Wells Fargo Education Financial Services has teamed up with e-commerce giant Amazon to offer a interest rate discount for Amazon Prime Student customers who apply for any of Wells Fargo’s private student loan products.
Companies that include Citizens Bank, Discover and Delaware-based WSFS are moving into the student loan space that had been dominated by federal programs and Newark-based Sallie Mae.
Sallie Mae, which started out as a federally chartered corporation, has restructured and operates as a lender (Sallie Mae) and spun off its servicing and collection functions as a company known as Navient, which is based in Wilmington.
A Wilmington-based start-up CollegeAve also offers student loans online.
“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…”
The 0.50 percent interest rate discount being offered by Wells Fargo to Amazon Prime Student customers can also be added to a 0.25 percent 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. For more information, please visit: www.wellsfargo.com/amazon
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 movies and TV shows with Prime Video and free unlimited photo storage with Prime Photos. After that, the membership costs $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, a release stated.
