Ed Financial Manage my Account

September 11, 2015
Financial Management

If you’ve already signed up for online banking, your student loan will appear after the initial disbursement, usually within 2 to 3 business days.

What payment options are available? Which is right for me?

There are several different options for repaying your student loan.

Options	How it works	Choose to...
Automatic payments	You set it up once, then your payment is made automatically every month. See next FAQ for instructions.	Never miss a payment Receive an interest rate discount
Online and mobile Bill Pay	You set up your student loan as a payee in Bill Pay, and then enter your payment amount. Bill Pay	Manage all your bills in one place Schedule payments in advance or recurring Set up a Payee to make payments at a Master account level or set up a Payee to make a payment to a specific loan.
Online and mobile transfers	You transfer money from your account every month. Transfer money	Make a single payment Have more flexibility in scheduling payments
Mail, phone, or in person	You mail a check, call us, or go to a banking location.

Can I set up Automatic Payments?

Yes. You can choose to sign up for automatic payments (recurring payments) for an individual student loan, or for a Master Account, which includes all your Wells Fargo student loans.

Once the loan is set up on automatic payments, a full scheduled monthly payment will be deducted each month.

How do I set up automatic payments?

You can set up an automatic monthly student loan payment from a checking or savings account at Wells Fargo or at another financial institution, and can make automatic payments either for an individual loan or for a Master Account, which includes all of your student loans serviced by Wells Fargo.

If you set up automatic payments, you may qualify for an interest rate discount on your loan.

There are many ways to set up automatic payments from your account on Wells Fargo Online. Sign on and select the Sign Up for automatic payments link or go to the “I want to” section for easy instructions.

Can I make a payment to my individual student loan(s)?

Yes. You can make a payment to one or more of your individual student loans by selecting the student loan(s) you’d like to make a payment on from the Account dropdown menu on the Loan Account Activity page, and then clicking the Make a Payment link.

To pay by mail, follow these instructions:

Write your account number on the front of your check.

Enclose your remittance slip with your payment.

Mail your payment to:

Wells Fargo Education Financial Services
P.O. Box 10365
Des Moines, IA

What happens if I make a partial or additional payment?

If you choose to make a partial payment of less than the amount due on your individual student loan, your funds will accumulate until full payment is received, and your due date will advance once we receive full payment. If the amount you pay is less than the required amount, not all portions of your account may be paid current, and your overall account could become delinquent. If you make a full payment that includes additional funds, your due date will advance, and the extra funds will pay down your overall loan balance (interest, principal, and any applicable fees) without changing the due date or amount on your next bill.

What is Loan Status Information? How does this affect my loan?

For your convenience, we’ve added a Loan Status Information section to the individual student loan account activity pages on Wells Fargo Online® banking. The status of your loan will fall into one of the following six categories:

In School
Grace
Partially Disbursed
Repayment Current
Repayment Late
Deferred/Forbearance

Loans in Repayment Current and Repayment Late require monthly payments. Payments for loans in any other status are optional. To see the status of your loan, sign on to online banking and go to Account Activity page.

Can I change my payment due date?

You can request a change to your payment due date if you are in your repayment period. If your account status is deferment, grace, in-school, or default, you are not eligible to change a due date.

To request a different due date, please contact us:

How do I pay off my student loan in full?

Please call 1-800-378-5526. Because interest on your loan accrues daily, you’ll need to provide the exact date when Wells Fargo will receive payment (your payoff date). You’ll then receive your final payoff amount.

You can make your final payment online, by phone or mail, or at a Wells Fargo banking location. Just be sure your payment will arrive at Wells Fargo by your payoff date.

What if I miss a payment?

If you miss your original payment due date, you should make a payment as soon as possible after that date. You’ll receive a reminder letter approximately 5 days after the payment was missed. You can make payments online, by mail, by phone, or in person. If you miss the due date, you may be assessed a late fee.

Can a cosigner view the student loan online?

Yes. The student will need to add the cosigner as a guest user through Wells Fargo online. Note: As a guest user, the cosigner will be able to view all information within the student’s online banking, not just student loan information.