Overview

Where does Discover Bank do business?

Discover Bank is a bank based in Greenwood, DE. It was founded in 1985 and offers student loan refinancing in 50 states (and Washington, DC).

What APRs does Discover Bank offer on its student refinancing loans?

The range of APRs you qualify for when refinancing a student loan vary widely by lender and will depend on your creditworthiness and the type of loan you choose. Loans with fixed rates will typically have higher APRs than loans with a variable rate. 

Discover Bank offers variable rate APRs that range from 4.12% to 7.37%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 5.24% to 8.24% APR.

How much can you borrow via Discover Bank?

Loan amounts start at $5,000 and go up to $150,000

Does Discover Bank charge an origination fee?

No, Discover Bank does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does Discover Bank charge prepayment fees?

Yes, Discover Bank charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment fees can reduce or even cancel the interest savings of repaying a loan early.

What terms does Discover Bank offer?

Discover Bank provides refinancing loans of 10 to 20 years.

What type of borrowers will Discover Bank consider?

Discover Bank considers loans applications from:

• undergraduate degree holders
• graduate degree holders
• parents of graduates

What do you need to qualify for a Discover Bank student loan refinance?

Discover Bank doesn’t disclose its credit score minimum.

Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.

What is the estimated funding time for a student loan refinance via Discover Bank?

Discover Bank will typically fund loans within 1 and 7 days of approval.