Student Loans

Wells Fargo student loans

Loan amount: $500 - $20,000
converted to USD based on the Bank of America exchange rate

Repayment term: 1 - 5 years for amounts up to $10,000
1 - 7 years for amounts from $10,001

Interest rate: Standard interest rate: 7.50% without a deposit.
The interest rate is annual; calculated using the declining balance method with proportional interest.

Interim interest: The interim interest rate is the same as the standard rate. This is the interest charged on the principal from the moment you get the money until you actually start making payments. This interest is calculated and collected right when the loan is disbursed.

APR (Annual Percentage Rate): APR for loans with a 5-year term is 8.20%.
APR for loans with a 7-year term is 8.09%.
The APR calculation is based on the nominal interest rate plus all the extra fees the borrower pays to the Bank (interim interest, processing fees, etc.).

The APR doesn't include costs for property insurance or life/disability insurance—though you’re still stuck paying those if they're required to secure the loan. The borrower also covers other costs not baked into the APR, like notary fees, and if there's property involved, legal fees for title searches, recording liens for the Bank, and appraisal costs.

Fee: 1.00% of the loan amount
This fee is a one-time charge taken out when the loan is issued.

Can someone tell me if this loan is actually worth it? I honestly have no clue how any of this works:b
and based on these numbers, how do I figure out exactly how much cash I'll be paying back if I take, say, $333 every month for two years? Do I just add the 7.50% interest rate on top of everything?

Hey 🙏

Got a few questions 😉

So, where are the best ones?
Can I, like, get maybe $500 just for a new PC? (Since that student loan setup sends most of it straight to the university account, which I don't really need since I'm not paying tuition right now)😉
What happens if I take a gap year? Do I have to start paying it back immediately, or does it still count as being in school?

thanks, love you guys big time, Jessica Johnson2 🙂

Hi there,

I recently found myself in a pretty confusing spot. Basically, my tuition was supposed to be around $5,500—I'm planning to study in the Netherlands—so I figured I’d just take out a $20,000 loan. It’s a three-year program.
But then, out of nowhere, they jacked up the tuition to a ridiculous $9,000. Now I’m looking at needing a much larger loan just to cover the tuition, visa fees, and all that other nonsense. I might be able to snag a $4,000 scholarship, but even then, the math just isn't adding up—it's still way too much cash. I'm not too worried about paying it back, since finding a job over there is usually pretty easy.
My dad could potentially co-sign, but honestly, I haven't even had the heart to tell him about needing somewhere in the ballpark of $30,000 to $40,000. Just looking at those numbers scares me.
What do interest rates look like for a loan that big? Does anything change when the amount jumps that high?
Is this even a smart move to make...?

Greetings!
I am planning to pursue my studies in England, where I estimate the first year will cost roughly $8,500, followed by three years at approximately $4,300 per year. Given this specific financial structure, what would be the most cost-effective loan option available to me? :/

Man, this place is just a graveyard of unanswered questions. Seriously. (:

Terry Robinson5 said:Greetings!
I am planning to pursue my studies in England, where I estimate the first year will cost roughly $8,500, followed by three years at approximately $4,300 per year. Given this specific financial structure, what would be the most cost-effective loan option available to me? :/

Chase actually has some pretty decent tuition loans. Check out Bankrate—they have info on student loans and even coverage for living expenses etc..

Hey there, does anyone happen to know if it's actually possible for an out-of-state student to qualify for a federal student loan...

I was wondering about something: when you take out a student loan, is the money strictly required to go directly toward the university tuition, or could you use it for something else, like buying a car? 😁

The funds go directly to the university's account based on the invoice they issue you 😉

Albrecht, that's a bummer 🙂 thanks for getting back to me anyway!

I’m curious—from where you all are sitting, which banks or lenders actually seem to be offering the most reasonable rates right now?

So, I was looking into some financing options recently, and it turns out JPMorgan Chase is running some pretty decent student loans right now. We’re talking up to $10,000 with a repayment window of up to seven years, all at a 6.99% interest rate. It’s actually a fair deal if you think about it. For anything under $8,000, you don't even need to worry about insurance—just a quick trip to a notary to get everything official. Once you cross that $8,000 mark, though, they’ll want either a co-signer or an insurance policy to back it up. This is specifically geared toward students who are already working, but for those who aren't quite on the payroll yet, they just bring a parent on board as a co-signer to make it happen.

Wait, isn't there some kind of student loan or grant available for students worth about $333? And then you just sort of pay it back once you finish your degree or something like that...

Hey,
So, I’ve been thinking—maybe I should just take out a student loan once I hit my junior year in the fall.
I might not have a co-signer ready, but maybe my dad could jump in? He’s got a pretty solid income, so I don't think it would be a huge deal. (Plus, my other parent is working too.)
I want enough to actually live on—like, maybe a monthly installment of around $500? $267 But I also want to pay for this online academy course that costs about $6,000 total ($3,000 per semester).
And honestly, I’d love to pick up a few extra things, maybe another $3,000 or so... so I'm looking at roughly a $1,000 monthly draw plus some cash upfront.
What do you guys think? What’s the best way to pull this off? Any specific banks I should look into?

