Some are fortunate enough to not have to secure student loans to help pay for graduate school, but most, unfortunately, do need this type of financial assistance. A new rewards program hammered out by GMAC and Discover® Student Loans is designed to reduce the cost of some of those loans.
Private lenders are lenders turned to only after the federal options have dried up. When comparing the cost of capital via interest rates, federal virtually always beats private. Nonetheless, there is a solid market for private lending and Discover MBA Loans is one such offering for individuals pursuing graduate management degrees who find themselves coming up short in paying the bill.
The Discover MBA Loan now has a GMAT Test-Taker Reward wherein the qualifying applicant can realize a 0.25% interest rate drop simply because he or she has taken the GMAT as part of the admissions process to b-school. This reward program is available to folks entering into school this fall and beyond. Interestingly, however, loan applicants must have sat for the GMAT exam on or after December 16, 2013. This likely means that if a student was organized enough to submit an application to Round 1 deadlines, such a student may well not be eligible for the reward. So heads up, Round 2 and 3-ers!
Take a moment to read the full press release here. While specific interest rates on Discover MBA Loans are not mentioned, there do seem to be some favorable attributes associated with this lending option that individuals in search of private loans ought to consider, including another chance to drop the rate by 0.25%.
