Amazon Now Offers Discount on Student Loan Interest Rate

Student loans
Shutterstock / Billion Photos

It’s perhaps the biggest Amazon Prime perk to date: help paying for college.

Amazon.com has teamed up with Wells Fargo to offer a new interest rate discount of 0.5 percent, the bank announced Thursday. It’s available to Amazon Prime Student subscribers who apply for any of Wells Fargo’s private student loans.

And the deal potentially gets even better. According to 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.

Prime is Amazon’s subscription service. Subscriber benefits include:

  • Free two-day shipping with no required purchase minimum
  • Free video streaming, including movies and TV series
  • Free unlimited music streaming
  • Free unlimited photo storage
  • Free access to more than 800,000 e-books
  • Up to 50 percent off Android phones

Prime costs $99 per year or $10.99 per month, and a free 30-day trial is available. Prime Student costs 50 percent less, and a free six-month trial is available.

To sign up for a free trial or learn more, visit Amazon’s Prime page or Prime Student page.

To learn more about the new Prime Student perk of a student loan interest rate discount, visit Amazon’s “Need Help Paying for College?

If you or someone you know is already struggling with debt from college, be sure to check out “Get Help With Student Loan Debt” in our Solutions Center.

What’s your take on this news? Would you sign up for Prime Student for a student loan interest rate discount? Let us know what you think by commenting below or over on our Facebook page.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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