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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Today I had the distinct displeasure of dealing with Wells Fargo Bank and my advice to all is, stay away. They are unprofessional, discourteous and worse than they ever were. Find another bank and don't look back. They are completely clueless about procedures and overall banking in general. Stay Away!!!
I had tried to increased my monthly payments a couple years ago and they had an "error." WF had a "computer error" that erased all my payments of years, refused to talk to me, destroyed my credit for a year, and still accrued interest. I see this as WF not holding up their end of the agreement making the contract null and void and I should be very exempt from paying any of the loan further. Wells Fargo is a giant nasty corporate beast. I want to sue them and I want many people to join me to take the case to court. I now have the time and better understanding of what I can do about it and now is the time to take action. I'm an irritated RN that is sick and tired of the corporations getting away with doing whatever they want without accountability. I have spoke with a lawyer about this and the more people with similar situations the better our chances of tackling their overpriced lawyers and loopholes.
I have unfortunately had a student loan with Wells Fargo for over 10 years. I haven't been looking at my statements (my fault), and until recently have been paying extra every month thinking it was going towards principal. It wasn't! It was going towards interest. And, any extra checks I was sending in with "principal only" written on it was going to interest only as well. Also, many of my monthly regular payments went to interest only. I have contacted Wells Fargo, and they gave me the run around that this is their business practice and there's nothing I can do. I feel like this is an unethical business practice and should be stopped. I will NEVER do business with them again! DO NOT USE THIS BANK FOR ANYTHING!
We have had horrible experiences with this company. The customer service is horrible, they are not helpful in any way with issues concerning repayment options. They dont care if you cant pay the amount due. There is no flexibility with arranging payment arrangements if you need to. The agents are unprofessional to say the least. They also turned us into collections for past due balances which were not even due because the loan was on deferment at the time. It affected mine and my parents' credit score because they reported it to the credit agencies as late payments and there wasnt any payments owed! Completely unprofessional and obviously have no idea what they are doing.
I have several other student loans and they are happy to make arrangements when you need help. Wells Fargo is all or nothing. I would not recommend them to anyone! My parents have them for their mortgage and have never had any issue like what I am dealing with for the student Loan division of Wells Fargo, which is why we went through them. It's unbelievable to me that instead of getting something from you, they would rather take nothing and not get paid but they will call and call and call you and Your co-signers. Unbelievably the most unprofessional company I have dealt with and would highly recommend seeking other companies to deal with concerning student Loan borrowing.
Even though I was making payments each month, Wells Fargo was charging me late fees for 1.5 years without notifying me of any issues. I was told that while my phone number was listed on my account, they didn't have permission to contact me directly. Someone from the executive office later provided me with a different version stating that Wells Fargo wasn't obligated to contact me. Ruining my credit could have been avoided with a simple phone call, but it appeared that these guys don't care about their customer's credit health. Worst bank I've ever dealt with!
If I could give them less than 1 star I would. Wells Fargo is the worst company I've ever had to deal with. They are the judge, the jury, and the executioner. I made a payment recently and following that payment enrolled in automatic bill pay. They "denied" my automatic bill pay request because they said it was overdue and sent a "secure" message to my Wells Fargo account - as if I check that account on a daily basis. Two months later, I noticed the charges weren't coming out of my account.
Thinking this was a simple error, I called them - after 45 minutes - I found out that they had denied it because at the time the automatic bill pay "request" was being processed, the payment I had made the day before hadn't yet processed. What's more, for this "error," they charged ME two late fees. They refused to waive them because they've waived 2 in the past - 2 separate mistakes they made - and in the end of the day they won't even assist me in setting up a new automatic bill pay... There is literally nothing they do in "customer support" other than explain the bank's actions, it's more like a PR team outsourced to India. Save yourself... stay far away from Wells Fargo.
I would like to ask Why co-signers are being pursued first by Wells Fargo and the BORROWER isn't... when this student is working - regardless of who has the higher income that has nothing to do with it... Student should pay something even if it only $100 dollars a month... This is so unethical... We are looking for HELP... and answers. We are retired on fixed income, had to go back in the working world to pay this student debt... student gets off with flying colors from paying his debt... Wells Fargo has breach theirs contract is pursuing BORROWER, I guess is easier to pursue co-signers instead.
My husband cosigned on a student loan for my son. We paid off that loan. Months later we received correspondence from Wells Fargo stating we owed $2,000.00. This is where it gets interesting... My husband called and was told there was interest that wasn't paid... and that interest then became principal and then we were being charged interest on this interest that became principal. So now we have to inconvenience ourselves to show proof the loan was paid in full. This company is a crook and belongs in jail!
Wells Fargo is by far the worst bank to do business with. My husband and I have tried to consolidate my daughter's student loans and were denied. We had recently paid off half our outstanding credit so we could get a better rate and better payment than the $800 payment they were asking for. Ending up having daughter re-enroll in school and put loans on forbearance. Second time around she tried to consolidate and was denied unless she had a cosigner, same thing. Amazing part of this, when she got the loans we owned two houses and had double the debt, yet she was able to have us as co-signers. Tried to put in for hardship, was told have to wait till loans come due, waited till the required time then 64 fax pages later, mind you the same info needed for home purchase (I'm in real estate and know). We were again denied because we made too much money and could easily help her pay.
