Wells Fargo dropping student loan rate fees

National

(CNN) – Wells Fargo tells CNN that it has stopped charging fees on student loan payments.

The company says it stopped levying the fees on Nov. 15.

Wells Fargo told CNN that unpaid past late fees will be waived.

However, interest will continue to accrue if no payment is made and late payments will be reported to consumer reporting agencies.

Wells Fargo says the policy includes student loans from other lenders that are part of a Wells Fargo consolidation loan.

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