WSFS Bank

• Don't Need to Be a WSFS Bank Member to Apply
• Parent Plus Loan Consolidation Available
• Cosigner Release
• Low Minimum Loan Requirement
• Auto Pay Discount
• No Origination Fee

Don't Need to Be a WSFS Bank Member to Apply

You don't need to be a WSFS Bank member to apply for the company's student loan consolidation/refinancing services. If you choose to apply, you will be redirected to a complete application through WSFS Bank and LendKey. The application will ask for personal and education information, as well as information to determine your eligibility.

Parent Plus Loan Consolidation Available

WSFS Bank offers refinancing on both high-interest Parent PLUS loans and private parent loans. The application takes under 15 minutes, and you can refinance amounts from $2,000 to $175,000 with terms from 5 to 15 years. In addition, there is no origination fee, and you can choose from fixed and variable rate options:

• Variable rate — Prime + 0.50%–2.00% APR
• Fixed rate — 4.24%–6.24% APR

Parent Plus loan consolidation is available in Delaware, Maryland, New Jersey, Pennsylvania, and Virginia.

Cosigner Release

The bank requires borrowers who are unemployed or making $0 annually to have a cosigner. Cosigners can apply for a release after 12 consecutive on-time principal and interest payments during the repayment period.

Low Minimum Loan Requirement

WSFS Bank has a low minimum loan requirement. Borrowers can refinance as little as $2,000, which is lower than industry average of approximately $5,000.

As far as maximum loan amounts, borrowers can choose to refinance up to $125,000 in undergraduate debt and up to $175,000 in graduate debt.

Auto Pay Discount

Those who sign up to make automatic payments from their WSFS Bank checking account will receive an interest rate reduction of 0.25 percent.

No Origination Fee

WSFS Bank does not charge an origination fee for its services. This is unique as most companies and lenders that offer loan products and loan refinancing products charge this fee.

• Limited State Availability
• Website Lacks Important Information

Limited Availability

WSFS Bank's student loan consolidation services are only available in the following states:

• Delaware
• Maryland
• New Jersey
• Pennsylvania
• Virginia

If you don't reside in any of the states listed above, you will need to research other student loan refinancing options available in your state of residence.

Website Lacks Important Information

The WSFS Bank website does not offer any information on the following:

• Credit score requirement
• Application and prepayment penalty fees

WSFS Bank does provide rates based on a credit tier on its website, but it is unclear what the credit tiers are based on and what credit score is needed to not only qualify for the lowest rate, but for WSFS Bank student loan consolidation overall.

Although a credit score requirement isn't made available, a high credit score may be required to qualify based on the low rate range offered by the company, and because of the fact that the company is a bank — banks and credit unions generally have higher credit score requirements.

While WSFS Bank doesn't charge a loan origination fee, it is unclear whether or not the bank charges an application fee or prepayment penalty fee.