Student Loans Get a Compassionate Policy from Wells Fargo 
Lots of banks talk about how they really want to look out for their customers, and almost every financial institution uses slick ad campaigns to make them appear more compassionate and caring. But consumers know from experience that what really gets banks emotional is making profits, not matter what. One major bank, however, has decided to put its money – or its customers’ money, to be more specific – where its mouth is.
In a compassionate and significant move, Wells Fargo recently changed its policies and procedures to include student loan forgiveness in the event of a student beneficiarys death or permanent disability. This new kind of loan forgiveness policy will be added to existing and future Wells Fargo private student loans that are taken out to fund direct education-related expenses. The forgiveness or waiver of debt liability is a major shift from the bank’s previous policy. Under the old rules the customer or co-signer had a legal obligation to repay the loan even if a student died or became disabled. Wells Fargos new policy requires notification of the student beneficiarys death or permanent and total disability and documentation to support that notification. Once notified, a Wells Fargo representative will work with the family to complete the steps necessary to legally forgive the loan.
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