Just a few weeks ago, a seemingly compelling partnership was formed between Wells Fargo and Amazon that offered students a discount on private loans.
But that program has suddenly ended without any warning or explanation.
Spokespersons for both Amazon and Wells Fargo confirmed that the promotional deal has ended, but neither would elaborate.
Under the partnership unveiled July 21, Wells Fargo had agreed to discount 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. The discount was only available to Amazon Prime Student members, which has a cost of $49 annually.
At the time, Wells Fargo said in a statement that the program represented a “tremendous opportunity to bring together two great brands.”
For Wells Fargo, the second-largest private student lender by loan origination volume, the alliance was considered a key advantage because of the access to Amazon’s student customer base.
Adding to the confusion, the original promotion described the program as a multi-year partnership. The Amazon site about the loan discount program now redirects visitors to Wells Fargo’s student loan site.