Discover Custom Graduate Loan
Loan Terms:
- Maximum: $40,000 per semester
- No Fees Required
- 3-month LIBOR + 5.49%
- 9 month Grace Period (commences after graduation, OR after dropping below 6 units)
- 20-year repayment, No prepayment penalties
- Visa documentation is required
- 0.25% interest rate reduction for auto-debit payments when in the repayment period
- Negative credit history could affect approval
- Cash rewards for Good Grades
Step 1 – Apply for the Discover Custom Graduate Loan here
Step 2 – Student receives the Conditional Approval from Discover within 24-48 hours
Step 3 – Student use the Conditional Approval provided by Discover to complete the Non-Immigrant Form (NIF)
Step 4 – Student receives VISA
Step 5 – Student completes the Discover Loan Application by providing required documents to the lender
Step 6 – Haas Financial Aid Office completes the Discover Custom Graduate Loan Certification for the student
Step 7 – The approved loan will schedule to disburse directly to the University at the beginning of the semester
Note: If you need assistance during the loan process, please call their dedicated Custom Graduate Loan customer service number at 1-800-973-5145 as opposed to the generic number appearing on their website.
Update Your Lender: If you have obtained a Social Security Number while attending Haas School of Business at UC Berkeley, be sure to update the lender for smoother servicing after you graduate!
- Discover Custom Graduate Loan will be disbursed in two payments, 50% each semester
- Loan disbursement will be credited towards student’s CalCentral tuition and fees
- Any financial aid in excess of tuition and fees will be refunded to the student in the form of Direct Deposit or by paper check. All students are recommended to sign up for Direct Deposit to prevent disbursement delays
Students are expected to maintain Satisfactory Academic Progress (SAP)with a minimum cumulative grade point average of 3.0 for continued participation in the Discover Custom Graduate Loan. A student will be placed on academic probation when the G.P.A. falls below the minimum requirement and may become ineligible for future scheduled private loan disbursements.
IMPORTANT: Please contact the Haas Financial Aid Office immediately if you become aware of financial aid exceeding the Cost of Attendance. A loan return may need to be initiated if a student anticipates GSI Fee Remissions, Third Party Contract, and/or any additional Gift Aid that exceeds the Cost of Attendance.