The private student loan consolidation offering from Wells Fargo can take 45-60 days to be processed however many people have reported it taking a much shorter period of time. Wells Fargo Private Student Loan Consolidation.
Benefits of a Wells Fargo Student Loan Consolidation
Simplified Monthly Payments - If you hold multiple student loans and are having to keep track of several monthly payments than a Wells Fargo Loan Consolidation will help reduce those multiple monthly payments to only 1 monthly payment.
Variable or Fixed Rate Option - Wells Fargo offers both a variable and fixed interest rate
2 Options to Lower Your Interest Rate
- Automatic Payment Discount – If you set up automatic payments than Wells Fargo will lower your interest rate by 0.25%
- Relationship Discount – If you have multiple services with Wells Fargo they will lower the interest rate by 0.5%
Wells Fargo Student Loan Consolidation Reviews
Since Wells Fargo is one of the largest student loan consolidation companies in America there are several stories both good and bad about
Review #1 – 5/10 – Interest Rate Too High and Customer Service Terrible!
“After graduating from College in May I wanted to see if I could consolidate my student loans at a lower interest rate. I applied to Wells Fargo and submitted the signed promissory note. 1 Week after I had faxed over the promissory note I received a Loan Disclosure form saying I had been approved and the funds had been sent to Sallie Mae.
I was under the impression from the Loan Disclosure form and the promissory note that if I didn’t like the terms I was under no obligation! Once I called Wells Fargo to try and reverse the payment since I didn’t want to go with Wells Fargo I was told basically too bad.
This problem still isn’t resolved and I wouldn’t use Wells Fargo again.
The reason I didn’t want to go with the Wells Fargo Consolidation is because the interest rate was way to high”
Review #2 – 8/10 – Lowered My Interest Rate
“After graduating in December and having several Stafford loans I am now trying to figure out a repayment plan that leaves the most money in my pocket. 50% of my loans have a variable interest rate of 3.6% and the other 50% are fixed at 6.8%.
After applying for a Wells Fargo Student Loan Consolidation I was able to roll all my student loans into 1 consolidated student loan at the low 3.6% variable rate saving me thousands of dollars per year.”
Original Review From – http://blog.wellsfargo.com/StudentLoanDown/2009/02/can_i_lower_my_student_loan_in.html