The bottom line: Discover Bank, known primarily for its credit cards business, launched Discover Student Loans in 2007. Overall. The only hang-up is getting approved may be difficult if your credit isn’t established or in good shape. However, this does not influence our evaluations. If that’s the case, asking a friend or relative with good credit and steady income to cosign your loan application can help you qualify for a loan and secure a competitive interest rate. Check, Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include a 0.25% interest rate reduction while enrolled in automatic payments. The loan must be less than 60 days late to qualify. $18,000 for Allopathy, Dentistry, Optometry, Osteopathy, Pharmacy, Podiatry and Veterinary Medicine. Discover is a competitive option for a student loan provider, but for all of the provider's merits, opting for a Discover student loan certainly has its drawbacks. To qualify for a student loan from Discover, you must meet the following criteria: Discover does not disclose its minimum credit score or income requirements. Ascent:If you want to apply for an independent student loan, Ascent may have what you need. Percentage of borrowers who have a co-signer: Did not disclose. Discover Bank has been operating for more than 100 years, and since 2010, it has offered private student loans to students attending more than 2,400 colleges … A co-signer is not required for approval, but you must meet eligibility requirements based on your credit score income and other factors. Here’s what you need to know about Discover student loans to make an informed decision. Our lowest APR is only available to customers with the best credit and other factors. Learn more in the Discover Help Center. Loan maximums are dependent on your field of study, and loan terms are set at 20 years. Although the Discover student loans cash reward perk is nice, don’t let it drive your decision. Anna Helhoski is a writer and NerdWallet's authority on student loans. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments. We publish data-driven analysis to help you save money & make savvy decisions. To do this, many or all of the products featured here may be from our partners. Lenders that offered higher loan amounts compared to others received higher scores. Discover doesn’t disclose specific details about what it takes to qualify for its student loans, but there’s a good chance you’ll qualify if you have good credit or apply with a co-signer who does. If you sign up for automatic withdrawals for your minimum monthly payment, Discover will reduce your interest rate by 0.25 percentage points. This program lets borrowers postpone payments for three months, but you must be in the first three months of repayment to be eligible. Discover offers student loans for both undergraduate and graduate students, as well as a loan to refinance and consolidate existing loans. Typical credit score of approved borrowers or co-signers: 660 or above. What Is A 529 Plan and Where to Open One in Your State, How Much Should You Have In A 529 Plan By Age, How To Use A 529 Plan For Private Elementary And High School. Aside from your standard personal information, you'll need: If you intend to use a co-signer, they will need to provide basic identifying information, as well as: On Discover's website, you can start the process by choosing your chosen school from their pre-populated list. 1.99 - 5.61%Offered terms are subject to change and state law restriction. You can call Discover Student Loans at 1-800-STUDENT. Can transfer a parent loan to the child: No. Undergraduate loans have no application, origination, or late fees, and there are no prepayment penalties if you decide to pay off your loan early. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Discover is one of the top credit card issuers in the country. The bottom line: Discover Bank, known primarily for its credit cards business, launched Discover Student Loans in 2007. And, it doesn’t charge a prepayment penalty, so there’s no downside to paying off your student loans early. You can refinance between $5,000 up to the aggregate amount of your education loan debt (maximum … This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. options to make sure you’re getting the best rate you qualify for. All financial products, shopping products and services are presented without warranty.

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