Wells Fargo Education Connection Loan
This loan is designed for undergraduate, graduate, and career education students attending school full time, half time, and less than half time. Students must be a U.S. citizen or permanent resident alien. Permanent resident aliens require a U.S. citizen cosigner.
The Wells Fargo Education Connection Loan allows customers to borrow up to $25,000 each academic year, with a $100,000 aggregate loan limit (including all other education debt). The minimum loan amount is $1,000. No payments are required while the student is in school and for up to six months after graduation. The maximum in-school period is five years after the date of first disbursement. The maximum repayment term is 15 years.
The variable interest rate for the Wells Fargo Education Connection Loan is 4.75% (the Variable Floor Rate). The tiers are Index + 1.00%, Index + 2.99%, Index + 5.99%, Index + 7.99%, Index + 9.49%, and Index + 10.49%. With this program, students will get 0.50% off their interest rate when they graduate and 0.25% off their interest rate with automatic payments.
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