Amazon with Wells Fargo on Private Student Loans? It’s a Jungle Out There
I love me some Amazon Prime. But what's this? Amazon announces a partnership with Wells Fargo to promote private student loans?! Don't do it!
Private loans come with significant risks. Private loan contracts are carefully drafted to benefit banks and investors; they are not designed to provide flexibility for students and families. If you need to borrow private loans, shop around for the best combination of terms (cosignor required? deferrments permitted? flexible repayment options? default triggers? fixed interest rates?). Federal student loans have unique consumer protections like death and disability discharge provisions, flexible repayment options, and forgiveness provisions AND are nearly always less expensive than private loans.
Heather: "Alexa? Why'd you do it?"
Alexa: "I'm sorry, I don't understand your question."
Heather: "Alexa, please don't become a shady banker."
Alexa: "Playing Mr. Banker by Lynyrd Skynyrd from Amazon Prime."
Heather: "Alexa, stop."