Discover Financial Services has launched a new student loan product called Parent Loan, which provides more options and benefits for families financing a college education. The company is also expanding its existing Rewards for Good Grades program to reward college freshmen for good grades in high school.

"In these challenging times, Discover Student Loans is committed to helping our customers plan for college, even as others are leaving the space," Manny Chagas, vice president of Discover Student Loans, said in a company release. "Our recent survey found that despite COVID-19, 67% of parents still believe college is a good investment. However, due to the pandemic, 48% of parents can't afford to pay as much of their child's cost as they planned."

Students can earn a 1% cashback offer for high school GPAs of 3.0 or higher.