Wells Fargo Student Loan Refinancing: Best Alternatives

✦ Summary

Wells Fargo exited the private student loan market in 2020–2021 and no longer offers student loans. It agreed to sell its $10 billion private student loan portfolio to investors, and Firstmark Services, a division of Nelnet, now services these loans. Firstmark manages payments and accounts but does not offer refinancing. Borrowers can explore lenders such as ELFI and Earnest, or compare offers through Credible, subject to eligibility requirements. Compare interest rates, repayment terms, and total costs before choosing a new lender.

Phanindra Munnamgi

4 min read • Nov 13, 2026

What Happened to Wells Fargo Student Loans

Wells Fargo announced in September 2020 that it would exit the private student loan business. In December 2020 it agreed to sell its roughly $10 billion private student loan portfolio to investors, and Firstmark Services, a division of Nelnet, took over servicing in 2021. Borrowers’ loan terms remained unchanged.

Can you still refinance a Wells Fargo student loan?

Borrowers looking to refinance their Wells Fargo student loan must explore other lenders as Wells Fargo no longer offers new private student loans. Approval for refinancing depends on lender’s requirements and borrowers qualifications.

Have a Wells Fargo Student Loan? Here’s Who Services It Now

Firstmark Services, part of Nelnet, manages loan payments, accounts, and repayment inquiries. The transfer did not change your existing loan terms.

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Does Firstmark refinance Wells Fargo student loans?

No, Firstmark is a servicer and not a lender so it doesn’t refinance them. To explore refinancing options you need to apply with other refinance lenders.

Also Read: Best Student Loan Refinancing Lenders Beyond SoFi

Best Alternatives to Refinance a Former Wells Fargo Loan

Option	Best for	Key features	Important limitations
Credible	Comparing multiple lenders	Free rate comparisons with a soft credit check.	A marketplace, not a lender. Final approval and terms come from the lender you choose.
ELFI	Personalized support	Dedicated student loan advisor and no application, origination, or prepayment fees.	Generally requires a bachelor’s degree, at least $10,000 in student loan debt, and qualifying income and credit.
Earnest	Flexible repayment	Customizable repayment terms and a rate-match program for eligible offers.	Requires a completed degree or qualifying graduation status. Terms and eligibility vary by applicant.

Compare APRs, repayment terms, and total interest before choosing. Prequalification does not guarantee approval, and a formal application may involve a hard credit inquiry.

Important: These are US refinancing options. Confirm that you meet the lender’s residency and other requirements and that your former Wells Fargo loan qualifies for refinancing. Rates, terms, and benefits can change.

Also Read: Citizens Bank Student Loan Refinancing Review: Rates, Pros and Cons

How to Refinance a Former Wells Fargo Student Loan: Step by Step

Refinancing replaces your existing student loan with a new loan from a different lender. Follow these steps to compare offers and decide whether refinancing makes sense.

1. Check your current loan details

Confirm your outstanding balance, interest rate, monthly payment, and remaining repayment period with your current servicer.

2. Review your eligibility

Lenders typically consider your credit score, income, existing debt, and other eligibility requirements. Some may allow you to apply with a creditworthy cosigner.

3. Compare refinancing offers

Request quotes from multiple lenders and compare APRs, repayment terms, monthly payments, and total repayment costs. Check whether prequalification is available without affecting your credit score.

4. Choose a loan that fits your budget

A lower interest rate may reduce your borrowing costs, but extending the repayment term could increase the total interest you pay. Choose terms that fit your financial situation.

5. Complete the application

Submit the required financial details and loan documents. If approved, review the new loan agreement carefully before accepting the offer.

6. Confirm the old loan is paid off

Continue making payments on your existing loan until the new lender confirms the payoff is complete. Check your old account afterward to ensure no balance or payment remains outstanding.

Before you refinance: Compare the full cost of the new loan, not just the monthly payment. Confirm all terms with the lender before signing.

Also Read: 5 Mistakes to Avoid When Refinancing Your Education Loan

Compare refinancing options with GradRight

Wells Fargo no longer lends, so refinancing means choosing a new lender. Comparing rates, terms and eligibility side by side helps you pick the right one.

The GradRight platform helps you compare student loan and refinancing options, check your eligibility and get expert support. You can also chat with Graddie, GradRight’s AI counsellor, to get personalized recommendations based on your profile and concerns.

Still unsure which option is right for you? Discuss your choices with Graddie, compare offers side by side, and keep your research in one place.

Explore your options with GradRight before you decide.

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Frequently Asked Questions

Can I refinance a Wells Fargo student loan in 2026?

Yes. Although Wells Fargo no longer offers student loan refinancing, you can apply with another lender that accepts your loan type. Approval depends on the lender’s eligibility criteria and your financial profile.

Who services former Wells Fargo student loans now?

Firstmark Services, a division of Nelnet, took over servicing Wells Fargo’s former private student loan portfolio in 2021. Check your latest loan statement to confirm your current servicer.

Can I still pay Wells Fargo directly?

Wells Fargo no longer services its former private student loan portfolio. Follow the payment instructions from your current servicer and verify your account details before making a payment.

Does Firstmark Services refinance student loans?

No. Firstmark Services manages loan accounts and payments but does not refinance or consolidate loans. You must apply with a separate refinancing lender to explore new loan terms.

Will refinancing lower my student loan interest rate?

It may, depending on your credit profile, income, current interest rate, and the offers available to you. Compare APRs and total repayment costs before deciding. A lower monthly payment alone does not guarantee savings.

Is refinancing a former Wells Fargo student loan worth it?

It may be worthwhile if you qualify for a lower APR or more suitable repayment terms. Before accepting an offer, compare the total cost of the new loan with your existing loan and make sure the new payment fits your budget.

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