Wells Fargo, which bills itself as the largest private student lender among U.S. banks, has rolled out a new private student loan modification program to help those in financial difficulties.
Through the program, Wells Fargo private student loan customers experiencing a hardship will have their financial situation reviewed on an individual basis to determine eligibility for a short- or long-term loan modification, as appropriate. The company has student loans out to 1.3 million customers.
If eligible, a customer”™s interest rate will be lowered by Wells Fargo to achieve a student loan payment that is determined to be affordable based on income level, according to a press release from the bank. The company maintains 35 branches and 46 ATM centers in Fairfield County.
“The private student loan modification program demonstrates our commitment to helping our customers achieve financial stability and success,” said John Rasmussen, head of Wells Fargo”™s education financial services, in the press release. “We remain focused on providing a broad range of resources and programs to assist individuals in financing their dreams of higher education.”
After a preliminary assessment, Wells Fargo will work with an eligible customer to gather supporting financial documents that may include paystubs or other types of income documentation along with information surrounding the customer”™s financial picture to evaluate the hardship.
There is more customer information at wellsfargo.com/student/repay or by calling 800-378-5526.
