Wells Fargo student loan settlements typically are for about 40-70% of the loan balance.
In the wake of the coronavirus pandemic, Wells Fargo has stopped refinancing federal loans. Borrowers can still apply for a consolidation loan through the Department of Education.
Wells Fargo is, however, still allowing borrowers to refinance private student loans.
Can I get a cosigner release for a Wells Fargo private student loan?
Unlike Discover, Wells Fargo will allow a cosigner to be released from a private student loan.
You’re eligible for a cosigner release if the first student loan payment was made in full and within 30 days of the due date and:
the primary borrower is a U.S. Citizen, U.S. national, or a permanent resident
24 consecutive monthly payments were made in full and on time (Sallie Mae offers a release after 12 monthly payments)
you did not receive a forbearance or deferment during those 24 months and
the borrower has a strong credit history, credit score, and is working and has acceptable income
Once those requirements are met, the borrower will submit the cosigner release loan application with a consent form signed by you to Wells Fargo for processing.
You can get the application by calling Wells Fargo at 1-800-658-3567.
If you didn’t make the first payment in full and on-time, then you have to make 48 consecutive monthly payments in full and on time before you can apply to be released from as a cosigner from the student debt.