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Amazon Prime Student no longer offers Student Loan Discount Program

On July 21, 2016 Wells Fargo and Amazon announced a student loan discount program. The partnership was to provide a 0.5% discount on newly-originated or refinanced Wells Fargo student loans for those students that had an Amazon Prime Student account.

The program was criticized for encouraging students to take out high-interest private loans with less protection than federal student loans. Private have far fewer options for borrowers who fall behind on payments.

6 weeks later the partnership is over and the promotion for Prime Student members has ended. Neither company has given a reason for why the partnership has ended.

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Posted September 3, 2016