(LifeWire) - Wells Fargo K-12 Student Loan Basics:
The Wells Fargo K-12 Student Loan can bolster an existing federal loan or cover the entire cost for a child enrolled in a private school from kindergarten to 12th grade. The loan is often used by families that do not qualify for federal loans, or were too late to apply for them. The loan can temporarily subsidize approved costs, including tuition, between $1,000 and $25,000 per year. The total maximum cannot surpass $100,000.
Qualifying for a Wells Fargo K-12 Student Loan:
Eligibility requirements for the Wells Fargo K-12 student loan include that parental applicants have a child attending kindergarten through 12th grade at a qualified school; have a credit history and debt-to-income ratio that the bank finds acceptable; have an income of at least $12,000; and be a U.S. citizen or permanent resident alien (in which case a U.S. cosigner would be mandatory).
Applying for a Wells Fargo K-12 Student Loan:
Applicants can go online to apply at www.wellsfargo.com and quickly receive a credit decision. Applicants will need to provide a Social Security number, a reference, the amount needed, school information, and the amount of monthly rent or mortgage. If the loan is approved, the bank either transmits the money in one lump sum to the applicant, or in two installments to the school. Remaining cash can be used to pay for books and other living expenses.
Repaying a Wells Fargo K-12 Student Loan:
Loan recipients generally start making payments six months after graduation, or after the child has left school. The payback percentage, calculated by the prime rate and the applicant's credit rating, can change. The bank also provides advice for those having trouble making payments. Some of the options to be considered are postponing repayment (if approved) or loan consolidation. The bank provides a phone number -- (800) 378-5526 -- for questions regarding loan repayment.
