Consolidating graduate school loans
Variable interest rates are based on an Index, plus a margin.The APR for a variable rate loan may increase during the life of the loan if the index increases. Rates are current as of 04/01/2018 and subject to change without notice.When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.Finally, the cosigner needs to sign a consent form agreeing to be removed from the loan.To learn more about our cosigner release benefit eligibility or if the borrower is interested in applying for a cosigner release, please contact our office at .Your interest rate options will be presented to you during the application process, at which point you can choose between a specific variable interest rate and specific fixed interest rate.Once you apply, a private student consolidation loan application usually takes 45 – 60 days to process.
If financial hardship makes it difficult to remain current on the loan payments, we encourage you to talk to us to see what options are available.
Graduate students in particular incur a large amount of student loan debt before finishing their studies and entering the professional marketplace.
However, there is a way to mitigate some of that student loan burden.
Variable interest rates are based on market conditions, so if market rates go up, so do your interest rate and monthly payments.
Fixed interest rates stay the same over the life of the loan. Your interest rate will be determined by several factors when you apply, most importantly your credit history and that of your cosigner, if applicable.
Wells Fargo reserves the right to change rates, terms, and fees at any time.