Member-only story
I Like My Student Loans Like I Like My Ribs — Prime. Amazon Prime.
When I first heard the news that Amazon would be partnering with Wells Fargo to provide discounted student loans to college students with a Prime Student Membership, my first thought was:
“Can I get free 2-day shipping on those loans?”
I e-mailed Mr. Bezos regarding this inquiry. I have yet to receive a response.
Jeff, throw-in some two-day free shipping please!
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From a business perspective, Amazon and Wells Fargo’s partnership seems like a holy matrimony: nearly half of all U.S. households have one person with a Prime membership. According to the National Center for Education Statistics, about 20.2 million students were enrolled in college in Fall 2015.
Assuming that a majority of U.S. households have at least one college aged student dependent on them, then for Amazon, there’s a convenient and lucrative opportunity to market private student loans to them via Prime membership. In addition to that, considering the fact that college tuition continues to rise without an end in sight, Wells Fargo is in a prime (see what I did there?) position to provide students with an alternative option to finance their education.