Wells Fargo pulls back from making new student loans

As a spike in coronavirus cases threatens to damage the higher education economy, Wells Fargo & Co. has begun a retreat from making new student loans. 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 outstanding balance on a Wells Fargo Private Student Loan may be eligible to receive either a Wells…