Discover recently launched a new program that will provide undergraduate and graduate student borrowers with a cash reward for earning good grades.
The program rewards students who achieve at least a 3.0 grade point average or equivalent with a cash reward equivalent to one percent of the loan amount of each new Discover loan.
In order to be eligible for the reward, students must have submitted an application for a Discover undergraduate, graduate, health professions, law or MBA loan on or after May 1. Rewards, which are received by check, must be redeemed within six months after the end of the academic term covered by the loan.
“Discover’s new One Percent Cash Reward for Good Grades aligns with our philosophy of providing support and giving back to our customers,” Danny Ray, the president of Discover’s student loans division, said. “We are offering an incentive and reward to students who study hard, earn good grades and make an investment in their future. We strive to help families and students with their educational goals by assisting them every step of the way, whether through understanding the loan process, finding scholarships or rewarding students for a job well done.”
All Discover student loans are free of origination fees, prepayment fees, late payment charges and returned payment fees. The loans cover up to 100 percent of school-certified college costs, including tuition, housing, books and living expenses.