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Rewards for Good Grades Average Customer Rating


Got Good Grades? Get Paid.

You can qualify for a one-time cash reward on each new Discover student loan if you get at least a 3.0 GPA (or equivalent) in college or graduate school.

NEW! If you’re an incoming freshman, you may qualify for an additional reward on your first Discover student loan if your high school GPA is 3.0 or higher.

See Terms and Conditions below for full details, including eligibility requirements.

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Student Loan Rewards for Good Grades Terms and Conditions

The Terms and Conditions have been updated effective June 2020.

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® credit cards for students, you must apply separately for each reward.

Reward Eligibility

If eligible, you may receive one cash reward in each of the following groupings.

Group 1:  Undergraduate Freshman Students

You will be eligible to receive a 1% cash reward on the school-certified amount if:

  • Your cumulative high school Grade Point Average (GPA) is at least a 3.0. 
  • You are a US citizen or permanent resident
  • You submitted an application for a Discover Undergraduate Loan for your freshman year on or after May 1, 2020, were approved and accepted the loan.
  • The loan you accepted is your first loan with Discover Student Loans. If you previously refunded a loan, you will not be eligible for the high school reward. Please note: If you apply for and are approved for multiple loans, you will be eligible to receive the reward on only the first loan you accept.
  • The first disbursement on your eligible student loan has been sent to your school.
  • You redeem your reward after accepting your loan and within 6 months of the loan’s first disbursement. You may redeem an additional reward if eligible for Group 2.

This reward is considered taxable income and may be reported on IRS Form 1099-MISC. We recommend you consult a tax professional for advice.

Note: If your high school GPA was impacted due to the current COVID-19 situation, you can exclude your 2nd semester GPA / grade of the 2019-2020 academic year when submitting a reward request.

Group 2:  Undergraduate and Graduate Students

You will be eligible to receive a 1% cash reward on the disbursed loan balance if:

  • Your Grade Point Average (GPA) for any academic term covered by the loan is at least a 3.0 (or equivalent). Log in to find your grade eligibility by school and program.
  • You submitted an application for a Discover Undergraduate, Health Professions, Law, MBA or Graduate Loan on or after May 1, 2014 and received the loan.
  • There are no pending disbursements on your eligible student loan.
  • You redeem your reward 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. Please note: If the loan covers multiple academic terms, you may only redeem your reward after the end of the final academic term covered by the loan.

This reward may have tax impacts. Reward checks mailed on or after January 1, 2018 will reduce the amount of interest we report on Forms 1098-E (Student Loan Interest Statement) over the remaining life of your loan. In some instances, we may issue you a form 1099-MISC for some or all of your reward amount, such as if you pay off the entirety of your loan before the end of your repayment term. We are not able to provide you with tax advice. If you have any questions, we encourage you to consult a tax advisor.

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.

Reward Redemption

Group 1: Undergraduate Freshman Students

To redeem the reward for your cumulative high school GPA, you must log in and submit the redemption form after accepting your first undergraduate loan as a freshman and within 6 months of the loan’s first disbursement. You must provide your high school GPA.

A check will be mailed to the existing address we have on file 120 days after your first loan disbursement. If your loan is cancelled, refunded or withdrawn during this timeframe, you will not be eligible for the reward and a check will not be mailed to you.

We may request additional documentation to verify the GPA (or equivalent) you provide on the redemption form.

Group 2: Undergraduate and Graduate Students

To redeem the reward for academic term GPA (or equivalent), 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 academic term GPA (or equivalent). 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 address we have on file within two to three weeks after you complete and submit the redemption form.

We may request additional documentation to verify the GPA (or equivalent) you provide on the redemption form.

Changes to These Terms and Conditions

The Student Loan Rewards for Good Grades Program may end at any time.  These Terms and Conditions are subject to change without notice. Changes may include, but are not limited to, changing the redemption methods or imposing additional conditions.

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