Wells Fargo, Amazon join hands to 'sell' student loans

Wells Fargo Education Financial Services, the largest private student lender amongst US commercial banks, and Amazon.com have announced a new interest rate discount for Amazon Prime Student customers who apply for any of Wells Fargo's private student loan products.

''We are focused on innovation and meeting our customers where they are – and increasingly that is in the digital space,'' said John Rasmussen, Wells Fargo's head of personal lending group. ''This is a tremendous opportunity to bring together two great brands. At Amazon and Wells Fargo, delivering exceptional customer service and helping customers are at the center of everything we do.''

The 0.50 per cent interest rate discount being offered by Wells Fargo to Amazon Prime Student customers can also be added to a 0.25 per cent interest rate reduction for enrolling in an automatic monthly loan repayment plan from Wells Fargo and any interest rate discount tied to a Wells Fargo global promotion.

Amazon Prime Student gives college students unlimited free two-day shipping on more than 30 million items, and special offers and promotions created just for students. Students can sign up for a six-month, sponsored trial of Amazon Prime Student to access these benefits, plus unlimited streaming of tens of thousands of movies and TV shows with Prime Video and free unlimited photo storage with Prime Photos. All that just for $49 a year-half the price of a regular Amazon Prime membership-and includes over a million songs with Prime Music and one free pre-released book a month with Kindle First.

In addition to offering interest rate discounts, Wells Fargo has also developed free online resources to help students and families prepare, plan, and finance their higher education, which include: Five Steps To Paying For College; Wells Fargo College Planning Blog; CollegeSTEPS; CollegeSTEPS Magazine; Private Student Loan Calculator; and Get College Ready.