Amazon.com has announced that it has partnered with Wells Fargo to offer lower interest rates to those with private student loans through the lender. This new and unique opportunity is available only to those who have an Amazon Prime Student account.
Borrowers who apply for one of the different Wells Fargo education loan options will be eligible for a decrease of half a percentage on their interest rate. The interest rate on most Wells Fargo undergraduate fixed loans starts at 5.94% and ranges up to almost 11%. Those with adjustable-rate loans will see interest rates between 3.39% and 9.03%. While dropping these rates by half a percentage may not seem much, it can save borrowers hundreds or thousands over the life of the loan.
Wells Fargo also offers borrowers several other options for lowering the interest rates on their loans. Those who sign up to have their monthly payment automatically deducted from their bank account can take another 0.25% off their interest, while those who have someone co-sign on their student loans can get even larger discounts.
Amazon Prime Student accounts have an annual fee of $49. However, students only need to be members at the time they apply and are approved. Once they have the discount locked in, they no longer need to be a member of Amazon Prime. Student accounts have all the perks of full-price Amazon Prime accounts.
Find out quickly at what rate you can refinance your student loan.