Are there any cons to be considered:
- Co-signers cannot be released at any time in the future. In order to release your co-signer you’ll have to apply to refinance your student loan by yourself.
- In order to get Discover’s competitive rater, you might need to add a co-signer with excellent credit.
- Even though Discover offers great conditions, it is highly advised to compare them with their competitors before applying for a Discover Private Student Loan.
- Discover has fixed repayments. Some borrowers have commented online that it can become quite difficult to repay Discover’s full repayments. We recommend looking for income-based loans and comparing them to make sure you make the best decision in regards to your future.
Discover Private Student Loans offers a variety of loans that cover not only undergrads and graduate students but also post graduate students. Their loans have the potential to be a great option depending on what you’re looking for and how much you’ll need to borrow.
As seen above, making full repayments can be a difficult task and customer reviews do state that the situation can become complicated. Because student loans typically involve a great sum of money, we recommend checking out Discover’s competitors in order to make an informed decision on your future.
Aside from that, Discover is a well established company that is renowned and trustworthy, so applying for one of their loans is not exactly a high risk situation, just make sure that you understand how everything works and contact their customer support to clarify any issues you might have.