Student loans, powered by Amazon

Like it or not, some brand names - Tesla and Amazon, for example - are just guaranteed to generate buzz.

And, no doubt, it would be tough to team premium electric sedans with private student loans. But hooking up Amazon with a bank that offers them? It's cutting-edge marketing that's bound to trigger a second look at the private student loans offered through Wells Fargo Education Financial Services.

Wells Fargo says it will offer a 0.5 percent discount to Amazon Prime Student customers, who already are spending $49 a year to save money on college textbooks and other items.

That discount can be on top of other discounts, such as a 0.25 percent interest-rate reduction that's possible if you enroll in an automatic monthly loan-repayment plan and interest-rate discount tied to other promotions.

Only loan applications received on or after July 21 of this year would qualify for the Amazon-related discount.

What do you need to know beyond the buzz?

What rate would I pay? When it comes to private student loans, the interest rate very much depends on your credit history and the credit history of your cosigner, if you have one. It can be highly annoying to spot a 3 percent private student loan rate only to realize it's like a zero percent car-loan promotion that applies only to top-of-the-line borrowers.

At its online site, Wells Fargo recently listed the lowest discounted variable annual percentage rate at 3.49 percent and its highest variable APR at 9.03 percent.

The Amazon-related discount applied would reduce what is listed on the website, said Jason A. Vasquez, a spokesman for Wells Fargo Consumer Lending Communications.

So it's possible for those with strong credit to get the rate down to as low as 2.89 percent with the Amazon-related discount, then to 2.64 percent with the added discount for auto-debit.

Variable rates can go up over time and lead to higher monthly payments.

"Few lenders other than the federal government provide upfront pricing. So you can only know how much you'll have to pay if you apply for the loan," said Mark Kantrowitz, publisher and vice president of strategy for Cappex.com.

He noted that Wells Fargo's discount to Amazon Prime Student customers is attractive, especially on top of the other discounts. But it doesn't mean you should give up shopping around for the best rate to see what's offered to you.

"It is possible that you'll pay less with another lender even without the discount," Kantrowitz said.

If you're shopping online, it can help to know that after you apply, the lender will provide information on your interest rate before you sign the promissory note. Interest rates are provided after an application is submitted for credit underwriting and is approved.

Resources such as the Loan Finder at Bankrate.com, can help you review and compare which private loans are available.

Do other lenders offer such discounts? Yes. For example, Discover's new private student loans have a onetime 1 percent cash-back offer on the loan amount if the college student maintains at least a 3.0 grade point average.

You'd need to redeem the Discover Rewards for Good Grades within six months after the academic term covered by the loan has ended, according to Discover. The cash-back offer applies to students who received a Discover Undergraduate, Health Professions, Law, MBA or Graduate Loan on or after May 1, 2014. (Other rules apply, as well.)

What's another way to save? Some private student loans offer lower rates or ways to lower your overall costs if you opt for an in-school payment plan.

The Sallie Mae Smart Option Student Loan for Undergraduate Students has a repayment plan in which students can pay $25 a month while in school or make monthly interest payments while in school to reduce overall borrowing costs.

Undergraduates who choose to make monthly interest-only payments while in school on a Sallie Mae Smart Option Student Loan get a rate that's 1 percentage point lower than those who defer payments. Freshmen save 25 percent on total loan costs when choosing this option, said Richard Castellano, vice president of corporate communications for Sallie Mae.

Sallie Mae - like Wells Fargo and Discover - also offers a 0.25 percentage point reduction for auto-debit of payments.

Where can I find the best deals? For most people, the answer remains with the federal student loan program, where you can get bargain-basement rates without worrying about a credit score.

Federal student loan interest rates on new loans disbursed after July 1 are at an all-time low. We're looking at 3.76 percent for undergraduate students and 5.31 percent for graduate students.

Another bonus: Federal loans have some favorable repayment programs, especially if you start out with a job that doesn't pay much. And we're talking about a fixed rate here that won't go up.The Parent PLUS loan rate is 6.31 percent. So experts note that parents with strong credit might be able to find a better rate by shopping for a private student loan or cosigning with a student for a private student loan.