People are used to getting cash back from Discover, but now college students can get cash for college from the credit card issuer. The company is giving away $40,000 in scholarships and has added a searchable scholarship and grant database to its site.
Discover Student Loans will give $1,000 scholarships to 40 students for tuition, housing and books. The funds are good for the 2014-15 school year at any accredited, non-profit, four-year college or university in the U.S. Starting now, high school seniors, current college students and their parents or guardians can enter the Discover Student Loans Scholarship sweepstakes.
The contest closes on April 15, 2014 and a drawing will be held in mid-May to determine the winners. No purchase is required in to enter, and applying for a loan from Discover will not affect the chance of winning.
Online scholarship search
Discover has also added a new feature to their site that allows students to search for scholarships and grants. There are over three million scholarships and grants listed on the site, and students can filter their search by career, major and interests. More than $18 million in available funds is represented. Registration is not required.
Danny Ray, president of Discover Student Loans, said that with the scholarship and search engine, the company aims to offer “ways for students and parents to close the financial gap” when figuring out how to fund a college education.
Student credit cards from Discover
Discover offers a student credit card, Discover it for students that gives cash back on every purchase. Young people who are just beginning to build credit history can be approved for the card. In addition to earning cash back, cardmembers can see their FICO credit score on every statement. This allows them to keep track of how they are doing in their quest to establish good credit.
There is no foreign transaction fee, no overlimit fee, and no annual fee for the Discover it student credit card.