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Photo via Amazon Prime/Amazon Student
Photo via Amazon Prime/Amazon Student

Amazon Student subscribers are now eligible for discounted interest rates when applying for private student loans through Wells Fargo.

The retail and finance juggernauts announced the deal this week, offering interest rates reduced by half a percentage point on Wells Fargo loans. Amazon Student customers can also get a quarter of a percentage point reduced when they enroll in automatic monthly payment plans for student loans via Wells Fargo.

“We are focused on innovation and meeting our customers where they are – and increasingly that is in the digital space,” said John Rasmussen, Wells Fargo’s head of Personal Lending Group, in a press release. “This is a tremendous opportunity to bring together two great brands.”

Like Amazon Prime, the student program offers free two-day shipping to subscribers enrolled in colleges or universities. The $49 per year subscription also includes deals for students and access to the Kindle Lending Library.

Amazon has been rolling out physical pick-up locations at university campuses. The e-commerce giant has previously been partnered with universities to create co-branded websites for campus bookstores. The Wells Fargo deal is part of Amazon’s broader strategy to court the 20.2 million college students in the U.S.

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