Applications submitted for a Discover Undergraduate, Health Professions, Law, MBA or Graduate Loan on or after May 1, 2014 and received the loan.
Get at least a 3.0 GPA (or equivalent).
1% cash reward of the loan amount.
Log in and submit to redeem your reward for good grades within 6 months after the academic term covered by the loan has ended.
The Terms and Conditions have been updated effective January, 2017.
These Terms and Conditions describe the eligibility and redemption policy for the 1% cash reward for good grades. "You" refers to the borrower. "We" refers to Discover Bank.
Note: If you are eligible for both the Discover Student Loans Rewards for Good Grades and Discover it for Students credit card, you must apply separately for each reward.
You will be eligible to receive a 1% cash reward if:
You will be eligible for only one reward for each new Discover student loan.
The reward amount is a 1% cash reward of the disbursed principal balance on your student loan.
It is your responsibility to notify us if you do not receive an expected 1% cash reward, once you complete and submit the redemption form.
A reward may be considered taxable income. We recommend you consult a tax professional for tax advice.
To redeem the reward for an eligible loan, you must log in and submit the redemption form within 6 months after the academic term covered by the loan has ended, or six months after the loan's final disbursement; whichever is later. You must provide your GPA (or equivalent). We may request additional documentation to verify the GPA (or equivalent) you provide on the redemption form.
If an academic term accounts for multiple semesters, you can provide your GPA (or equivalent) for any semester during the academic term covered by the loan or the combined GPA (or equivalent) for the academic term.
You must redeem your reward in full in a single redemption transaction. A check will be mailed to the existing US permanent or temporary address we have on file within two to three weeks after you complete and submit the redemption form.
These Terms and Conditions are subject to change without notice. We may change them at any time including, but not limited to, changing the redemption methods or imposing additional conditions.