SOURCE: GMAC

GMAC GMAC

January 08, 2014 08:30 ET

New Reward to Provide GMAT Test-Takers With Interest Rate Reduction for New MBA Loans

Graduate Management Admission Council and Discover Student Loans Provide Reward for Qualifying Graduate Business Students

RESTON, VA--(Marketwired - Jan 8, 2014) - Graduate Management Admission Council® (GMAC®) and Discover® Student Loans are offering graduate business students who take the Graduate Management Admission Test® (GMAT®) exam an opportunity to receive a 0.25 percent interest rate reduction on new MBA Loans from Discover Student Loans.

"Discover Student Loans believes in the value of education and that begins by providing students with affordable options to pay for college and graduate school," said Danny Ray, president of Discover Student Loans. "Providing a cost-saving benefit for graduate business students is another way we are committed to being a responsible lender."

"Taking the GMAT exam and pursuing a graduate business or management degree is about connecting talent and aspiration to opportunity," said Sangeet Chowfla, president and CEO of the Graduate Management Admission Council, makers of the GMAT exam. "Through this reward with Discover Student Loans, GMAC is extending its commitment to the next generation of leaders -- and their aspirations -- by helping them manage and lower the cost of their education."

To qualify for the interest rate reduction on a Discover MBA loan:

  • The Discover MBA Loan application was submitted on or after December 16, 2013. The applicant 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.

Students can find out more at DiscoverStudentLoans.com/GMAT and at mba.com/loans.

About GMAC: The Graduate Management Admission Council (gmac.com) is a nonprofit education organization of leading graduate business schools and owner of the Graduate Management Admission Test (GMAT exam), used by nearly 6,000 graduate business and management programs worldwide. GMAC is based in Reston, Virginia, and has regional offices in London, New Delhi and Hong Kong. The GMAT exam -- the only standardized test designed expressly for graduate business and management programs worldwide -- is continuously available at more than 590 test centers in 112 countries. More information about the GMAT exam is available at mba.com. For more information about GMAC, please visit gmac.com/newscenter.

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.