Undergraduate and Graduate Students May Now Receive Lower Interest
Rates and Choice of a New In-School Repayment Option with New Student
Loans
RIVERWOODS, Ill.--(BUSINESS WIRE)--Jun. 2, 2014--
Discover
Student Loans has announced new fixed and variable interest rates
for student loan applications submitted on or after June 1, 2014. The
new changes include a reduction in the lowest fixed and variable
interest rates. Fixed interest rates now start at 5.99 percent APR for
undergraduate, health professions and residency, law and bar exam, MBA
and graduate loans. Variable interest rates are now based on three month
LIBOR and start at 2.99 percent APR.
In addition to new interest rates, Discover Student Loans also will
provide students a choice between making a fixed $25 monthly payment
while attending school or deferring payments while enrolled in school at
least half-time. The new in-school payment option cultivates students'
financial responsibility and allows them to start paying their loan
immediately. They will also get an interest rate reduction if they
choose to enroll in the auto-debit
reward. For more information on repayment options, interest rates
and APR examples, visit DiscoverStudentLoans.com/Rates.
“Discover Student Loans believes in the value of an education and
recognizes that students and families are looking for affordable and
easy-to-understand options when paying for college and graduate school,”
said Danny Ray, president of Discover Student Loans. “Reducing our
interest rates, introducing new repayment methods and providing
additional cost-saving opportunities are just some of the ways we’re
helping students and their families borrow responsibly.”
All Discover Student Loans have zero fees, including zero origination
fees, zero prepayment fees, zero late payment charges and zero returned
payment fees. Discover Student Loans cover up to 100 percent of
school-certified college and graduate school costs, including tuition,
housing, books and living expenses.
Students can find additional opportunities to save on student loans from
Discover including:
-
1%
Cash Reward for Good Grades: A unique program that
provides both undergraduate and graduate students who achieve at least
a 3.0 grade point average or equivalent with a cash reward. The
one-time reward is equal to a full one percent of the loan amount of
each new Discover student loan.
-
Auto
Debit Reward: Students that enroll in automatic debit
payments during repayment are able to reduce their interest rate by
0.25 percent.
-
Discover
MBA Loan with GMAT® Test-Taker Reward:
Graduate business students who have taken the Graduate Management
Admission Test® (GMAT®) exam within the past 5
years have an opportunity to receive a 0.25 percent interest rate
reduction on new Discover MBA Loans.
To get more information on Discover’s new interest rates, students and
parents can visit DiscoverStudentLoans.com.
About Discover
Discover Financial Services (NYSE: DFS) is a direct 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 home
loans, private student loans, personal loans, home equity loans,
checking and savings accounts, certificates of deposit and money market
accounts through its direct banking business. It operates the 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 in more than
185 countries and territories. For more information, visit www.discover.com/company.
Source: Discover Financial Services
Discover Financial Services
Rob Weiss
224-405-6304
robertweiss@discover.com