Also, I can't find anything online about when the repayment actually starts:?
- After finishing my last year of undergrad?
- Once I officially graduate?
- When I land a job? (Assuming I can show the unemployment office paperwork proving I wasn't working yet.)

Thanks!

As far as I know, you can't just walk out with a bag of cash. If you're taking out a loan to cover tuition, you have to show them proof from your college or university first, and then they pay the school directly; you never even touch the money yourself.
If you're looking at a student loan for living expenses, you get a monthly stipend that stays the same every month (and if I remember right, no bank is offering more than $350-$450 a month max).

EDIT:

Take this for example: JPMorgan Chase index loans, specifically for student living costs:

- the loan covers things like housing, food, textbooks, and study trips...
- undergrads qualify once they've finished their freshman year
- loan amounts range from $2,200 to $20,000 distributed in equal monthly installments
- the monthly installment caps out at $325 in US dollars
- the loan lasts as long as your studies, up to 6 years max

I don't even need tuition money, just enough to cover basic living expenses 🙂

I actually looked into this a few months back while checking out Goldman Sachs, if I recall correctly. You can pick how you want it paid out—monthly, quarterly, every six months... basically whatever works for you

Feels like I might just have to settle for monthly annuities and save up for the big stuff 🙂

Sarah Turner98 said:I don't even need tuition money, just enough to cover basic living expenses 🙂

I actually looked into this a few months back while checking out Goldman Sachs, if I recall correctly. You can pick how you want it paid out—monthly, quarterly, every six months... basically whatever works for you

Feels like I might just have to settle for monthly annuities and save up for the big stuff 🙂

Nah, it's just monthly or quarterly installments in equal amounts. Nobody's handing you a giant lump sum upfront.

From what I can tell, though, Goldman Sachs Private Wealth Management offers a consumer loan for up to $10,000 over a 5-year term. They don't specify the fine print regarding terms or insurance requirements, though.

By the way, are you 100% sure you actually need this? Starting your life off in debt... hmm...

darkmaker94 said:Nah, it's just monthly or quarterly installments in equal amounts. Nobody's handing you a giant lump sum upfront.

From what I can tell, though, Goldman Sachs Private Wealth Management offers a consumer loan for up to $10,000 over a 5-year term. They don't specify the fine print regarding terms or insurance requirements, though.

By the way, are you 100% sure you actually need this? Starting your life off in debt... hmm...

There was an option to get it all at once to do whatever, but that's gone now. I know for sure because I was looking into it (though I wouldn't have if I hadn't read the bank's website).🙂

I don't think it's strictly "necessary," let me explain my situation...
Once I pass my exams, I'll officially be a junior (my final year). For the last three years (yeah, I failed one class 🙂), I've been scraping by on a few hundred bucks a month.
Like, maybe $500-$600—and remember, I have to eat every single day, buy textbooks, hygiene stuff, household supplies, things like that...
My parents can't really swing $3,000 a month, so I get $2,000 (and 4/5 of that goes straight to rent and utilities).

So, I want a little reward. After finishing sophomore year and starting junior year, I want to live a slightly more comfortable life. I'm tired of constantly stressing over whether I should spend $3.25 on lunch or save my last $20 because I won't have food tomorrow.🙂
Basically, I just want to live a somewhat normal life for this next year without the constant weight. Managing finances is draining my nerves, and trying to calculate how to survive the month? If I calculated this hard in class, I’d win a President's Award.

So, hopefully that explains why I want the loan. And like I said, part of it would probably go toward learning—certificates and stuff, while I still get student discounts at my college.🙂

P.S. Just so you know, I want to take out a max of $1,200$0.00 🙂 so $1,000 a month would be more than enough... I mean, I'm looking at somewhere between $1,000 and $1,700 total. These aren't massive sums like ten thousand dollars or whatever, and it's only for one year of use.🙂

So, here’s my situation: I’m a full-time student with special needs—meaning, I am personally footing the bill for my education—and I’m wondering if I can take out a student loan that isn't strictly earmarked for tuition. I'm looking for something to fund a different kind of venture, though I'm not talking about basic living expenses like rent or clothes; I want to launch a business. Specifically, I'm thinking about starting an LLC. To give you some numbers, I would need roughly $100,000 - $50000 to fund a renovation on a property that I intend to convert into a rental unit. What are your thoughts on this approach? Given that I currently have zero income, is it even remotely possible to secure a mortgage against that same property, or...?? 😕
I am completely out of my depth here, so I would be incredibly grateful for any advice you might have!!

There are student loans to cover tuition, but from what I know, they won't cover nearly as much as what you actually need, and they drip out in installments over the course of your degree.
Then there are student personal loans, but those usually cap out around $10,000.

If you want to go the mortgage route—which you’ll likely have to do for an amount that big—you can put it against a property, provided you have a clear title, but you still have to prove you have a steady income. Or, you could look into getting a co-signer with a solid paycheck.
Bottom line: a standard student loan isn't going to cut it for this.