Amazon, Wells Fargo End Partnership to Offer Discounted Student Loans

5677479272_999330b1d0_bAmazon's venture to sell students the loans they need to buy their school supplies from Amazon lasted about as long as the typical college relationship.

Wells Fargo and Amazon said they had ended a partnership to offer discounted student loans to the online retailer's "Prime Student" customers, about six weeks after announcing the deal.

Under the deal announced on July 21, Wells Fargo had agreed to shave half a percentage point from its interest rate on student loans to Amazon "Prime Student" subscribers, who also get benefits such as free two-day shipping and access to movies, television shows and photo storage.

"That promotion for Prime Student members has ended," a Wells Fargo spokeswoman told Reuters on Wednesday. She declined to provide further details of the agreement. Amazon spokeswoman Deborah Bass also confirmed the termination of the partnership.

Bloomberg first reported earlier in the day that Wells Fargo and Amazon had ended the agreement.

(Reporting by Sruthi Shankar in Bengaluru and Dan Freed in New York; Editing by Kirti Pandey)

image by kevin dooley

 

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