The news came in late 2020: Wells Fargo was selling its $10 billion student loan division. But the results weren’t immediate. It took a couple of months for borrowers with existing student loans to be affected.
As with any major change, borrowers are understandably worried about the transfer. Will their interest rates change? Will they have to pay the loan off sooner?
Loan transfers are common
If you’ve ever had a mortgage, you probably already know that loan transfers are common. In fact, the odds that you’ll have the same mortgage company throughout the life of your mortgage are pretty small.
Wells Fargo sold its student loans to Firstmark , whose parent company, Nelnet , is well-established in the student loan industry. If you have a student loan with Wells Fargo, the transfer will be made with no action necessary on your part.
The thing about these loan transfers is that you have a contract with Wells Fargo. Unless you sign a new contract with Firstmark or Nelnet, the company has to honor your original terms. If you choose to refinance the loan with Firstmark in the future, you’ll then https://paydayloan4less.com/payday-loans-al/ have new terms, but they’ll be terms you agree to follow.
So, what should you do?
The best thing you can do as you wait for further instruction is to make sure your contact information with Wells Fargo is up to date. Any letters, email messages, or phone calls will likely happen using what Wells Fargo has on record for you. Firste information to get in touch.
You should receive directions on anything you need to do from now until the transfer becomes final. These communications will probably come by postal mail even if you’ve opted in to receive all information about your account by email.
When your transfer is complete, review any new documents Firstmark sendspare this to your original loan terms to ensure that your original agreement is being honored. „Your Wells Fargo Student Loans Have Been Sold – Heres What To Do Next“ weiterlesen