Amazon is praised for its accessibility and speedy service, but you can now use it for more than just ordering your textbooks. Prime’s newest offering is both unforeseen and immensely exciting for all of us struggling to afford our school’s outlandish tuition prices.
According to Refinery 29, Amazon and Wells Fargo recently teamed up in order to bring users a discount on their student loans. In case you didn’t already know, anyone with an “.edu” email address is able to get a free six-month membership to Amazon Prime. As if this deal isn’t sweet enough already, they just made it even better. All those who have an Amazon Prime Student Account are qualified to receive a 0.5 percent discount on your loan interest rate from the bank. Even better, that 0.5 percent can be used in addition to a 0.25 percent discount that you can score just by updating to an automated payment plan.
Although this might seem like a pretty measly discount, the numbers can really add up over time. According to the E-Commerce Times, some people could save enough just in the first year to be able to repay the price of a Prime membership. The site reports that over ten-year period with a $10,000 loan, you could save as much as $300, with savings increasing with the size of the loan.
Despite how awesome this new opportunity is, there’s a catch. Wells Fargo requires you to be a Student Prime member on or before the date you signed up for the loan. Only new loans can qualify for the discount, too, unfortunately. So you may not be able to catch a break with the loans you already have, but new college students and those looking to take out loans for grad school should definitely pay attention to this unique offer. It’s also important to note that in order to keep your Amazon Prime Student Account active, you must pay for the membership once the free six-month membership comes to a close. A membership costs $49/year, which isn’t really too bad when you consider the break you’ll be getting on your dreaded tuition loans.