Graduate Management News

February 2014

The Newsletter of the Graduate Management Admission Council

New Reward Program Offers GMAT Test Takers an Interest Rate Reduction for New MBA Loans

GMAC and Discover® Student Loans have introduced the Discover MBA Loan with GMAT Test-Taker Reward, which offers graduate business students who take the GMAT exam the opportunity to receive a 0.25 percent interest rate reduction on new MBA Loans from Discover Student Loans. 

To qualify, applicants must be a US citizen, permanent resident or international student enrolled in a graduate program at an eligible US business school. International students require a Social Security number and a cosigner. The application must have been submitted on or after December 16, 2013 and must be approved for a fixed or variable interest rate MBA Loan originated by Discover Student Loans. The applicant must have taken the GMAT exam within five years of submitting the Discover MBA Loan application and the completion of the test must be verified by GMAC. 

The 0.25 percent interest rate reduction is for fixed or variable interest rate Discover MBA Loans and is effective for the life of the loan. Discover Student Loans also come with zero fees, no payments required while enrolled in school at least half-time, and 24/7 US-based customer service. Students also are eligible to receive an additional 0.25 percent Auto Debit Reward benefit if enrolled in automatic payments during repayment. 

Schools can learn more at gmac.com and students can get more information at mba.com/loans or DiscoverStudentLoans.com/GMAT.