Rewards for Good Grades Policy

Rewards for Good Grades Policy

Student Loan Rewards for Good Grades Terms and Conditions

The Terms and Conditions have been up to date efficient June 2020.

These Terms and Conditions describe the eligibility and redemption coverage for the 1% money reward for good grades. “You” refers back to the borrower. “We” refers to Discover Bank.

Note: If you’re eligible for each the Discover Student Loans Rewards for Good Grades and Discover it® credit playing cards for students, it’s essential to apply individually for every reward.

Reward Eligibility

If eligible, it’s possible you’ll obtain one money reward in every of the next groupings.

Group 1:  Undergraduate Freshman Students

You can be eligible to obtain a 1% money reward on the school-certified quantity if:

  • Your cumulative highschool Grade Point Average (GPA) is at the least a 3.0. 
  • You are a US citizen or everlasting resident
  • You submitted an utility for a Discover Undergraduate Loan in your freshman 12 months on or after May 1, 2020, had been permitted and accepted the loan.
  • The loan you accepted is your first loan with Discover Student Loans. If you beforehand refunded a loan, you’ll not be eligible for the highschool reward. Please word: If you apply for and are permitted for a number of loans, you may be eligible to obtain the reward on solely the primary loan you settle for.
  • The first disbursement in your eligible student loan has been despatched to your faculty.
  • You redeem your reward after accepting your loan and inside 6 months of the loan’s first disbursement. You might redeem a further reward if eligible for Group 2.
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This reward is taken into account taxable earnings and could also be reported on IRS Form 1099-MISC. We advocate you seek the advice of a tax skilled for recommendation.

Note: If your highschool GPA was impacted because of the present COVID-19 scenario, you’ll be able to exclude your 2nd semester GPA / grade of the 2019-2020 tutorial 12 months when submitting a reward request.

Group 2:  Undergraduate and Graduate Students

You can be eligible to obtain a 1% money reward on the disbursed loan stability if:

  • Your Grade Point Average (GPA) for any tutorial time period lined by the loan is at the least a 3.0 (or equal). Log in to seek out your grade eligibility by faculty and program.
  • You submitted an utility for a Discover Undergraduate, Health Professions, Law, MBA or Graduate Loan on or after May 1, 2014 and acquired the loan.
  • There aren’t any pending disbursements in your eligible student loan.
  • You redeem your reward inside 6 months after the tutorial time period lined by the loan has ended, or six months after the loan’s ultimate disbursement; whichever is later. Please word: If the loan covers a number of tutorial phrases, it’s possible you’ll solely redeem your reward after the top of the ultimate tutorial time period lined by the loan.

This reward might have tax impacts. Reward checks mailed on or after January 1, 2018 will scale back the quantity of curiosity we report on Forms 1098-E (Student Loan Interest Statement) over the remaining lifetime of your loan. In some situations, we might challenge you a type 1099-MISC for some or your whole reward quantity, similar to when you repay everything of your loan earlier than the top of your compensation time period. We aren’t capable of offer you tax recommendation. If you’ve any questions, we encourage you to seek the advice of a tax advisor.

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It is your duty to inform us if you don’t obtain an anticipated 1% money reward, when you full and submit the redemption type.

Reward Redemption

Group 1: Undergraduate Freshman Students

To redeem the reward in your cumulative highschool GPA, it’s essential to log in and submit the redemption type after accepting your first undergraduate loan as a freshman and inside 6 months of the loan’s first disbursement. You should present your highschool GPA.

A verify can be mailed to the prevailing tackle we now have on file 120 days after your first loan disbursement. If your loan is cancelled, refunded or withdrawn throughout this timeframe, you’ll not be eligible for the reward and a verify won’t be mailed to you.

We might request extra documentation to confirm the GPA (or equal) you present on the redemption type.

Group 2: Undergraduate and Graduate Students

To redeem the reward for tutorial time period GPA (or equal), it’s essential to log in and submit the redemption type inside 6 months after the tutorial time period lined by the loan has ended, or six months after the loan’s ultimate disbursement; whichever is later. You should present your tutorial time period GPA (or equal). If a tutorial time period accounts for a number of semesters, you’ll be able to present your GPA (or equal) for any semester throughout the tutorial time period lined by the loan or the mixed GPA (or equal) for the tutorial time period.

You should redeem your reward in full in a single redemption transaction. A verify can be mailed to the prevailing tackle we now have on file inside two to a few weeks after you full and submit the redemption type.

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We might request extra documentation to confirm the GPA (or equal) you present on the redemption type.

Changes to These Terms and Conditions

The Student Loan Rewards for Good Grades Program might finish at any time.  These Terms and Conditions are topic to alter with out discover. Changes might embody, however aren’t restricted to, altering the redemption strategies or imposing extra situations.

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