Wells Fargo (NYSE: WFC) announced it has expanded its student lending options, launching the Wells Fargo Student Loan for Parents program. The move aims to help parents cover their students’ education costs. According to the bank, the loans have no origination, disbursement or early repayment fees.
Borrowers have the option of paying interest only while the student is in school and can take up to 15 years to completely repay the loan.
“We remain committed to serving the financial needs of students and families through responsible lending of private student loan products,” said Kirk Bare, head of Wells Fargo Education Financial Services.
“We understand that financing student education is one of the most important decisions families make,” added Bare. “And now that other funding options may not be as available as they were in the past, our customers are searching for new ways to cover those expenses.
Wells Fargo offers several other financing options for students, including the Wells Fargo Collegiate Loan, Wells Fargo Connection Loan and Wells Fargo Graduate Loan.
The bank’s educational services unit serves more than 2.4 million student and family customers throughout the United States.