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One-time payments and automatic payment enrollment will not be available, and phone agents will not be able to assist you during this time. Pre-scheduled one-time payments and automatic payments will process as usual.
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.
See Terms and Conditions below for full details, including eligibility requirements.
The Terms and Conditions have been updated effective April 2023.
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.
If eligible, you may receive one cash reward in each of the following groupings.
You will be eligible to receive a 1% cash reward on the school-certified amount if:
This reward is considered taxable income and may be reported on IRS Form 1099-MISC. We recommend you consult a tax professional for advice.
You will be eligible to receive a 1% cash reward on the disbursed loan balance if:
This reward may have tax impacts. Rewards redeemed on or after January 1, 2018 may reduce the amount of interest we report on Form 1098-E (Student Loan Interest Statement) over the remaining life of your loan. Alternatively, we may issue you a Form 1099-MISC for some or all of your reward amount instead of reducing the amount of interest we report on Form 1098-E (For example, 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.
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 If your loan is cancelled, refunded or withdrawn during this timeframe, you will not be eligible for the reward and a check will not be mailed to you.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.
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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