Wells Fargo Won't Issue Student Loans to New Applicants

Wells Fargo will not accept new student loan applicants for the upcoming academic year and will only issue loans to people who applied before July 1 or who currently have an outstanding balance on a prior student loan issued by Wells Fargo, according to the business intelligence publication Fastinform.

Wells Fargo has about $10.6 billion in student loan holdings, a number that has declined from $11.8 billion two years ago and that accounts for about 8 percent of the $130 billon private student loan market. The bank’s decision to pull back from private student lending comes amid disruptions to higher education caused by the coronavirus pandemic.