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Press release content from Business Wire. The AP news staff was not involved in its creation.

Discover Student Loans Launches Multi-Year Option to Help Undergraduate Borrowers Cover College Costs Now and Later

May 15, 2019

RIVERWOODS, Ill.--(BUSINESS WIRE)--May 15, 2019--

Discover Student Loans launched a new Multi-Year Option. The new streamlined process allows eligible undergraduate borrowers to submit one application and immediately see if they pre-qualify now to cover future costs toward their degree.

Once approved, borrowers have the freedom to use only what they need throughout the length of their undergraduate degree. The simple process allows for future loan paperwork to be automatically pre-filled and there is no impact to a borrower’s credit score when applying for future loans. The Multi-Year Option has the same great features of the Discover undergraduate loan, including zero fees, multiple repayment options and fixed or variable interest rates.

“Discover Student Loans is committed to providing helpful experiences for our customers as they plan for college. Our Multi-Year Option gives borrowers the confidence of knowing they can cover future college costs as they work toward their degree, not just one academic period,” said Nicole Straub, vice president of Discover Student Loans. “Once approved, students can focus on their studies and have the peace of mind knowing they have already prequalified for future student loans.”

To remain eligible for the Multi-Year Option for future loans, a borrower must apply with the same cosigner, attend the same school, and be working toward the same undergraduate degree.

Discover Student Loans offers tools and resources to help parents and students understand how to pay for college, including a free scholarship search tool and student loan calculators. Discover Student loans offers rewards for good grades, zero fees and U.S.-based loan specialists that are available to help at any time 24/7.

For more information about the Multi-Year Option from Discover Student Loans, please visit www.discover.com/student-loans.

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 private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business. It operates the Discover Global Network comprised of 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 around the world. For more information, visit www.discover.com/company

View source version on businesswire.com:https://www.businesswire.com/news/home/20190515005140/en/

CONTACT: Rob Weiss

Discover Financial Services

@Discover_News

robertweiss@discover.com

224-405-6304

KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS

INDUSTRY KEYWORD: EDUCATION UNIVERSITY PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Discover

Copyright Business Wire 2019.

PUB: 05/15/2019 09:01 AM/DISC: 05/15/2019 09:01 AM

http://www.businesswire.com/news/home/20190515005140/en