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n1 writes:

In Amazon's latest attempt to entice shoppers into its premium Prime program, Wells Fargo will cut half a percentage point from its interest rate on student loans to Amazon customers who pay for a "Prime Student" subscription, which provides the traditional Prime benefits such as free two-day shipping and access to movies, television shows and photo storage. The subscription-based service will cost $49 a year, half the regular Amazon Prime fee.

Wells Fargo, Buffet's favorite US bank, will benefit by expanding the size of its student loan portfolio. The third largest U.S. bank by assets and the second-largest private student lender by origination volume, is interested in "meeting our customers where they are – and increasingly that is in the digital space," John Rasmussen, head of Wells Fargo's Personal Lending Group, said in a news release. The bank had $12.2 billion in student loans outstanding at the end of 2015, compared with $11.9 billion at the end of 2014.

[...] According to the details of the agreement, the companies aren't compensating each other for what Wells Fargo describes as a multiyear agreement that will reach millions of potential borrowers. The Amazon spokeswoman said Wells Fargo is currently the only student lender that will provide loan offers to Prime Student members.

Source: ZeroHedge

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