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Amazon Wants To Sell You Everything, Including Student Loans (qz.com)
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.
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.
I don't read your sig. Why are you reading mine?
...and if you fall really far behind, they only let you stream educational kids shows.
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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Are these going to be counterfeit too?