Amazon enters the student loan business

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Next time you’re ordering your textbooks from Amazon, you can also order a student loan. 

Amazon is entering the private student loan business through a partnership with Wells Fargo.

Wells Fargo’s student lenders will offer a 0.5 percent interest rate discount to members of Prime Student, Amazon’s half-price version of Prime for college students.

Amazon already offers small business loans through Amazon Lending, the invitation-only loan program for third-party sellers it launched in 2012. But this will be the company’s first involvement in the student loan market. 

The interest rate discount will be available for all Wells Fargo student loans, including both new loans and loan refinancing.  Read more…

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