Student Loans and the Unlikely Partnership of Amazon and Wells Fargo
Wells Fargo and Amazon are teaming up to offer borrowers a discount on private student loans in an unusual partnership that one analyst describes as “baffling.”
Under the arrangement announced Thursday, students and parents would be eligible for a half-percent decrease on their interest rates if they sign up for Amazon Prime Student, which could be applied on top of a 0.25 percent interest rate decrease upon enrolling in an automatic monthly loan repayment plan. For a $49 annual fee, Prime Student provides free two-day shipping and access to thousands of streaming TV shows and movies.
“This is a tremendous opportunity to bring together two great brands,” John Rasmussen, Wells Fargo’s head of personal lending group, said in a statement. “At Amazon and Wells Fargo, delivering exceptional customer service and helping customers are at the center of everything we do.”