The companies are not compensating each other for the agreement, however, the new partnership will be mutually beneficial for Amazon and Wells Fargo.

Red Alert Politics reports.

Millions of Amazon Prime shoppers now eligible for student loan discounts

In addition to the free two-day shipping, Amazon Prime is now offering discounts on student loans.

Wells Fargo bank and Amazon announced a partnership on Thursday that will make millions of students eligible for a 0.5% discount on their student loan interest rates by subscribing to Amazon’s “Prime Student” membership. Students will be able to use the service to take out loans, as well as refinance existing loans.

Just like Amazon’s popular Prime membership, Student Prime gives college students free two-day shipping on many Amazon items, along with streaming of movies, TV shows, and music. The subscription service is $49 per year (half the price of the regular Prime membership).