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Facts about the "Amazon Student Loans"

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There has been a lot of buzz recently about "Amazon Student Loans" and what this means for students.

Here are a few fast facts about what the program is and how it will work:

What is this program?

•· Amazon teamed up with Wells Fargo.

•· Wells Fargo is a bank that gives student loans.

•· Wells Fargo is offering private student loans with Amazon.

•· Amazon Prime members will be able to get student loans from Wells Fargo at a slightly lower interest rate

Why are they doing it?

•· Student loans are at an all-time high with an average debt of $37,000

•· The cost of college continues to rise and students tend to go to federal loan programs to avoid exploitative private loans.

•· Amazon and Wells Fargo hopes that the competition will help other private lenders lower interest rates.

What are concerns?

•· People fear that this student loan will be misleading

•· People fear that students may not understand the difference between federal and private loans

•· People fear that their students may end up more in debt because the Amazon and Wells Fargo interest rate is variable.

Things to keep in mind

•· Understand where your money is going

•· Make sure to compare all your options

•· Come up with a reasonable timeline

•· If you have questions don't be afraid to ask and seek guidance

Source: http://www.consumerreports.org/student-debt/amazon-student-loans-wells-fargo/

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