WSFS is one of the oldest companies we have covered on this site, with way more experience than some of the biggest debt management companies and even banks. These days WSFS stands for “We Stand For Service”, although it used to stand for “Wilmington Savings Fund Society”. They were first founded in Delaware all of the way back in 1832 and have been serving its local communities ever since.
WSFS is a public banking company that offers private student loans, private student loan consolidation, and an array of other services aimed at students and those in need. They are one of the oldest banks in the world and process billions of dollars a year. To learn more about WSFS and what they can do for you, keep reading.
- Address: 500 Delaware Avenue, Wilmington, DE 19801
- Web Address: http://www.wsfsbank.com/
- Date of Founding: 1/1/1832
- Contact Number: (302) 792-6000
- BBB Accredited? Yes, since 1998.
WSFS Bank have been the first to reach many financial milestones in the United States. In the 1960s they were the first to offer debit cards, and they have also broken new ground with regards to student loans, which is the main focus of this review.
WSFS are a major bank, so they offer a lot of services. When it comes to student loans they offer two. They can either provide you with the private student loans you need to help you cover tuition costs and everything else, or they can provide you with a private student loan consolidation loan.
- Private Student Loans: You can borrow anywhere from $2,000 to $30,000 per academic year, with a maximum of $100,000 in total for undergraduate loans and a maximum of $125,000 for graduate loans.
- Consolidation: You can use these loans to refinance anywhere from $2,000 in private student loans, with a maximum of $125,000 for undergraduates and $150,000 for graduates.
There is no origination fee for WSFS student loans, and the APR is variable. They tend to be very competitive and they also have options for co-signers, as well as a 0.25% reduction for anyone agreeing to make automatic payments. In many ways, WSFS student loans work like Wells Fargo student loans, which we have reviewed extensively in the past.
Employees and former employees at WSFS report that there is a community-centric environment, and that it is a great place to work. They have a lot of positive things to say about the CEO, currently a man named Mark Turner, and there are few negative reviews.
WSFS hire over 1,100 employees across all of their 75+ locations.
For the most part, customers have good things to say about WSFS student loans. However, there are a few concerns and we have raised similar issues in our own WSFS review, which you can find below.
Our WSFS Review
WSFS is a big bank with a long history, but does that translate into great service and reliability? Take a look at our WSFS review to find out.
Student Debt Consolidation Services
There is never an origination fee on WSFS student loans, which is always a huge plus, and they also provide students with high maximums and competitive rates. We also really like their debt consolidation services, as these can be used to consolidate multiple private student loans into one simple, easily manageable monthly payment. If you have loans that are getting out of control and you need a little order and stability, this could be the perfect solution.
Potential to Release Cosigners
Customers who are not employed and do not have a significant income (or any income at all) will need to have a cosigner. This is standard practice and it accounts for over 90% of students applying for these loans. Cosigners can apply for a release from the loan once 48 on-time principal and interest payments have been made during the repayment period.
Refinancing for Low Minimum
One of the benefits of WSFS is their low minimum loan requirement. Unlike many other student loan refinancing companies who require $10,000 or more in loans to qualify, WSFS allows borrowers to refinance for just $2,000!
There are also high maximum amounts, as discussed already in our “About WSFS” section. It means that you can cover anywhere from $125,000 to $150,000 in loans depending on whether you are an undergraduate or graduate.
WSFS offers a 0.25 interest rate reduction for those who sign up for automatic payments from their WSFS checking account. This is standard practice and it is something you will see offered by many top student loan providers. However, it's still a welcome sight.
Limited Availability (5 States)
Unless you live in Delaware, Virginia, Maryland, New Jersey, or Pennsylvania, you will not be able to access any of the services offered by WSFS. They are a big bank with a long history, but they are localized. This is great news for customers in those areas looking for an established and trustworthy “community” bank, but it's not great news for everyone else. If this is the situation you find yourself in, checkout UpStart, Alliant, or one of the many other companies we have reviewed.
Lack of Transparency
WSFS’ lack of transparency is frustrating. Although they state that there are no origination fees, they are not as forthcoming where other fees are concerned. There is also very little information regarding their interest rates and terms. You will find all of this when you apply, of course, but by then you have already partially committed and wasted some of your time.
Private Student Loans Only
It is fairly common for student loan companies to offer refinancing and consolidation services for both private and federal student loans. WSFS clearly states that it only offers services for refinancing and consolidation of private student loans. This is not unusual, but it would have been a nice addition if they offered more compatibility with federal student loans.
The Bottom Line
There are many things to love about this localized bank. They offer private student loans and consolidation, a lower-than-average minimum loan requirement, discounts for automatic payment setup, and high maximums for graduates and undergraduates.
However, they only work with private student loans, their services are only available in a small number of states, and there isn't as much transparency as there should be.This isn't enough to reduce our rating of WSFS to less than 3, but it stops them from going any higher.
As far as a recommendation goes, we think they shoudl definitely be included in your search if you reside in one of the applicable states. But we don't think you should make a beeline straight for them and signup straight away.