One of the nation's biggest banks and the so-called "everything store" have joined forces to extend loan discounts to students.
The $1.8 trillion-asset Wells Fargo announced Thursday it would offer a 0.50% interest rate discount on any of its private student loan products to student subscribers of Amazon.com's Prime service.
"We are focused on innovation and meeting our customers where they are – and increasingly that is in the digital space," John Rasmussen, Wells Fargo's head of personal lending group, said in a press release about the collaboration.
Amazon Prime Students offers unlimited free two-day shipping on more than 30 million items and student-exclusive special offers and promotions.
Wells Fargo Education Financial Services serves more than 1 million students, parents and families throughout the nation.
The discount can be tacked onto the 0.25% interest rate reduction the bank offers to customers who enroll in its automatic monthly loan repayment plan or any interest rate discount related to a Wells Fargo global promotion.
