Source: The Gazette
If you're an Amazon Prime member - correction, if you're an Amazon Prime Student member (this means you have to be the customer yourself - you can't use it through your parents' Prime membership), you're about to receive another added benefit. In their latest announcement, Amazon is partnering with Wells Fargo to offer Amazon Prime Student customers and presently enrolled students a discounted interest rate on their student loans. Students may refinance their current loans instead of applying for a new loan, but either method is valid.
Wells Fargo Education Financial Services is currently the nation's largest private student loan lender. The discounted interest rate stands at 0.05%, which can also be used in conjunction with a 0.25% interest rate reduction if students choose to enroll in an automatic monthly loan repayment plan from Wells Fargo. It can also be added to any interest rate discounts that Wells Fargo promotes globally, says Wells Fargo.
Since launching the Amazon Prime Student Program in 2010, Amazon gives students a $49 annual membership starting with a 6-month sponsored trial, free 2-day shipping, one-day pickup services at certain campus locations, free media streaming, and more. This is the first time Amazon has partnered with a lender to provide discounts on a financial situation that causes many students and families much stress.
If you're a student, or if you have a college student in your life, what are your thoughts on this partnership? Let us know in the comments below!