Wells Fargo(Vent)

blageo23 · 11-08-2007

Wells Fargo can suck my nuts!!! I have a STUDENT LOAN with them that I have to start paying back. The loan is for $5000 and the finance charge is $7000. So on a $5000 loan I have to pay back $12000. What kind of bullshit is that? On a god damn student loan I have to pay over double what I took out. ON A STUDENT LOAN. Arent student loans saposed to help out the student by having small interest rates and whatnot.(I know there are different types and know the difference). Yet I have another one thats $3000 and will end up paying $4000 back(from wells fargo). End rant.

**Kracka** · 11-08-2007

There is a serious problem there. Have you spoken to anyone about it?

twack · 11-08-2007

If I were you and your still in school id try loans from your school. Wells fargo has fined me and done alot of dumb shit but ive found that if you sit down with a banker and ask what they can do for you they have bent over backwards

**asshanson** · 11-08-2007

Did you get this particular loan from Wells Fargo Financial? WFF charges very high interest rates but they sell to higher risk customers, like students who currently don't have a job or something.

But still, paying over double back is a little insane, maybe the interest has been accruing since you took out the loan, or maybe Wells made a huge mistake and the total should be $7000, not the interest.

ABV · 11-08-2007

Did you read the statement correctly? My guess is that you're paying $50 per month on each loan. (I think that's the minumum payment for student loans). So if all you do is make the minimum paymetns, then over the life of the loan you would end up paying a total of $7000 ($2000 in interest.) Look at the statement again and see if that 7k is the total over the life of the loan with minimum payments. I'm also guessing that it's a 120 month loan. I haven't done the math, but I'd guess with a $50 payment, the numbers would be pretty close.

So all you have to do is pay double, triple, or more each month. Whatever you're comfortable with. Not only will it be paid off faster, but you will save a ton of money.

ABV · 11-08-2007

I'm just guessing at these numbers, I'm not sure what yours are, but here's an example.

$5000 loan at 7% interest over 120 months gives you a payment of $58.05 per month. The total paid over the life of the loan would be $6966

That might be a little high, but it's not unreasonable for only paying $58.05 per month. Like I said, make those double payments and you'll be money ahead in the end.

blageo23 · 11-08-2007

No no, I read it right. I had my mom even call and they said that that is correct. the intrest rate is 12.75% which is really high for a student loan. This was the last student loan I took out so it has like <1year of intrest on it. With the intrest over that year the loan is now $5751.03 the "finance charge" is $7176.57. and "total of payments(the amount you will have paid after you have made all payments as scheduled)" is $12,927.60. They said the reason is because its out for a crazy 180 months at $71.82. But this is bullshit either way. I went through my school for the other loans but they would only give me $1200 per semester and my school cost over $2200 a semester.

A//// Guy · 11-08-2007

Sounds like you didnt read the fine print when you applied for the loan?

Damn that sucks though...

ABV · 11-08-2007

Oh wow, I stand corrected. That sounds like a crazy loan. I don't know that much about student loans, but maybe you could look into consolidating all of your loans. At a minimum it would allow you to maybe get a better rate.

But like I said, I don't know that much about student loans and what the rules are for different types.

blageo23 · 11-08-2007

I had my mom call because she does loans and stuff and she knows the lingo. Also that intrest rate is with my grandma as a cosigner.

FattyBoomBatty · 11-08-2007

That's a lot. Dude, do as mexico and argentina - default on your loan, then it becomes free.

Special Ed · 11-08-2007

ylimert01 · 11-08-2007

^ LOL your on here too...either way i hate wells fargo...im not going to tell my long story, but i got sol out of my own 100.00..i swear they are all con artists....i need to switch banks.

**Goat Blower** · 11-08-2007

Never get a loan from WF. Just to name an example, I sold an Escalade to a young guy that worked for WF Financial, he got his car loan from a credit union. I asked him why and he even said they suck for loans. If an employee goes elsewhere, that really tells you something. He also said he makes about $100K/year working in their loan department, at 27 years old. You do the math.

Scrmegl · 11-09-2007

Just don't go to TCF either.

x-pride · 11-09-2007

Quote:

Originally Posted by Goat Blower

He also said he makes about $100K/year working in their loan department, at 27 years old. You do the math.

He is short about 60 K on how much he makes a year. Unless he is upper management at WFS.

Gravy · 11-09-2007

I've gone though school for all my loans... i would be irrate with them for doing that... i wonder what their reasoning would be for that high of a cost on a $5,000 loan.I make with Anoka County Federal, soon to be Anoka Henepin. Good deals on loans, at 19 years old, with a decent credit score, i took a loan out with no co-payer on a 99 s-10 and got 4.5% interest rate. :-D Now i've got 10% on the truck, but what can i say.

Andrew7dg · 11-09-2007

This is why I am working though college and paying as much of it off as I can. Loans can suck out a lot of money. Credit cards are the worst!!!

My girlfriend started taking out loans for her school and just thought it was kind of like free money she could barrow. I started number crunching for her to show her how much it is going to cost to pay them back. She had to go though private banks for the loans and I couldn't believe how much interest was!

Bottom line, you have to look at how much they are charging you for these loans. If thats what you agreed to, thats how much you are going to pay. The only cheap solution is to pay them off early!

Make sure that you are getting the student loan rate. If you are in school you should have a lower interest rate. If you graduated you will have a higher rate. My loan company thought I graduated and started charging me like I was out of school. However I had to prove to them that I was still in school.

I have been told, if you have money, you can make money off of that saved money. If you are borrowing money, you have to pay for that money.
It is how a lot of people become rich and stay rich...

blageo23 · 11-09-2007

I talked to my car loan guy(who is a friend of my moms) and he said we can tack it on the car loan. But right now I can afford the payment to go up any higher. I need to see what else I can do. Its not like I have bad credit. I checked and its actually "excelent"!

**asshanson** · 11-09-2007

My roommate consolidated all his loans and got a crazy low 3% or something on his interest rate. At that point you might as well pay it off slowly since you'll make more money in a high interest savings account or investing your extra money.