Wells Fargo pulls back from student loan lending

As a spike in coronavirus cases threatens to damage the higher education economy, San Francisco-based Wells Fargo & Co. (NYSE: WFC) has begun a retreat from new student loan lending. On its website, the bank stated that beginning on July 1, only customers with an outstanding balance on a current loan are eligible to be borrowers on a new private student loan for the 2020-2021 academic year. What this means is that customers with an outstanding balance on a Wells Fargo Private Student Loan may be…