About Wells Fargo Student Loans
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Wells Fargo no longer offers student loans and is transitioning its private student loans to a new loan holder. The company's existing student loans will be managed by Firstmark Services, a division of Nelnet.
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Professional and traditional lending. No hassle deferments if needed and always great customer service when in need of calling them. Easy going payment portals for your on the go billing needs. Easy disbursement of funds as well great for no hassle student loans.
My family has banked with Wells Fargo since 1965, when my grandparent's first purchased their home in San Jose, CA. While my family has trusted this bank over the years, the past 10 have been marred by distrust, findings of unlawful, unannounced and exorbitant fees in our Checking/Savings/Student Loan accounts, change in the reporting of loan status without communication resulting in 60-90 day reporting that damaged my credit report overnight while they simultaneously began selling ALL their student loans to a 3rd party provider to exit the student loan business, and the final straw -- the theft of a second stimulus relief check to cover fees that they racked up on an account I requested be closed -- after 10 months of waiting for a little relief, to also pay back the loan they are hounding me for, they kept it for themselves and still have the audacity to believe I will pay them ANYTHING to bring the account current.
When I asked to close my account on 12/10/20 and it wasn't honored, Wells Fargo let me know that they were more concerned about keeping me and other "customers" indebted to them and are committed to being repeat violators of fair consumer practices. I opened a case with the BBB and will be pursuing representation for these 3 documented incidents.
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The customer service I receive from Wells Fargo has been unbelievably disappointing. They continue to show their lack of care and dedication to their customers, and have done so to me during a pandemic.
Wells Fargo knew I was in school when I needed a forbearance for my loan that I had to take out due to my school abusing my financial aid. So I was told that I wouldn't have to worry about the loan if I can show that I was still in school. So by the time I graduated Covid-19 hit and I was furloughed from my Job. Trying to be proactive, I reached out to Wells Fargo to inform them of my situation and they keep pushing the issue back to October for some reason. So as my loan approaches being due in November, they claim I used up my maximum forbearance as all of a sudden there's a limit which was never mentioned in the past until after Covid-19 hit.
So after speaking several careless customer service representatives with no sound solution, I demanded to speak with someone in the corporate office yet I get another customer service department who submitted a request which was denied a few days later via postal mail. I feel that Wells Fargo is too big of a company to be so inflexible when it comes to situations like this and facing a pandemic. I feel that if they refuse to work with me and ruin my credit, I'll spend all that time making sure everyone knows how bad of a company they are. I will report them to all the news stations, business organizations, reviews on every website, and all over social media to express my frustration with how poorly this was handled.
I got my student loan for my daughter in 08/2011. Wells Fargo could not set up bi-weekly payments for the loan (no logical explanation even though that's exactly how I pay my mortgage to them) therefore I make a monthly payment. I have never allowed this particular payment to be auto-drafted. I log in each month & when I make the payment it is scheduled for that day with no other choice offered. I am not allowed to schedule the payment in advance. After almost 10 yrs, I decided to call & complain about it. The only explanation I was given is that "Wells Fargo doesn't offer that option for student loans" when I finally reached a supervisor - basically "because we said so" answer. Total garbage answer for a loan that has never been paid late. You would think after getting 13% interest on a loan, they would at least allow me to schedule a payment. When its all said and done, I will have paid almost $50k for a $25k loan that's never been paid late - EVER.
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.
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..
Wells Fargo Student Loans Company Information
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- Wells Fargo Student Loans
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