The Wells Fargo K-12 student loan is another kind of loan that will be give for students in a private schools ranging from kindergarten to the twelfth grader. This loan is an alternative for a student or parent that is not qualified to get the federal loan or too late to apply for it. Should they get a federal loan, this loan can support a federal loan or cover the entire education fees. The Wells Fargo K-12 can temporarily subsidize approved costs between $1,000 and $25,000 per year and the total amount may not be higher than $100,000.
Qualifying for a Wells Fargo K-12 Student Loan:
The requirements that should be met by parents to get this loan are:
- Having a child schooling in a qualified school starting from kindergarten to the twelfth grader.
- Having an acceptable credit history and debt-to-income ratio.
- The income is no lower than $12.000.
- A U.S. citizenship or permanent residence alien (should have a U.S. cosigner)
Applying for a Wells Fargo K-12 Student Loan:
The application process of this loan is relatively easy. If you are interested, you can visit www.wellsfargo.com and soon receive a credit decision. Don’t forget to provide your Social Security number, a reference, the amount you need, school information, and the amount of monthly rent or mortgage. If your application is approved, the bank either transmits the money in one lump sum you, or in two installments to the school.
Repaying a Wells Fargo K-12 Student Loan:
You can start your payment six months after graduation, or if you are a parent, after your child graduate from his or her school. The payback percentage, calculated by the prime rate and the applicant’s credit rating, can change from time to time. However, don’t worry with this condition since the bank oftentimes provides some options if you have a hard time paying your loan off such as postponing repayment (if approved) or loan consolidation. The bank also provides a phone number (800) 378-5526 to help you with regard to loan repayment.
