Wells Fargo Offers 0 Percent Origination Fee Federal Stafford Student Loans Nationwide

SIOUX FALLS, S.D., Jan. 3 /PRNewswire/ -- Wells Fargo Education Financial Services, a division of Wells Fargo Bank, N.A., announced today that it will offer 0 percent origination fee Federal Stafford Loans nationwide for the 2006-2007 academic year, allowing students to keep more of their loan money for education costs.

"Wells Fargo is committed to helping students reach their next stage of success, and a more affordable Federal Stafford Loan will help them do that," said Jon Veenis, president of Wells Fargo Education Financial Services. "We're paying the origination fees so students will have more money up front -- when they need it the most -- for books, tuition, fees, and all the other costs of education. This is just another way we put the best interests of our customers first."

The Federal Stafford Loan is a low-interest, government-guaranteed loan for both undergraduate and graduate students. Borrowers normally pay an origination fee -- 3 percent of the loan's principal -- to the government. With this new offering, Wells Fargo will pay the origination fee on the students' behalf. New Wells Fargo Federal Stafford Loans guaranteed on or after April 1, 2006, will be eligible for the 0 percent origination fee savings.

Wells Fargo also offers generous repayment incentives on Federal Stafford Loans. "With our new 0 percent origination fee Federal Stafford Loan offering, our competitive repayment incentives, and our comprehensive suite of alternative loan products, financial aid professionals can feel even more confident recommending Wells Fargo as a smart choice for borrowers," said Veenis.

Wells Fargo has more than 30 years' experience in education financing and is one of the nation's leading student loan providers for both federal and alternative student loans.

Wells Fargo & Company is a diversified financial services company with $453 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet ( http://wellsfargo.com/ ) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, "Aaa," from Moody's Investors Service.