How do I know if I qualify for a Discover Private Student Loan?
On their official website, Discover doesn’t exactly state the eligibility requirements for a private consolidation student loan, however, you’re most likely to be accepted if you have good credit scores. Discover allows loans not only to U.S. Citizens, but to non-citizens, international students and part-time students with additional information/documents needed.
Discover grants loans only to schools that are already on their list and have currently a relationship with them. You can check if your school is on their list through their website or by contacting Discover. Here is a list of the main requirements to be eligible for a Discover Private Student Loan:
- Borrowers should be at least 18 years old in order to qualify for a Discover student loan, and at least 16 years old to qualify for a Discover student loan with a co-signer.
- You’ll need to have good credit. It is common for lenders to accept those who have a FICO score of 700 or up (average score is 733), but it could be in the high 600 in some cases.
- Borrowers can be a U.S. citizen, a permanent resident or an international student. However, international students can only apply with a co-signer who is either a U.S. citizen or a permanent resident in the United States.
- Part-time students are eligible to apply for a Discover Private Student Loan.
- Borrowers must attend a school that has an existing relationship with Discover.
- Maintaining good academic progress, usually a GPA of 2.0 or higher. Students should have satisfactory academic performance and graduate within a few years or the anticipated graduation date.
Discover has a whole website designed specifically for parents of borrowers, helping to provide information to their families in order for students to make the best decision on their private loans. If your parents will be your co-signers, Discover’s website offers information on tax benefits, saving money, financial aid packages and calculators to ensure that parents and students can predict all the numbers.
Consolidation loan or refinancing is not recommended for you if you have uncertain employment or an unstable job situation, if you have poor credit and if you have federal loans and do intend to use their benefits, such as loan forgiveness or income-driven repayment.