Really, between house payment, recent medical expenses and other 2 kids' students loans that we help on I don't think so. Called WF and complained there must be something else and their comment was try to consolidate, don't think so, not interested in another 64 fax pages again. The part I find truly amazing is the person at the other end of the line not only gets a salary but they get commission, isn't that a bunch of baloney or what? Not to mention the moment WF loans hit my husband's credit report that we just upped by paying down debt his credit score dropped 30 points.
This bank is right up there with Bank of America. Why should they help you out, when they can get a lot more interest from you? Daughter made first payment of $756 plus federal payment of $300 when she only brings in $32,000 a year and pays rent. Now she's going to do what many graduated college students do and enroll in school just to put loans back in forbearance and she'll pay whatever she wants. At least that better than being four out of the five student loans in default.
This has been a nightmare since we found out the first time these loans were about to go into default. My husband co-signed two separate for his son to go to college in Washington. This does not count the other two loans co-signed through Sally Mae. When I started to gather information on all these loans to see what was going on, it was so hard to figure everything out. The co-signer's only right is sign on the dotted line and when/if the primary is late, we will send you a notice when the bill is about to go into default. You request a bill to be sent to the co-signer it's no, only the primary, you request the tax form so you can deduct the interest off of your taxes since you are the only one paying on the bills, nope, only primary. To top that they know the whole story that his son is hiding from all people he owes money to, which includes his father.
It took me to threaten these people more than once that we want copies of the final disclosure, etc. Took months to get that. I read every word and was able to con my way into getting a tuition statement from Digi Pen where his son went to school. So when reading the fine print it states education loan only, all other money is to be returned to the bank. So when I look through the tuition statement you can clearly see where Wells Fargo would deposit $10,000 into the school account and then just a few days later his son would get a $10,000 refund check, explain to me how that is education related? When I questioned them as to how it is their responsibility to have a self certification form signed by the primary on the loan to make sure they used all their federal grants, etc, so they do not borrow too much money. Nobody has ever showed me this form.
When I questions them about this they said it was the school and his son responsibility to take care of knowing if he needed the money for school or not, out of their hands. So we are talking almost $50,000 that was refunded to his son that was not even needed, you can clearly see on the tuition statement his federal grants and such covered all of this money. I've tried everything, to come up with co-signer release, in one year we paid $12,000 on all loans, which included two from Sally Mae, to get everything caught up, still can't get a bill in the mail, still can't get help, just phone calls my husbands work place, which is against the law, phone calls after 10pm at night, again I believe that is against the law.
The only reason we even found out his son did not pay one penny on these loans, ever, is because I ran the credit report because we were planning on buying a house, his credit is totally shot. Not only that, his debt is so high now and his credit is shot you can't get any kind of loan. You get late fees when things are not late, they make everything very sneaky in order for you to pay more and more. I got to the point when I would call in I would tape record the conversation due to the lies being told and I have even been hung up on a few times. There is no understanding and by law since his son is in hiding and not paying anything then everything falls on the co-signer, except sending bills, helping, talking to, or letting you file the interest on your taxes. Due to how his son has treated his Father and all the dead ends I hit and the lack of help and understanding from everyone involved I stopped paying the bill all together.
The only contact I can even have with his son is through and email account and then I have to contact someone else in the family to ask them to ask the little jerk to read it. Other than the fact that all that money spent to catch everything up and the lack of help and understanding, in one year it was like nothing was paid on the principal. Then in like July of last year I got on the online account that I had set up in his son's name since you know only the primary has access to these things as in contacting, or paying etc, it's a bunch of crap. I could not log on. So again, have to send an email to his son and tell him I could not pay the bill because I could not log on.
A few weeks later I get "oh I'm sorry I got a job and the only bank I could use was Wells Fargo so they must have linked things together because I had to make a password and such." So he changed everything around so I could get on and then I seen that the student loans were linked to his account, they had his phone number and address at this point. Well wouldn't you know he closed that bank account down so they could not take any of his money for the student loans, yet again Wells Fargo seen what was going on, they know the whole story, as long as they get their money they don't care but the issue is the primary knows he is screwing his Dad over, screwed our credit up and just totally destroyed his Father emotionally to the point he even lost his position at work.
It's been a long road and I decided that nobody is helping. I am filing a complaint and I stopped paying it all together. It is in default now, even after I pushed the limit and told his son "hey we just had to dump a bunch of money into our cars and don't have the money to get this caught up. You need to pay something and let me know what you pay so I can keep track how far behind," instead his withdrew all his money and account from that bank! So I guess garnishment is next step, I want to see how they work this one since the primary is always the one that gets all the info let him deal and I would think they have to come after him first?
Don't matter because we have put off getting married for two years now, due to this situation but his son had another baby and got married and I said screw that. We will be married in two weeks and then all my bills and student loans will be his obligation also so going into default was the only thing I could do because it didn't matter if you made the payments on time or not, still going to owe double or triple in the long run and we are pushing 50yrs old so I'm sure this loan will be around after we die and they can deal with his son directly.
Wells Fargo Student Loans Company Information
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- Wells Fargo Student Loans
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