Wells was active in campus life as an IU undergraduate, he pledged Sigma Nu fraternity, lived in its chapter house at 322 East Kirkwood, and became involved in campus activities. Wells served as the fraternity chapter's treasurer and was elected as his fraternity chapter's president (eminent commander) in his senior year. He was also treasurer of IU's Union Board, a student organization established in 1909. In addition, Wells played in IU's band and frequently visited the Book Nook, a local hangout that he described as "a remarkably fertile cultural and political breeding place in the manner of the famous English coffee houses." Wells earned a Bachelor of Science degree in commerce (business) in 1924.