Wells Fargo dropping student loan rate fees

Wells Fargo Lawsuit_47913

A downtown building is reflected in the windows of the Wells Fargo Bank in Los Angeles on Tuesday, May 5, 2015. The city of Los Angeles is suing Wells Fargo Bank, alleging that employees driven by strict sales pressure opened unauthorized accounts for customers that charged them fees and damaged their credit. (AP Photo/Richard Vogel)

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

The company says it stopped levying the fees on November 15th.

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

But 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 a part of a Wells Fargo consolidation loan.

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