Discover Financial's Parent Loan to Finance College Studies

Zacks Equity Research

Discover Financial Services DFS recently announced that it is updating its product suite to provide more options to families for financing college education. It launched a Parent Loan and has enhanced its Rewards for Good Grades program to reward the incoming college freshers for scoring good grades in high school.

This move is in line with the company’s commitment to help families afford college degrees. Despite the coronavirus outbreak, the company’s survey found out that 67% of parents believe that college is a solid investment. However, 48% of them cannot pay as much as they had plans for their child’s education due to this COVID-19 pandemic. This unveiling comes with a wide array of loan options with feasible rates and no fees will be charged to borrowers.

Discover Student Loans is expanding its current Rewards for Good Grades benefit to incoming freshmen who can now qualify for an additional cash reward, subject to their high school grades.

This advantage supplements the current cash reward that students are entitled to by getting good grades in college, which is 1% cash reward for a 3.0 GPA or higher.

The new Parent Loan from Discover Student Loans enables parents or other creditworthy people to get a loan on behalf of students. U.S.-based loan specialists are available to assist individuals throughout the day.
Discover Student Loans provides tools and resources to help people pay for college, which consists of a free scholarship search tool and student loan calculators.

This initiative once again vouches for the company’s effort to aid people amid the plaguing pandemic.

Shares of this currently Zacks Rank #3 (Hold) company have lost 40.7% in a year’s time, wider than its industry’s decline of 32.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The price performance came against other stock movements in the same space, such as MR. COOPER GROUP INC COOP, Global Payments Inc. GPN and Fiserv, Inc. FISV, which have gained 47.2%, 0.4% and 1.2%, respectively, over the same time frame.

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