Discover Student Loans Introduces Parent Loan and Expands Rewards for Good Grades Product to Help Borrowers Cover College Expenses

The new options are part of Discover’s continued commitment to helping families finance a college education

RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover Student Loans is updating its product suite to give families more options and benefits when financing their college journeys. By launching a new Parent Loan and expanding its Rewards for Good Grades program to reward incoming college freshmen for good grades earned in high school, Discover Student Loans continues to find new ways to help customers.

“In these challenging times, Discover Student Loans is committed to helping our customers plan for college, even as others are leaving the space,” said Manny Chagas, vice president of Discover Student Loans. “Our recent survey found that despite COVID-19, 67% of parents still believe college is a good investment. However, due to the pandemic, 48% of parents can’t afford to pay as much of their child’s college costs as they had planned. We offer a variety of loan options with great rates and no fees to help families make this investment with confidence.”

Discover Student Loans is expanding its existing Rewards for Good Grades benefit to incoming freshmen who now may qualify for an additional cash reward based on their high school grades. This benefit is incremental to the existing cash reward students are eligible for, by earning good grades while in college which is a 1% cash reward for a 3.0 GPA or higher.

The new Parent Loan from Discover Student Loans allows parents, or other creditworthy individuals, to take out a loan on behalf of their student to cover the student’s higher education costs. As with all Discover student loans, Parent Loans have no fees and U.S.-based loan specialists are available to help 24/7.

Discover Student Loans offers tools and resources to help parents and students pay for college, including a free scholarship search tool and student loan calculators.

For more information about the Parent Loan and Rewards for Good Grades from Discover Student Loans, please visit www.discover.com/student-loans.

About Discover

Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network comprised of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.