Standing for We Stand For Service, WSFS was found in 1832 in Delaware. It is a service-oriented public banking company offering private student loans and private student loan consolidation, as well as other services.
Student Debt Consolidation Services
Offering fixed and variable rates, and no origination fee, WSFS offers customers debt consolidation services, allowing them to consolidate multiple private student loans into one simple, easily manageable monthly payment.
Potential to Release Cosigners
For customers who are not employed and are not bringing in any income, they will need to have a cosigner. After 48 on-time principal and interest payments made consecutively during the repayment period, cosigners can apply for a release.
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 as little as $5,000 in debt. The maximum loan refinancing option is $125,000 for undergraduate debt and $150,000 for graduate debt.
WSFS offers a 0.25 interest rate reduction for those who sign up for automatic payments from their WSFS checking account.
Limited Availability (5 States)
Unless you live in Delaware, Virginia, Maryland, New Jersey, or Pennsylvania, you will not be able to access WSFS’ services.
Lack of Transparency
WSFS’ lack of transparency is frustrating. Although they state that there are no origination fees, there is little information stating whether there are application or prepayment fees. Additionally, no where on the website does it state what term plans are available.
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.
The Bottom Line
There are many things to love about WSFS. They offer private student loans and consolidation, a lower-than-average minimum loan requirement, and discounts for automatic payment setup. However, because they only work with private student loans, their services are only available in a handful of states. If you do not live in a state where services are available, you will have to look elsewhere to refinance your private student loans.