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Amazon Wants To Sell You Everything, Including Student Loans (qz.com)

Posted by msmash on from the one-stop-shop dept.

Amazon sells all kinds of stuff -- some legit, some not as much. So it didn't really come as a big surprise when the company announced that it will now be selling student loans too. Quartz has more details: The e-commerce giant inked a deal with Wells Fargo to offer interest rate discounts on loans to students who are Amazon Prime members. The bank, which is the second largest student lender in the US, will shave off half a percentage point for Amazon "Prime Student" customers who take out student loans to attend college or are looking to refinance their existing student loans.

7 of 49 comments (clear)

  1. Late payment penalties by fahrbot-bot · · Score: 2, Interesting

    If you fall behind on your loan re-payments, you still get Free Shipping, but must use the "No Rush Shipping" option and forgo the promotional credit.

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    1. Re:Late payment penalties by by+(1706743) · · Score: 5, Interesting

      ...and if you fall really far behind, they only let you stream educational kids shows.

    2. Re:Late payment penalties by Aighearach · · Score: 2

      But eventually if you fall far enough behind, they have an army of drones.

  2. On the plus side... by by+(1706743) · · Score: 2

    Amazon even has this for free!

  3. Student loans are a government subsidized scam by mspohr · · Score: 3, Informative

    Not surprising to see Amazon to look for this easy money. Banks have been ripping off students and the government for years with this scam.
    Interest rates are high... much higher than most loans.
    Loans are guaranteed by the government so no risk to the lender.
    Students can't declare bankruptcy and discharge the loans so they are on the hook for life.
    Side note: when my daughters started college a few years ago, I was deluged with calls from student loan salespeople. Reminded me of home refinance deluge just before the crash. Fortunately, I had saved enough for their education so I was able to tell them to get lost.

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  4. Not *really* selling student loans by C3ntaur · · Score: 3, Insightful

    Sounds to me like they want to *write* student loans. Which is quite different from selling them. I would be interested in buying the notes, if that's what they were selling. Usurious interest rates, no chance of discharge in bankruptcy, no expiration. This is the kind of investment vehicle I would want to own.

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  5. Cheap Chinese knockoffs? by RogueWarrior65 · · Score: 3, Interesting

    Are these going to be counterfeit too?