Why is Wells Fargo getting rid of student loans?
San Francisco banking giant Wells Fargo has sold off its $10 billion private student loan portfolio as it looks to shed costs amid a directive under CEO Charlie Scharf to cut billions in expenses and retrench the lender into its core businesses. The transaction is expected to close in the first half of 2021.
Does Wells Fargo handle student loans?
Wells Fargo can help you manage all of your Federal student loans, including the Stafford Loan, the Perkins Loan and the Federal PLUS Loan for Parents.
Is Wells Fargo leaving the student loan business?
Wells Fargo is getting out of the student lending business. The bank announced at the end of 2020 that it would sell its $10 billion private student loan portfolio. … Their loans will now be serviced by Firstmark, a division of Nelnet — the Nebraska-based student loan servicer.
Where did Wells Fargo student loans go?
Wells Fargo no longer offers private student loans or student loan consolidation. Wells Fargo has exited the student loan business. Our private student loans are being transitioned to a new loan holder and repayment will be managed by a new loan servicer, Firstmark Services, a division of Nelnet.
How do I pay my Wells Fargo student loan?
Mail, phone, or in person
- Mail your payment: Wells Fargo Education Financial Services. P.O. Box 10365. …
- Make a payment by phone: To make a payment over the phone you can call us at 1-800-658-3567. …
- Make a payment in person: If it’s more convenient, you can also bring your payment to any Wells Fargo banking location.
What is the best student loan?
Best student loan interest rates in October 2021
| Lender | APR | Loan Terms |
|---|---|---|
| Ascent | Fixed: 3.02%–12.95% (with autopay); Variable: 1.51%–11.08% (with autopay) | 7–20 years |
| Citizens Bank | Fixed: 4.18%–10.95%; Variable: 1.89%–10.41% | 5–15 years |
| College Ave | Fixed: 4.49%–11.98% (with autopay); Variable: 1.99%–10.97% (with autopay) | 5–20 years |
Why are banks selling student loans?
Why Lenders Sell Student Loans
That means it’s the same company you make your monthly payments to. … It has to do with the lender’s ability to make new loans to new borrowers. Lenders need capital to make new loans, so they sell off your student loan to another servicer.