weeks later she tells me the loan was a Collegiate loan and my daughter was the primary borrower but we are both responsible, therefore, she can not help me refinance with Navy Federal. Parents be aware of Wells Fargo's student loans. They will confuse you with their wording and fraudulently obtain loans from your children like mine. My daughter now has a debt to Wells Fargo of over 100K.
I had a horrible time working with Wells Fargo Education Financial Services. I wish I never got a student loan from them. I do not even understand why I had to get a student loan with WF. One year (1998) they filled in a gap of $4011 for me at the schools suggestion. I just got done paying this loan off in 2019. I paid a lot of interest. They still put a derogatory mark on my report under dubious circumstances. I am only writing this to warn others. Do not work with them if you have an alternative. Wells Fargo is not a good bank. I was tempted to refinance a mortgage with them and I am happy I did not. Problem bank.
I was laid off and couldn’t pay the full amount in my loans. Wells Fargo refused to work with me. I was forced to file Chapter 13 bankruptcy to protect me from Wells Fargo. This is a predatory lender that should be brought to justice.
I do not recommend Wells Fargo Student Loans (Private Loan) to anyone out there looking. Parents who co-sign for a private loan with this bank beware of what you're about to get yourself into. We received a notice 3 month later after the student defaulted. Once we were notified we began to make payments what we could afford. The loan has double... We are retired for the most part our income is fixed...
The student, being the primary holder of this student loan failed to provide Wells Fargo with the personal information to apply for a modification to lower payment, which he failed to do. Sadly, we had to come out of retirement. Get part-time jobs to pay this loan. The student has not paid one penny on this loan at all... The bank is consistently harassing us to pay $700.00 a month. We ask for a modification yet denied because the student is the primary borrower. He calls the shots... What the HECK!!! keep in mind he has not paid a penny as state earlier on this loan and as far as we are concern he is a ghost, haven't seen or heard from him in 3 years to date. The bank tell us last week they did and he doesn't have the money to contact the "Co-signers." SMH.
We have tried every possible option for help with lowering the monthly payment on this student loan. We can't because now we make too much money because we went back to work, we owe IRS, and State and Wells Fargo... Wells Fargo denying us that don’t make any logical sense when we want to pay... We want to refinance, but Wells Fargo has destroy our credit for the student nonchalant attitude because we shut him down from putting us in further debt. We are 850 credit score worthy people over 30 years and this is how we are treated.
We paid off several loans with Wells Fargo. WOW what a slap in the face. We a kick in the butt for co-signing. The sad part we adopted someone else child. Wanted nothing but the best for him. We sent him to a HBC in Greensboro, NC... Well... first year was good dean's list... etc. We always told him make a statistic not be an statistic, and that's what happen. In the meantime we as parents tried to communication with the college, but was not successful even though we were co-signers on this loan, we were shut completely down... (FERB.)
Wells Fargo and the college work hand and hand with each other. Leaving us a co-signers out of the complete picture... They were giving this student large amount of money that he misused... There was nothing we could do... Student was going on cruises, traveling to the southern states regularly lastly not attending classes... And manipulating the student loan refund to use to his likings... That was wrong. Therefore we shut him down financially and because we did, he determined to make us pay in retirement. We have no other choice but take civil actions against him. Please... please parents, beware of what you're doing, and what you're signing. If your child college material let them show you. GOD HELP US.
Wells Fargo Student Loans Company Information
- Company Name:
- Wells Fargo
- Year Founded:
- 420 Montgomery Street
- San Francisco
- Postal Code:
- United States
- (800) 869-3557