Discover Student Loans Review

A popular choice among borrowers is Discover Student Loans, because it is under Discover Bank, a trusted banking institution that has been around for over 100 years. However, this isn’t the only reason why many many borrowers prefer their service for private student loans.

So go ahead and read our review to learn why most students prefer Discover Student Loans.

How Do Discover Student Loans Work?

Discover Student Loans | Discover Student Loans Review

Why Choose Discover Student Loans?

Discover Bank offers private loan programs to promote responsible borrowing to students. These are usually presented to both undergraduate and graduate students at a fixed and variable rate to assist in financing their education. At the same time, provide loans to other lenders. They provide in the military, public service, school and residency deferment options too.

PROS:

Minimum rates for private student loan
Outstanding incentives for students with good grades when they graduate (GPA should be over 3.0 to receive a cash reward equivalent to 1% of their principal)
Borrowers are eligible to receive 2% either off of their loan principal or in cash upon graduation
No fees for loan application, origination nor late fees
May also lower your interest rate through a credit cosigner
Competitive interest rate
School-certified college costs are covered for up to 100% (aggregate loan limits apply to Undergraduate loans and MBA loans)

Discover student loans are the best.. getting a 3.0 GPA and getting 250 dollars back is the best feeling

— Dan The Man (@DannyPTheMan) May 11, 2017

CONS:

Does not service federal loans
Servicing is limited to private loans purchased from other lenders

What Are The Rates Of Discover Student Loans?

Discover Bank has a variety of loan programs available for different types of students but all of which promise zero fees and repayment options of $25 monthly in-school deferment.

Read here for a comparison of a student loan repayment plan.

No one will encourage me more to pursue my education further than Discover Student Loans.

— Hailie King (@hailieking) May 2, 2017

1. Undergraduate loans

This type of Discover student loan can cover a maximum of 100% school-certified costs, as long as the school is eligible for your Bachelor’s or Associate’s degree.

The Discover Undergraduate Loan currently has a minimum of 3.99% variable rate (3-month LIBOR+2.74%) and a fixed rate as low as 6.49%.

2. Graduate student loans

Students currently taking up their masters and doctoral programs can save since there are no fees for this loan. However, there is a limit on the total amount of loans.

The Discover Graduate Loan currently has a minimum of 3.99% variable rate (3-month LIBOR+2.74%) and a fixed rate as low as 6.49%.

3. MBA Loans

This covers up to 100% of your tuition fees and other expenses like housing, books, and more.

The Discover MBA Loan currently has a minimum of 3.99% variable rate (3-month LIBOR+2.74%) and a fixed rate as low as 6.49%.

4. Health Professions Loans

Graduate students who are in the health professions can have their program expenses covered up to 100%.

Discover Health Professions Loan currently has a minimum of 3.99% variable rate (3-month LIBOR+2.74%) and a fixed rate as low as 6.49%.

5. Law Loans

While in law school law school, students’ expenses are covered up to 100% with zero fees.

The Discover Law Loan currently has a minimum of 3.99% variable rate (3-month LIBOR+2.74%) and a fixed rate as low as 6.49%.

New post: "Its a Stretch, But Law Students Could Get Subsidized Loans Again" https://t.co/QT0d9vv3WN

— NYPTI (@NYPTI) June 30, 2017

6. Residency Loans

This can cover interview, travel, and living expenses too of health professionals who are preparing for their residency or internship.

The Discover Residency Loan currently has a minimum of 4.99% variable rate (3-month LIBOR+3.74%) and a fixed rate as low as 6.99%.

Auto-debit rewards are also offered for this type of loan.

7. Bar Exam Loans

While preparing for the bar exam, this can cover law students’ test prep and living expenses.

The Discover Residency Loan currently has a minimum of 4.99% variable rate (3-month LIBOR+3.74%) and a fixed rate as low as 6.99%.

This type of loan also offers auto-debit rewards.

At Barmax, we believe a bar exam prep course should be affordable and bar loans should not be the norm. https://t.co/ke8yxnwQXC #barmax pic.twitter.com/qt01mI8Pz8

— BarMax (@BarMax) November 21, 2016

8. Consolidation Loans

An average of $2,052 may be saved a year by customers who have their student loans consolidated with Discover.

The Discover Consolidation Loan currently has a minimum of 4.49% variable rate (3-month LIBOR+3.24%; Rates reflect 10-year term) and a fixed rate as low as 5.24%.

Also, auto-debit rewards are available for this type of loan.

Note:
*The following loans have a limit on the total amount of loans:

Health Professions loans
Law loans
Residency loans
Bar Exam loans
Consolidation loans

Hey @discover, I’m already intimately familiar with these Student Loans you speak of. #MillennialProblems pic.twitter.com/NbSafjYq58

— Matthew Baron (@mbaron) June 19, 2017

Watch this video to know how to pay for college from Discover:

There are a number of firms offering private student loan programs, but Discover stands out from the others. This is because they offer more programs with more benefits to student borrowers compared to other firms.

We enumerated the pros and cons in availing of their service so we hope that we were able to help you through this review. Bear in mind that while this may work out for most, sometimes it won’t, because it will depend on the student’s needs. Also, more than anyone, it is you who can decide which service works best for you.

Here’s how to use student loan rehabilitation to clear a defaulted student loan. What do you think about our review of Discover Student Loans? Sound off in the comments section!