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- During the COVID-19 pandemic, Wells Fargo sold its private student loan holdings to Firstmark Services, a division of Nelnet.
- Consumers with student loans previously serviced by Wells Fargo do not need to do anything other than begin making payments to Firstmark once notified of their debts' transfer.
- For those who do not wish to keep their debts with Firstmark, there are many alternative providers of private student loans. Refinancing may provide the opportunity to lower monthly payments and/or interest rates.
In 2021, Wells Fargo sold its private student loans division to Firstmark Services, a part of well-known servicer Nelnet. The company still offers credit cards, home equity loans, bank accounts and all of the other financial products it is known for, but private student loans are no longer be available.
Consumers who were previously customers of Wells Fargo have been transferred to Firstmark, which will handle these loans moving forward.
Wells Fargo student loans overview
Before this change was announced, Wells Fargo offered private student loans and private consolidation loans. Loan terms and rates varied based on the amount borrowed, consumer credit scores and other eligibility criteria. Generally speaking. However, Wells Fargo was known for offering student loans with competitive rates and loan terms — especially for those with good or excellent credit.
According to the bank, it “sold and transferred” its student loans. This means that former Wells Fargo customers have been transitioned to a new loan holder. This new servicer is handling all payments and customer service matters.
Who services my Wells Fargo student loan now?
Wells Fargo selected one company to take over its student loan business: Firstmark, a division of Nelnet.
Since this announcement, you’ve likely received a notice from Wells Fargo and/or Firstmark with updated information about your accounts and their transfer.
What should I do with my Wells Fargo student loan?
Keep in mind that your Wells Fargo student loans maintain the same terms once they have been transitioned to Firstmark as the loan servicer. This means you don’t have to do anything other than begin making payments to Firstmark once your loans have been fully transitioned.
In the meantime, continue making payments on your Wells Fargo student loans as you normally would until you’ve been notified of an official transfer.
Refinancing Wells Fargo student loans
If you’re not thrilled about changing loan servicers or you feel that you might be eligible for a new student loan with better rates or terms, you can refinance your loans and move to a new lender of your choosing. Private student loan rates are incredibly competitive right now, and you may be able to shorten (or lengthen) your new loan term to get a monthly payment that works better for your goals.
What if I missed the deadline for Wells Fargo applications?
Borrowers interested in Wells Fargo student loans still have plenty of excellent student loan companies to choose from for new loans or refinancing.
The best student loan companies offer incredibly low interest rates and fair loan terms that can help you secure a payment you can afford while saving money on interest along the way. You may even be able to qualify for private student loans with bad credit.
If you want to compare multiple student loan interest rates across multiple issuers, you may want to start your search with a company like Credible. This loan platform lets you enter your information once and then see multiple loan offers from different lenders. You may also choose to do your own research and get quotes from top-rated companies like Sallie Mae, SoFi and Discover.
Where can I go for help with my Wells Fargo student loan?
Borrowers who had student loans through Wells Fargo may contact Firstmark Student Loans directly for updated information about their accounts. Customers who have a 10-digit account number for Firstmark can access account services online or reach out to customer service by phone for additional assistance at (888) 538-7378, Monday through Friday.