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Last update: March 12, 2024
3 minutes read
Discover Student Loans: Private Student Loan Review
Explore our comprehensive Discover Student Loans private student loan review, where we examine interest rates, repayment options, eligibility criteria, and additional benefits.
By Brian Flaherty, B.A. Economics
Edited by Rachel Lauren, B.A. in Business and Political Economy
Learn more about our editorial standards
Finding the right student loan can make a big impact on your educational journey. So how does Discover Student Loans measure up? In this post, we'll be taking an detailed look at Discover Student Loans and whether they are the right fit for you.
Our final verdict
Discover Student Loans offer a unique blend of flexibility, inclusivity, and attractive terms. Its commitment to catering to various student scenarios, especially international students, sets it apart. While the lack of a cosigner release program may be a downside, the generous terms and wide variety of loans make Discover a lender worth considering.
About Discover
Discover Student Loans, a distinguished service by Discover® Bank, brings over 100 years of trust and expertise in the financial sector. With a legacy of providing a range of financial products, including FDIC-insured savings accounts, credit cards, personal loans, and specifically, student loans, Discover stands as a beacon of reliability.
The acquisition of The Student Loan Corporation in 2010 further underscores Discover's commitment to providing affordable private student loan options, making it a top choice for students seeking financial assistance.
Discover offers loans for undergraduate, graduate, and post-graduate studies across various colleges and graduate schools nationwide. These loans are designed to cover up to 100% of school-certified costs. Notably, the company has specialized offerings for law and health professions students, alongside private consolidation loans.
Unique benefits include the Cash Reward for Good Grades, a one-time cash reward for students achieving a 3.0 GPA or equivalent, and the Auto Debit Reward, which reduces interest rates for those enrolled in automatic payments. Moreover, students appreciate the Zero Fees policy, eliminating application, origination, or late fees.
Finally, with a team of knowledgeable Student Loan Specialists available 24/7, Discover ensures comprehensive support for borrowers.
TuitionHero tip
Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.
Undergraduate loan details
Discover provides loans that range from up to (aggregate) for undergraduate students. They offer fixed rates from 4.49% to 14.99% or variable rates from 6.37% to 16.62% (including the autopay discount!).
Borrowers can rest easy knowing that there are:
Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.
Repayment options
Discover offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.
6.37% - 16.62%*
4.49% – 14.99%*
Not disclosed
See website for more information
Varies
6.37% - 16.62%*
4.49% – 14.99%*
Not disclosed
See website for more information
Varies
Eligibility
Who can benefit from Discover's loan options? Here are the core eligibility requirements for their private student loans:
Age: You must be at least 18 years old.
Class load: You must be enrolled at least half-time in a bachelor’s or associate’s degree program (or another eligible program if you’re pursuing a graduate, MBA, law, or health professions degree) at an eligible school
Location: Discover offers private student loans to borrowers in all 50 states
Academic performance: You must make satisfactory academic progress as defined by your college
TuitionHero tip
If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.
Compare Discover to other lenders
Unsure if Discover is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.
Our top pick
Discover
Disclosures
6.37% - 16.62%*
4.49% – 14.99%*
Discover
Disclosures
6.37% - 16.62%*
4.49% – 14.99%*
Discover
Disclosures
6.37% - 16.62%*
4.49% – 14.99%*
Citizens
Disclosures
6.38% - 14.27%*
4.48% - 13.29%*
Citizens
Disclosures
6.38% - 14.27%*
4.48% - 13.29%*
Citizens
Disclosures
6.38% - 14.27%*
4.48% - 13.29%*
College Ave
Disclosures
5.59% - 16.65%¹
4.11% - 15.44%¹
College Ave
Disclosures
5.59% - 16.65%¹
4.11% - 15.44%¹
College Ave
Disclosures
5.59% - 16.65%¹
4.11% - 15.44%¹
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Customer service
Customer support can be a make-or-break factor when evaluating a lender. Discover has an A+ rating with the Better Business Bureau and is a BBB-accredited business.
Discover offers multiple ways to contact them.
- Website: www.discover.com/student-loans
- Email: service@email.discover.com
- Phone: 1-800-788-3368
- Hours: Available 24/7
Frequently asked questions (FAQ)
Here are some of the most common questions we get asked about Discover.
Discover Student Loans provides private loans to international students enrolled in eligible U.S. colleges or universities. These students must have a creditworthy cosigner who is either a U.S. citizen or a permanent resident.
For loans initiated through Discover, cosigner release is not available. The cosigner is obligated for the duration of the loan until it's completely repaid.
The application process can be completed in as little as 15 minutes. However, the time it takes for school certification varies by institution, generally ranging from three to five weeks. After the school certifies the loan, the institution will arrange the disbursement.
The credit decision by Discover requires a credit history check, as it is based on credit history and other factors. Therefore, a credit pull is necessary to determine eligibility.
The interest rate and credit decision are influenced by various factors, not solely by credit score. Good credit maintenance is crucial. A lower rate may be available with a creditworthy cosigner, and a 0.25% interest rate reduction is offered for enrollment in automatic payments.
Final thoughts
Discover Student Loans excels in offering private student loans with outstanding features and favorable terms. Their loans provide an exceptional experience, from easy eligibility to excellent customer service.
Sources
Author
Brian Flaherty
Brian is a graduate of the University of Virginia where he earned a B.A. in Economics. After graduation, Brian spent four years working working at a wealth management firm advising high-net-worth investors and institutions. During his time there, he passed the rigorous Series 65 exam and rose to a high-level strategy position.
Editor
Rachel Lauren
Rachel Lauren is the co-founder and COO of Debbie, a tech startup that offers an app to help people pay off their credit card debt for good through rewards and behavioral psychology. She was previously a venture capital investor at BDMI, as well as an equity research analyst at Credit Suisse.
At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.
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