Wednesday, July 27, 2016

Amazon's New Market? Student Loans - Andrew Kreighbaum, Inside Higher Ed

The online retail giant's promise to provide "discounted" student loans through a new partnership with Wells Fargo elicits concerns from consumer advocates about possible duping of students. Search "student loans" on Amazon.com and the results include titles like The Student Loan Scam and The Student Loan Mess: How Good Intentions Created a Trillion-Dollar Problem. Now the online retail giant is becoming involved in the student loan sector itself through a partnership with Wells Fargo. On Thursday, Amazon and the banking and financial services company announced a partnership through which Amazon Prime Student members will be eligible for a 0.5 percentage point reduction on their interest rate for private student loans taken out through Wells Fargo Education Financial Services. https://www.insidehighered.com/news/2016/07/22/amazon-wells-fargo-partnership-private-student-loans-troubles-consumer-advocates

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