Wells Fargo said it has reduced fixed interest rates on several of its student loan products from .25 percent to .51 percent, with loans starting at 7.24 percent for those who qualify.
The lender’s products included in the rate reduction are: the Wells Fargo Collegiate Loan, Wells Fargo Student Loan for Parents, WellsFargo Private Consolidation Loan and Wells Fargo Student Loan for Career and Community Colleges.
Wells Fargo said its new fixed rates coincide with peak season for graduates interested in consolidating their student loan debt and for those who are seeking financing for second semester coursework.
“The cost of education continues to increase faster than inflation,” said Kirk Bare, SVP, Wells Fargo Education Financial Services. “The recession has reduced personal income, equity in homes, and investments. We are reaffirming our commitment to customers by lowering our rates at a time when they may need it most.”
Current customers may qualify for discounts on student loans, depending on their situation:
- Borrowers who have an existing customer relationship with Wells Fargo can qualify immediately for additional rate discounts up to .50 percent on new loans.
- All Wells Fargo private student loan customers can reduce their interest rate further during repayment by 0.25 percent by setting up automatic payments.
- Wells Fargo Collegiate Loan and Wells Fargo Student Loan for Career and Community College customers can lower their rates by an additional 0.25 percent through the Wells Fargo Student Graduation Benefit Program.
For more information, go to WellsFargo.com/student.