Amazon Teams up with Wells Fargo to Offer Student Loan Discounts
Amazon is making its way into the student loan market, teaming up with Wells Fargo to help students save money on their interest rates. Consumers who currently have an Amazon Prime Student account might receive a lower interest rate for their loans when applying through Wells Fargo’s private student loan program.
Customers with an Amazon Prime Student account will receive an extra 0.50% discount off their loan’s interest rate for the course of their repayment plan. They may also qualify for an additional 0.25% discount if they enroll in automatic monthly payments.
Amazon Prime Student is a subsector of Amazon Prime designed specifically for college students. Similar to the original program, students are able to receive free two-day shipping on a wide range of items available through Amazon. They also receive special offers on items such as school supplies, dorm room accessories and back to school clothing. The program is free for six months, and then costs $49 a year–about half of what a traditional Prime membership costs.
With the launch of the new Amazon partnership, Wells Fargo also released a number of resources to help students control their finances in college. These include the College Planning Blog, the Private Student Loan Calculator, and a guide entitled, “Five Steps to Paying for College.”