Relief is on the way for some student loan borrowers. Wells Fargo recently announced it will offer student loan modifications to those facing financial hardship. The lender is in the process of finalizing the modification process.
Eligible borrowers will be reviewed and approved on a case-by-case basis. Those who are granted a modification will be able to repay their loan based on income level.
Says Wells Fargo in a statement, “When a Wells Fargo private student loan customer’s financial situation is preliminarily assessed by a private student loan modification program representative (PSLM), and the hardship qualifies the customer for the program, Wells Fargo will work with the customer to gather supporting financial documents that may include paystubs, or other types of income documentation, along with information surrounding the customer’s complete financial picture to evaluate the severity of the financial hardship. Once documentation is received and the customer is approved for the PSLM program, the customer will receive a loan modification agreement by overnight mail delivery, which the customer signs and returns.”
Wells Fargo private student loan borrowers facing hardship are encouraged to visit https://www.wellsfargo.com/student/repay/ or call 1-800-378-5526.