Financial Services Company, Wells Fargo announces it will be adding Wells Fargo Parent Student Loans to its private student loans product line.
Wells Fargo Parent Student Loans are intended to help parents (or sponsors of a college student) bridge the gap between what is received in federal financial aid and the actual total costs of their child’s education.
Essentially private student loans for parents, Wells Fargo Parent Student Loans can be used to cover all educational costs. According to wellsfargo.com, the loan funds come with no origination, disbursement or early repayment fees, and are sent directly to the parent or sponsor accepting the loan.
Borrowers will have the option to make interest-only payments for up to 48 months while the student is in school, and parents can take up to 15 years to complete repayment.
As with any other private student loan, to qualify for Wells Fargo Parent Student Loans, you will have to meet credit history, income, and employment requirements.
Before looking into any private student loans, parents and children should exhaust all of their scholarship, grant and federal financial aid options. Be certain to file a FAFSA in order to receive all of the federal financial aid the student is eligible for.
Parents of college students should also first review Federal PLUS Loans, which allow parents to cover a dependent child’s additional education costs.
Unlike Federal PLUS Loans, a product such as Wells Fargo Parent Student Loans will allow any qualified sponsor or family member receive funds on behalf of any qualified student.
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