Wells Fargo is offering Amazon.com customers discounted interest rates on private student loans, creating a partnership with the online retail giant at a time when private lenders are fighting for market share.
“We are focused on innovation and meeting our customers where they are – and increasingly that is in the digital space,” Wells Fargo’s head of education financial services, John Rasmussen, said in a statement. “This is a tremendous opportunity to bring together two great brands.”
Amazon Prime Student subscribers who apply for any of the bank’s education loan products are eligible to have their interest rate lowered by half a percentage point. Wells will take off an additional quarter of a percentage point for borrowers who enroll in an automatic monthly loan repayment plan.
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