subject: The Latest Wells Fargo Student Loan for Parents; Things To Know [print this page] The Latest Wells Fargo Student Loan for Parents; Things To Know
Wells Fargo has come up with new student loan program right after the new student loan rules have been incorporated into law by the Obama administration. Basically since the federal government, by providing the loans to the students without an intermediary have reduced the role of banks so they have no other option than to come up with their exclusive private student loans.
According to Kirk Bare, the head of education financial services at Wells Fargo, the bank is introducing new student loan program since from the July first of this year the federal government will be dispensing the loans to the students without taking help of the banks which will eventually devoid the banks of an important product.
Now this latest student loan program launched by Wells Fargo is referred as the Wells Fargo Student Loan for Parents. As the name implies, this loan program will enable the parents and guardians of the students to assist them in completing their education without worrying about the sky-high educational expenses once you have tried all the other sources of financial assistance like grants and scholarships etc. Reportedly Kirk Bare explicitly mentioned that though Wells Fargo is offering the private loans, yet they suggest their clients to first try out all the options for getting financial aid they can think of.
This new Wells Fargo student loan is a practical and credible solution that the parents and guardians can make use of after exhausting all the other options in order to make their children's dreams come true by pursuing the degree of their choice and from the institute they want. These loans can be borrowed even when you are having Federal Stafford loans. Following are a few exclusive characteristics and advantages of this new loan program introduced by Wells Fargo.
1. Reduced interest charges with regular payments
2. You can borrow around $25,000 every study year.
3. No charges for application, origination or repayment.
4. The parent or the guardian will be getting the amount straight away
5. You can make the loan repayments in a span of 15 years
6. The interest charges in these loans will be flexible unlike that of federal loans
Though Wells Fargo is not now allowed to provide federal sponsored student loans, the bank is offering various other choices to choose from. Some of these loan options that you can make a choice between, according to your situation are; Wells Fargo Collegiate Loan, Wells Fargo Education Connection Loan and the latest Wells Fargo Student Loan for Parents.
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