What to Do When You Can’t Pay Your Wells Fargo Student Loan Bill
Wells Fargo student loan program is similar to other college and education loans. Students and / or parents have access to online applications and account maintenance through the official Wells Fargo website. Student loan repayment is different than classic bill pay. Student loans are typically held in postponement until the student completes their education. After a brief grace period, student loan bill payment starts and continues until the loan is repaid in full.
How to Pay the Bill
Pay your student loan online: You can pay your Wells Fargo student loan online at https://online.wellsfargo.com/signon?LOB=CONS. You must sign-up for online account access and payment. Once signed up, you can access all student loan features, including forbearance and deferment requests.
Pay by phone: Students and parents can contact the loan servicing department at 1-800-658-3567 to make a payment by phone. The loan servicing department is available from 8 a.m. to 8 p.m. CST Monday to Friday.
Pay by mail: Personal check and money order payments can be delivered to Wells Fargo student loan bill pay by mail. You must write the account number on the check or money order when sending payment to:
Wells Fargo Education Financial Services
PO Box 650725
Dallas, TX 75265-0725
Pay automatically: Most banks offer online bill pay with a recurring payment option. You can setup your payment to be delivered automatically to Wells Fargo student loan bill pay each month if the payment is the same.
Questions About Your Billing Statement or Account?
For customers that do not understand monthly and recurring fees such as late payment charges, returned payment fees and collection fees, you should visit the Wells Fargo Student Loan FAQs. This resource provides an explanation for all of the applicable service charges. You may also want to contact customer service at 1-800-658-3567 for further information.
How the Penalty Fees Work
Wells Fargo student loans are available with fixed or variable interest rates. Fixed rates tend to be higher than variable interest rates in the beginning, but the rate stays the same for the life of the loan. Variable interest rates are lower at the start of loan repayment and increase over the life of the loan. Higher interest rates mean higher monthly payments.
Other fees that may apply to student loan repayment include:
- Late payment fee
- Returned payment fee
- Collection fee if payments are not made on-time and the loan defaults
I Can’t Make a Payment
No one can predict financial difficulty. When times are tough, student loan repayment options are setup to relieve the pain of late payments and threat of default. The three most common repayment options for low-income borrowers or borrowers experiencing financial stress are:
- Forbearance: Loan payments are temporarily stopped; available in cases when deferment is not available or applicable.
- Deferment: Stop making loan payments for up to 12 months.
- Income-based repayment: Loan payments are reduced to an amount you can afford on your current salary.
Will They Work With Me to Pay My Bill?
Wells Fargo will work with students and parents to repay loans without causing financial stress. Do you have first-hand experience with Wells Fargo student loan bill pay.