The cosigner doesn’t have to be a relative; he or she can be anyone who meets the requirements — ideally someone with an established credit history and steady income. We will evaluate credit, employment, and income factors to determine the student borrower's ability to take full responsibility for repaying the loan.
Variable interest rates are based on market conditions, so if market rates go up, so do your interest rate and monthly payments.
Fixed interest rates stay the same over the life of the loan. Your interest rate will be determined by several factors when you apply, most importantly your credit history and that of your cosigner, if applicable.
student loan is subject to completion of a loan application/consumer credit agreement, verification of application information, credit qualification, and a benefit to borrower determination.
Federal student loans cannot be consolidated into a Interest Rate Discounts: Discount eligible during application: You may qualify for a relationship interest rate discount if you or your cosigner (if applicable) has any of the following with Wells Fargo prior to your Final Loan Disclosure being issued: The quoted Annual Percentage Rate (APR) "with discount" includes a customer interest rate discount of 0.25% for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account.
Rates are typically higher without a cosigner; however, borrowers that meet these requirements on their own do not need a cosigner (but may still choose to apply with a cosigner).