Wells Fargo absorbed Wachovia Bank and along with its student loan program. Right now Wells Fargo is one of only a hand full of financial institutions that provide private student loans.
Wells Fargo Student Loans are divided into two types of educational loan. You can obtain a federal student loan through them or you can apply for a private student loan. There is a significant difference between them.
Wells Fargo facilitates federal student loans that have many benefits including low interest rates and the ability to apply for additional loans if you find that you need additional financial assistance while attending school. An additional benefit comes after you have finished your education and are facing several large loan payments each month. A Federal Student loan is relatively easy to consolidate. A Federal Direct Student Loan Consolidation will reduce your monthly payment give you more disposable income. This is obviously critical when you are earning a lowering income from an entry level job.
Private Wells Fargo student loans are another option and for some people the only option. While you cannot combine private student loans into a federal loan consolidation you can apply for a private student loan consolidation that can be used to combine both your federal and private loans. With interest rates at an all time low this may be a very good option.
These day the best student loan consolidation advice is to find a loan that does not have a variable rate. This may seem impossible but it you have a decent credit score and a steady job in a good field you may be able to negotiate with Wells Fargo. Sad thing is that since do many financial institutions are not interested in providing student loans or student loan consolidation