Collegiate Loan
from Wells Fargo

It's been pretty good for me so far, I've got a nice 5% fixed rate and keep on top of my payments. I know there are fees associated with getting behind on payments, but my understanding is that that is pretty across the board in terms of loans.

The loan was offered to me over the phone by a Wells Fargo customer service banking representative. i was told that the rate would be a fixed 5.5% , which sounded really good because it was lower than my student loans with my university. stupid me, i did not question whether or not there were hidden fees. i would have never thought that such a well-known bank would attempt to defraud me.

This… month I received a loan statement which displayed a continually-compounded interest rate of 14.75%. I had not received prior statements. I was shocked to find out that Wells Fargo left out the important information regarding how the interest was calculated and that the 5.5% interest rate, which I was quoted previously, was in addition to a fluctuating prime rate.

I would have NEVER agreed to take this student loan out from these loan sharks. Wells Fargo is taking advantage of college students, both undergraduate as well as graduate, by misleading people who are attempting to fund their education.
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