GMAC announces discount on MBA loans

The Graduate Management Admission Council has announced that graduate business students who take the Graduate Management Admission Test exam can receive a 0.25 percent interest rate reduction on new MBA loans from Discover Student Loans. The program is available to students, including international MBA candidates, attending U.S. schools.

Graduate Management Admission Council (GMAC) and Discover Student Loans are offering graduate business students who take the Graduate Management Admission Test exam an opportunity to receive a 0.25 percent interest rate reduction on new MBA Loans from Discover Student Loans.

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

• The Discover MBA Loan application should have been 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.

“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, in a statement. “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 GMAC, 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.”