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Amazon Tries Its Hand At Student Loans

Amazon Prime members now have yet another perk: student loan discounts.

The e-tailer is teaming with Wells Fargo Education Financial Services for student loans, according to a statement by Wells Fargo. Amazon Prime Student members can receive a 0.5 percent interest rate discount on Wells Fargo’s private student loans.

John Rasmussen, Wells Fargo’s personal lending group head, called the partnership “a tremendous opportunity to bring together two great brands.”

Amazon Prime Student, available to actively enrolled college students, costs $49 per year, just half of the standard Prime membership. A free six-month trial is also available. Members must have a “.edu” email address or be able to provide proof of enrollment.   

According to a recent study, Amazon is estimated to have over 63 million total Prime members.