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Discover Private Student Loans Reviews

Juliana
Senior Editor, TipsHire

Discover Bank is well-known and established, their credit cards are popular around the United States. Now, they began offering Private Student Loans to help students pay off their education, ranging from Undergraduate Loan to Bar Exam Loan, Discover Private Student Loans has become one of the most popular private student loan lender out there.

The cost of education has only gone higher in the last few years which increases the need for student loans even more, making families and individuals seek financial help of private educational loans to afford quality education.

Discover Private Student Loans offers refinancing, or private consolidation, which means it can replace one or more student loans with one single loan, offering lower rates. If you already have private student loans, federal loans and good credit, Discover Private Student Loans might be a good solution in covering your college expenses.

If you’re searching for a private student loan and wish to know more about what Discover offers, their terms, interest rates, requirements, eligibility, rewards, benefits and what to look out for before applying, we’ll cover everything in this review.

What types of student loans does Discover offer?

Discover offers quite a few different types of loans, namely, Undergraduate Loans, Graduate Loans, MBA Loans, Health Professions Loans, Law Loans, Residency Loans, Bar Exam Loans and Consolidation Loans. Let’s take a closer look at each of Discover’s loans and what they offer:

Undergraduate Loans: Covers up to 100% of school expenses at an eligible school for a Bachelor’s or Associate’s degree.

  • Fixed Rates: APR as low as 5.99%
  • Variable Rates: APR as low as 3.99%
  • No fees required, which means students will not have to pay late fees, loan application or origination.
  • Borrowers with good credit can qualify for a Discover Undergraduate Loan on their own, however, most students will need a co-signer with good or excellent credit.
  • Discover offers in-school deferment, which means that students do not have to pay back their loans while still in school or for six months after their graduation. Discover offers the option to pay $25 monthly while in school and during the six months after graduating.
  • Discover’s repayment terms are set for 15 years after deferment term ends.
  • Discover offers two reward programs, the auto-debit reward which offers a 0.25% rate reduction, and a reward for good grades which offers a 1% principal loan reduction for students who ear a 3.0 GPA or higher.

Graduate Loans and MBA Loans: Graduate Loans can cover up to 100% of school expenses and is eligible for masters and doctoral students. MBA Loans covers business school expenses, up to 100% of costs of tuition, books, housing and etc.

  • Fixed Rates: APR as low as 5.99%
  • Variable Rates: APR as low as 3.99%
  • No fees required, which means students will not have to pay late fees, loan application or origination.
  • Borrowers with established credit can qualify for the loan on their own. Graduate students with a spouse and joint finances could have their spouse as a co-signer.
  • Discover offers in-school deferment, which means that students do not have to pay back their loans while still in school or for nine months after their graduation. Discover offers the option to pay $25 monthly while in school and during their grace period.
  • Discover’s repayment terms are set for 20 years after deferment term ends.
  • Discover offers two reward programs, the auto-debit reward which offers a 0.25% rate reduction, and a reward for good grades which offers a 1% principal loan reduction for students who ear a 3.0 GPA or higher.
Summary
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Discover Private Student Loans

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