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Last update: July 23, 2024

2 minutes read

Wells Fargo Exits Student Loans

Wells Fargo has transitioned its private student loan services to Firstmark under Nelnet, maintaining existing loan terms. Explore what this change means for borrowers, how to handle payments during the transition, and the benefits of refinancing.

By Brian Flaherty, B.A. Economics

Edited by Rachel Lauren, B.A. in Business and Political Economy

Learn more about our editorial standards

By Brian Flaherty, B.A. Economics

Edited by Rachel Lauren, B.A. in Business and Political Economy

Learn more about our editorial standards

Wells Fargo has passed the baton of its private student loans to Firstmark Services under Nelnet. Don't worry, your loan terms stay the same! If Wells Fargo was your lender, your payments will now shift to a new portal. Let’s dive in and learn about the changes.

Key takeaways

Wells Fargo's private student loan portfolio is now serviced by Firstmark Services, but the loan terms have not changed
Loan recipients are advised to continue payments as usual until they are notified that the transfer has been completed

Wells Fargo exits student loan arena; FirstMark takes the reins

Big change alert! During the pandemic, Wells Fargo said bye-bye to its private student loans.

They passed the baton to Firstmark Services, which is under Nelnet. If Wells Fargo was your go-to for loans, don't worry—your loan terms stay the same with Firstmark. Everything remains the same, except where you send your payments.

Maintaining loans post-transition

If you had a loan with Wells Fargo, don't worry—your money journey stays on track; Firstmark is just taking care of things now. Once you’ve been notified of the changeover, start paying them instead, and your loan terms won't change. Just make sure your payments go to Firstmark after the switch is done - they will reach out to you with the instructions on how to do this.

Refinancing: A fresh start for your loans

If Wells Fargo's exit from student loans caught you off guard, no worries! There are plenty of other great private loan companies ready to step up.

Even if you have bad credit, there are still options available. Finding a loan that fits your budget, and possibly reduces the amount of interest you pay is easy.

Check out how to refinance! Many private loan providers are waiting to impress you with great rates and customized terms.

TuitionHero Tip

Refinancing your student loan might get you a better interest rate or a payment plan that fits your budget well.

Firstmark help for former Wells Fargo borrowers

Have questions about your Wells Fargo student loans and the service change? Talk to Firstmark.

Their customer service team is ready to help with your questions and guide you through the changes. Whether online or on a call, Firstmark is here to support you during this transition, making sure you stay in control of your educational investment.

Why trust TuitionHero

We're here to help with private student loans, ensuring you find the right fit for your needs. From navigating Firstmark to exploring refinancing options, we offer expert advice and handy tools. Plus, we make college finances smoother by providing services like scholarships and FAFSA help. If you're considering life after Wells Fargo, we can help with financial aid options and finding compatible credit card offers.

Frequently asked questions (FAQ)

At TuitionHero, we offer resources to help you understand your new arrangement with Firstmark and evaluate whether refinancing could be a good move for you. Check out our Student Loan Refinancing Guide for insights on how to secure a loan that aligns with your personal financial goals.

TuitionHero offers tools and services to compare rates from many lenders, helping you make sure you make an informed decision about your student loan refinancing or new loan options. Visit our private student loan guide for comprehensive information on comparing loan rates and finding the best option for your needs.

Yes, TuitionHero provides access to a wide range of scholarship opportunities. Our scholarship support services are designed to help you discover more funding options that can reduce the need for loans and ease your financial burden.

Final thoughts

With Wells Fargo leaving the student loan market, it's important to stay informed and take action. Firstmark is taking over, but your loan terms stay the same.

The good news is you now have more options for refinancing. TuitionHero is here to help you understand and handle these changes.

We're keeping an eye on student finance trends, so stay tuned for updates and strategies for your success. Check out your refinancing options and other educational financial services with us at TuitionHero.

Author

Brian Flaherty

Brian is a graduate of the University of Virginia where he earned a B.A. in Economics. After graduation, Brian spent four years working working at a wealth management firm advising high-net-worth investors and institutions. During his time there, he passed the rigorous Series 65 exam and rose to a high-level strategy position.

Editor

Rachel Lauren

Rachel Lauren is the co-founder and COO of Debbie, a tech startup that offers an app to help people pay off their credit card debt for good through rewards and behavioral psychology. She was previously a venture capital investor at BDMI, as well as an equity research analyst at Credit Suisse.

At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.

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