Getting a Lower Interest Rate from Wells Fargo

Check out these Top Tips to get a lower Interest Rate on your Wells Fargo Student Loans!

Updated by Vidish S on 13th February 2020

We know that Wells Fargo is well-known by anyone searching for a student loan as well as someone already paying down their student loans. Every borrower is working hard to pay off their debts. Sometimes the path to ending your Student Loans becomes very difficult to follow. At times like this, anyone would love to get a reduced Interest Rate on their Loans. Let us check out some ways which can potentially help you out in obtaining a lower interest rate on your Wells Fargo Student Loans.

Need a Student Loan For your Education? Check out the Best Student Loans today!

Table of Contents

Top Tips

The tips mentioned below have been used to extract a lower interest rate from Sallie Mae in the past. As both Sallie Mae Student Loans and Wells Fargo Student Loans have similar structuring, these tips might help you out with your Wells Fargo Student Loans as well.

  1. Organized Approach is Key: Get a hold of all your monthly expenses. You should have a complete idea of how much is spent on food, rent, utilities, credit card charges/ interest, as well as all your monthly Loan Repayments.

  2. Contact Wells Fargo: This might feel like the hardest part, but it is essential that you let them know about the problems you are facing with repayment as early as possible because each day you delay in doing so, the worse your debt problems might get.

  3. Get in touch with the Right Person: When you contact Wells Fargo, you will most probably talk to a Customer Care Representative. They might not be properly trained or even in the right position to help you out. Inquire whether they have the authority to lower your Interest Rate and if not, then request to be redirected to the Collections Department.

  4. Review your Finances: Interest Rate lowering might only be offered based on your financial needs. Organize your paperwork in advance and keep all documents ready when you make the call to Wells Fargo. Make sure to properly discuss your expenses and lay out what you can pay and how you plan on doing so. 

  5. Make your Payments On time, every time: Once you are enrolled in a lower interest rate plan, ensure that all monthly payments are met on time. Wells Fargo may reserve the right to remove you from this plan based on your repayment performance.

  6. Pay Extra, If and when it’s possible: If you are fortunate enough to get enrolled in a lower Interest Rate plan, then use this opportunity to make extra payments each month, as long as you can. This lower Interest Rate Plan won’t last forever and you should make the most of it.

  7. No Missing of Deadlines: Make sure that any and all deadlines are met, may it be repayment or recertification of your documents and financials.

  8. Sign Up for AutoPay: Wells Fargo also provides discounts on your interest rate when you sign up for Autopay on your Wells Fargo Student Loans. They will shave off 0.25% from your interest rate just for the simple act of signing up for Autopay.

Concluding Thoughts

There is a possibility that you are rejected the first time you apply for a Lower Interest Rate. Do not let this stop you from retrying again. Try to talk to some other officials from Wells Fargo who may be more sympathetic towards you and who would try to help you out.

If there is no way to get a reduced interest rate on your Wells Fargo Student Loans, then you can take another approach which might provide you some relief and that is Refinancing your Wells Fargo Student Loans. Refinancing can help you renegotiate terms and interest rates for your existing loans. Interested and want to learn more? Check out the Best Companies To Refinance Your Student Loans. As always, try your best to get in contact with Wells Fargo and give it all you can in trying to get your interest rates reduced. A lower interest rate can help you out a lot in difficult financial situations.