How does the application process works?
Once you have decided which loan is best suited for your needs, the application process for a Discover Private Student Loan is quite simple. You’ll start by selecting your school of choice from their list and then go on to fill in your personal information and other relevant information for Discover to process your request.
The application process will require some documents as proof of income and assets but everything can be uploaded quickly and easily. In fact, filling in the application should take around 15 minutes and is solely done online. If any questions or difficulties arise, Discover has a customer support functioning 24/7 and is always ready to help.
Here’s a detailed list of everything you’ll need to provide in your application form:
- Your personal information and Social Security Number, if you have one.
- Information about your school of choice, name, location, degree and field of study you wish to pursue, expected graduation date and GPA (Grade Point Average).
- Financial aid letter that states your school’s attendance costs and estimated financial aid needed.
- Information about your liabilities, income and assets.
- Information about previous loans and financial aid.
- Lastly, you’ll need to state the amount of money you’ll be requesting
- In case your student loan will use a co-signer, this is the information they’ll need to provide, in addition to the student’s.
- Co-signer’s security number.
- Co-signer’s information about income, liabilities, assets and employment
- Amount of money requested for the student loan.
After submitting your application process you’ll receive your approval (or not) and will have to sign a loan promissory note (everything can be done online). Then, you can just wait for the funding to be sent to your school, which can take anywhere from 3 to 5 weeks.
Reasons why Discover should be considered:
- No fees charged for application, prepayment, origination and late fees.
- Discover Private Student Loans is the only lender that grants a reward to students who have good grades (3.0 GPA or higher)
- They have a quick and easy application process that can be done completely online.
- Discover offers loans to international students and permanent residents of the United States, which is not common. It is refreshing to see a lender provide loans for alien students who wish to attend American schools.
- Discover’s customer support works 24/7 and is based in the U.S., always ready to provide assistance, answer questions and help with any issues.
- Discover offers a few different loans for post-graduate endeavors, which differentiates them from most lenders, including federal loans which do not cover residency or bar exam prep.
- They offer a few different types of loans, as seen previously, which covers students in all situations.