FIRST AIRED: July 21, 2016

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

We've got more news

Get our editor’s daily email summary of what’s going on in the world.

US Edition
Intl. Edition
Replay Program

Business

Amazon wants to fund your way through college

Opening sequence

Opening sequence

Business

Amazon wants to fund your way through college

0:00
16:20
More Info

COMING UP:Amazon wants to fund your way through college

×

Transcript

00:00:00
>> Amazon, the place the peddles everything from diapers to Doctor Who jewelry boxes, is now willing to lend you money for college. The program launching Thursday adding discounted loans to the list of perks offered to Amazon Prime Student subscribers. The move is right in line with the company's strategy aimed at tightening its already formidable grasp on its customers.
00:00:22
Amazon is partnering with Wells Fargo, the second largest private student lender in the nation for the program. It will be the first bank to do so, giving the bank a bit more horsepower against competitor, Discover. Jumping into the market gives Amazon a clear shot at locking up another generation of Prime subscribers and expands Wells Fargo's own reach.
00:00:43
But it comes at a time when mounting student debt is hitting crisis levels. US student debt ballooning to $1.2 trillion at the beginning of this year, up 24% from 2012. The half percent interest rate discount Amazon is offering on its loans could end up pushing that number to new heights.