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Wells Fargo, a banking and financial services company, offers private student loan consolidation. Consolidation allows borrowers to combine multiple student loan payments into one loan payment, or refinance an existing single student loan.

How to Apply

Applicants may apply for a loan directly from the Wells Fargo website or apply over the phone. The borrower can upload the necessary documents online. The application consists of questions about the applicant’s education and income. Wells Fargo provides text and email updates concerning the status of the loan application.

To qualify for a Wells Fargo consolidation loan, the borrower and/or cosigner must meet certain employment, credit and debt-to-income ratio requirements. The borrower must also be a United States citizen, permanent resident or a United States national with no conditions on his or her citizenship status. If the borrower is a permanent resident, then his or her cosigner must be a U.S. citizen. In order to consolidate a loan with Wells Fargo, the applicant must also have a minimum of $5,000 in existing private loans to consolidate.


There are several benefits of consolidating a student loan with Wells Fargo. Some borrowers lower their monthly payments. Borrowers also have the option of selecting either a variable interest rate or a fixed rate. Wells Fargo does not charge application fees, early repayment fees or loan origination fees. Some borrowers receive interest rate discounts if they already have a qualifying checking account or student loan with Wells Fargo. Call a Wells Fargo student loan consultant for more information about how student loan consolidation can benefit borrowers.


Before refinancing or consolidating a loan, there are several things a borrower must keep in mind. For instance, how will the new loan affect the borrower’s finances? Will he or she receive a lower interest rate or be able to lower the monthly payment? If monthly payments are lowered, how long with this extend the loan payments? Also, borrowers must realize that extending the length of the repayment term will require them to pay more interest over time.

Student Loan Calculators

The Wells Fargo website also has several student loan calculators to help applicants decide if they should consolidate or refinance their loan(s). The calculators help potential applicants get answers to the following questions:

  • How much loan debt can I afford based on my earnings?
  • How can I lower my interest rate?
  • How much would my monthly payments be?
  • How will consolidation change the length of my repayment term?
  • Which private student loans are available to me?