That’s right, AmazonPrime membership now offers maybe the one thing that nearly no one really wanted it to ever consider selling.
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Students can also get discounts on loans by enrolling in the bank’s automatic monthly repayment plan, said Wells Fargo, the nation’s largest private student lender among US banks. But this will be the company’s first involvement in the student loan market.
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.
“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, in a statement. “This is a tremendous opportunity to bring together two great brands”.
Salient Trust Co Lta scooped up 78,040 additional shares in Wells Fargo & Co during the most recent quarter end, the firm said in a disclosure report filed with the SEC on Jul 18, 2016.
Amazon is entering the private student loan business through a partnership with Wells Fargo. WFC, +0.08% in which the bank’s student-lending arm will offer interest-rate discounts to select Amazon shoppers.
Wells Fargo is a distant second to the nation’s largest private student loan lender, Sallie Mae.
Wells Fargo & Company is a financial services and bank holding company.
The deal could book Amazon Prime Student memberships.
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Prime Student, for those unfamiliar, is a special version of the Prime membership program available to those who are now enrolled in a college or university, and have a valid.edu email address. They cost $49 a year vs. $99 for the regular Amazon Prime. For the 2014-2015 academic year, students and parents borrowed $106.1 billion, 10 percent of which was nonfederal loans, according to the College Board. The program is now sponsored by Sprint, making it free for the first 6 months.
