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Discover Private Student Loans Reviews

Juliana
Senior Editor, TipsHire

Health Professions Loans: Covers up to 100% of school expenses for graduate students in health professions.

  • Fixed Rates: APR as low as 5.99%
  • Variable Rates: APR as low as 3.99%
  • No fees required.
  • 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 does offer the option to pay $25 monthly while in school and during their grace period.
  • 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.

Law Loans: Covers up to 100% of school-certified costs for students of law.

  • Fixed Rates: APR as low as 5.99%
  • Variable Rates: APR as low as 3.99%
  • No fees required.
  • 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 does offer the option to pay $25 monthly while in school and during their grace period.
  • 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.

Residency Loans: This loan is for health professionals who are preparing for residency or an internship and can cover costs of living, traveling, interviews and etc.

  • Fixed Rates: APR as low as 6.49%
  • Variable Rates: APR as low as 5.12%
  • No fees required.
  • Borrowers with established credit can qualify for the loan on their own. Married residents with joint finances could have their spouse as a co-signer.
  • Discover offers borrowers to defer payments for up to five years or make a $25 monthly payment during residency.
  • Repayment terms are set for 20 years after deferment term ends.
  • This loan has the auto-debit reward, which offers a 0.25% rate reduction.

Bar Exam Loans: This loan is for law students who are preparing to take the bar exam, it covers the expenses or test preparations and living costs.

  • Fixed Rates: APR as low as 6.99%
  • Variable Rates: APR as low as 5.12%
  • No fees required.
  • Loan amount is limited to $16,000.
  • Discover offers borrowers to defer payments for six months after graduation
  • Repayment terms are set for 20 years after deferment term ends.
  • This loan has the auto-debit reward, which offers a 0.25% rate reduction.

Consolidation Loans: This loan is for students who need to consolidate their federal and private loans.

  • Fixed Rates (reflect 10-year plan): APR as low as 5.24%
  • Variable Rates (reflect 10-year plan): APR as low as 4.87%
  • APRs include a 0.25% rate reduction for automatic payments.
  • No fees required, which means students will not have to pay late fees, loan application or origination.
  • Most individuals applying for this type of loan will not need a co-signer.
  • No deferment.
  • Minimum loan of $5,000 and maximum of $150,000.
  • Repayment terms are set for 10-20 years.
  • The auto-debit reward which offers a 0.25% rate reduction.
Summary
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Discover Private Student Loans

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