Discover Student Loans Review: Figuring out a way for financing one’s education can sometimes turn into the most difficult task. But, of course, Discover Student Loans makes it quite easy. The loans offered cover for undergraduates, postgraduates, as well as specialized loans for law and medical students. The entire deal includes very good interest rates, rewards, and even great advantages. Let’s troubleshoot for you, shall we?
Why Choose Discover Student Loans review?
- Wide Variety Types of Loans: A loan is also available for you whether you are an MBA student or studying for the bar exam.
- Rewarding 1% in Cash: For obtaining a GPA of 3.0 or higher at the end of the semester.
- Zero Fees: No application fees, origination fees, or late payment fees.
Benefits at a Glance
Pros
- Loans for Every Stage: Cover your education expenses from undergraduate to residency.
- Grade Rewards: A 1% bonus for academic achievement motivates students.
- Discounts on Interest: Save with a 0.35% discount for interest-only payments during school and a 0.25% discount for automatic payments.
- No Late Fees: You’re not penalized for missing a payment deadline.
Cons
- Fixed Repayment Terms: Limited flexibility for repayment durations.
- Hard Credit Check: No pre-qualification, so credit checks impact your score.
- No Co-Signer Release: Co-signers are always liable unless the loans are refinanced.
Loan Types and Features
Loan Type | Variable APR | Fixed APR | Loan Term |
---|---|---|---|
Undergraduate Loans | 6.49%–17.37% | 5.24%–15.99% | 15 years |
Graduate Loans | 6.87%–17.37% | 5.99%–15.99% | 20 years |
Law School Loans | 6.87%–16.49% | 5.74%–15.24% | 20 years |
MBA Loans | 6.87%–16.27% | 5.99%–15.49% | 20 years |
Health Professions Loans | 6.49%–12.37% | 5.49%–10.99% | 20 years |
Parent Loans | 11.87%–17.12% | 10.74%–15.74% | 15 years |
Refinance Loans | 7.49%–11.49% | 5.99%–9.99% | 10-20 years |
Undergraduate Loans
- Variable APR: 6.49% – 17.37%
- Fixed APR: 5.24% – 15.99%
- Terms: 15 years
- Limit: Up to the full cost of attendance
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Graduate Loans
- Variable APR: 6.87% – 17.37%
- Fixed APR: 5.99% – 15.99%
- Terms: 20 years
Specialty Loans
- Law School Loans: 5.74% fixed APR and up
- MBA Loans: 5.99% fixed APR and up
- Health Professions Loans: Medical, with APRs from 5.49%
- Residency Loans: Relocation and exam prep, starting at 6.74% APR
- Bar Exam Loans: For law graduates, with APRs from 7.24%.
Parent Loans
- Variable APR: 11.87% – 17.12%
- Fixed APR: 10.74% – 15.74%
- Terms: 15 years
Refinancing Options
- Variable APR: 7.49% – 11.49%
- Fixed APR: 5.99% – 9.99%
- Terms: 10 or 20 years
- Limits: $5,000 to $150,000+ (varies by field)
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Eligibility Requirements
- Must be enrolled at least half-time in an eligible program.
- U.S. citizen, permanent resident, or eligible international student with a co-signer.
- Credit check required for approval.
What Sets Discover Apart?
- Multi-year Approval. Future Funding without Fuancy
- No Hidden Fees: No Late, Origination, or Prepayment Charges.
- 24-Hour Customer Assistance: Friendly Care is just a call away.
Applying Made Simple
- Start Online: Visit the Discover website and fill out the application form.
- Submit Documents: Provide Proof of Enrollment and Income Information (if refinancing).
- School Certification: Discover works with your school to certify the loan.
- Disbursed: Fund disbursement usually takes 3-5 weeks after direct issuing to your school.
Repayment Made Easy
- In-School Interest Payments: Pay Interest while in school, and it will lower your cost later.
- Auto Debit Discounts: 0.25% for setting up payments automatically.
- Refinancing Options: Change rates and conditions after graduation.
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Final Thoughts
Discover Student Loans have much to offer because they are simple and have no fees, even to students that know their parents have problems with bills. The absence of pre-qualification or co-signer release can even hinder, but the rewards, discounts, and transparency make this a rather favorable option. Always compare lenders to see which one suits best for one’s financial needs.
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Braj Verma is a resident of Rajgarh in Madhya Pradesh and is a content writer and freelancer by profession. He has a degree in Political Science from Barkatullah University, Bhopal. He has expertise in subjects like credit cards, banking, loan, insurance, political analysis and digital marketing.