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Wells Fargo, Amazon end deal to offer discounted student loans

Interns from around the city protest near the Senate steps to urge the Senate to act on a House passed bill, Smarter Solutions for Students Act, which would prevent student loan interest rates from doubling.
Tom Williams | CQ Roll Call | Getty Images
Interns from around the city protest near the Senate steps to urge the Senate to act on a House passed bill, Smarter Solutions for Students Act, which would prevent student loan interest rates from doubling.

Wells Fargo and Amazon.com said they had ended a partnership to offer discounted student loans to the online retailer's "Prime Student" customers, about six weeks after announcing the deal.

Under the deal announced on July 21, Wells Fargo had agreed to shave half a percentage point from its interest rate on student loans to Amazon "Prime Student" subscribers, who also get benefits such as free two-day shipping and access to movies, television shows and photo storage.

"That promotion for Prime Student members has ended," a Wells Fargo spokeswoman said on Wednesday. She declined to provide further details of the agreement.

Amazon spokeswoman Deborah Bass also confirmed the termination of the partnership.

Bloomberg first reported earlier in the day that Wells Fargo and Amazon had ended the agreement.