The Graduate Management Admissions Council (GMAC), which owns and administers the GMAT exam, has partnered with Discover Student Loans to introduce a new program designed to qualify GMAT test takers for an interest rate reduction on eligible new MBA loans.
The Discover MBA Loan with GMAT Test-Taker Reward, launched last month, 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.
U.S. citizens, permanent residents and international students (with a Social Security number and a co-signer) enrolled in a graduate program at an eligible U.S. business school can qualify for the rate reduction. Applications for the program must be 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.
Applicants have to have taken the GMAT exam within five years of submitting the Discover MBA Loan application. GMAC must verify completion of the test.
The 0.25 percent interest rate reduction, available for fixed or variable interest rate Discover MBA Loans, 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 U.S.-based customer service. Participating students are also eligible to receive an additional 0.25 percent Auto Debit Reward benefit if enrolled in automatic payments during repayment.