Update: Amazon Prime and Wells Fargo have terminated their student loan discount for Amazon Prime Student customers only six weeks after it launched, Time reports. Both companies confirmed separately that the program had drawn to a close, but did not specify why. The program was launched on July 21.
This story was originally published on July 26, 2016.
For many of us, Amazon Prime is an indispensable way to get everything from next-day shipping on home goods to access to the newest season of Transparent. But this latest offer from Prime is surprising: student loan discounts.
That’s right, Amazon has teamed up with Wells Fargo to offer a discount on student loans. If you have Amazon Prime Student, you’re eligible for a 0.5% discount on your loan interest rate from the bank. And that 0.5% discount can be combined with an 0.25% discount you receive just for automating your payment plan. (Why haven't you automated already?)
That might not sound like a huge discount, but it can add up over the life of your loan. E-Commerce Times reports that over a 10-year repayment for a $10,000 loan, you could save $300. The savings only get bigger as the size of the loan increases.
Amazon Prime Student memberships cost $49 a year, half off the regular membership (you'll need a .edu email address to qualify). Wells Fargo requires that you be a Student Prime member on or before the date you signed up for the loan, and only new loans qualify. For more on the program, check out Wells Fargo's private loan page.
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