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  Discover Bank Student Loan Consolidation

Discover Bank Student Loan Consolidation

in Student Loan Refinancing from Discover Bank

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Discover Bank Student Loan Consolidation

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in Student Loan Refinancing from Discover Bank

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Highlights
Loan Amount Starting at $1,000
Loan Term (Years) 10 - 20 years
Fixed APR 4.74% - 12.74%
Variable APR 1.8% - 10.37%

Discover Bank Student Loan Consolidation Review

Discover Bank Student Loan Consolidation is a student loan refinance offering by Discover Bank, . Founded in 1985, Discover Bank offers student loan refinancing in 50 states (and Washington, DC).

Discover Bank Student Loan Consolidation FAQ

What APRs does Discover Bank Student Loan Consolidation 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 Student Loan Consolidation offers variable rate APRs that range from 1.8% to 10.37%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 4.74% to 12.74% APR.

How much can you borrow via Discover Bank Student Loan Consolidation?

Loan amounts start at $1,000.

Does Discover Bank Student Loan Consolidation charge an origination fee?

No, Discover Bank Student Loan Consolidation 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 Student Loan Consolidation charge prepayment fees?

No, Discover Bank Student Loan Consolidation does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

What terms does Discover Bank Student Loan Consolidation offer?

Discover Bank Student Loan Consolidation provides refinancing loans of 10 to 20 years.

What type of borrowers will Discover Bank Student Loan Consolidation consider?

Discover Bank Student Loan Consolidation considers loans applications from:

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

What do you need to qualify for Discover Bank Student Loan Consolidation?

Discover Bank Student Loan Consolidation does not require or does not disclose a credit score minimum.

Discover Bank Student Loan Consolidation does not have or does not disclose a minimum annual income eligibility requirement.

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

Discover Bank Student Loan Consolidation will typically provide a credit approval decision in less than an hour and fund the loan within 1 to 7 days.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 9:00am - 6:00pm
  • Tuesday 9:00am - 6:00pm
  • Wednesday 9:00am - 6:00pm
  • Thursday 9:00am - 6:00pm
  • Friday 9:00am - 6:00pm
  • Saturday 8:30am - 1:00pm

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Message From Our Editor

What we love about Discover Student Loan Refinance

Discover is a well-known, reputable lender. The company’s student loan refinancing options are relatively flexible, offering low minimums, high maximums, and multiple options for getting help if you’re struggling to pay the bill. For example, Discover allows for grace period extensions, hardship deferments, and reduced payments.

Loan rates tend to be competitive and you can choose between fixed and variable rate loans, letting you customize your monthly payment.

If you sign up for automatic payments, Discover will give you an interest rate discount, letting you save even more money.

What could Discover Student Loan Refinance do better?

Discover’s refinancing offers aren’t perfect. One drawback is that there are some restrictions on who is eligible to refinance and what loans you can refinance. For example, you can’t refinance post-graduate loans or loans you got when enrolled less than half time.

Another drawback is that if you apply with a cosigner, Discover doesn’t offer a way to release the cosigner from your loan. You have to repay the balance in full or refinance again to release your cosigner from their obligations.

Discover Student Loan Refinance’s backstory

Discover is an American financial services company that may be best known for its line of credit cards. The company was founded in 1985 and has expanded into other financial services, offering checking accounts, savings accounts, CDs, home equity loans, and student loans.

The Verdict

Discover’s student loan refinancing is a good deal for many people. The company offers low interest rates with flexible loan amounts and terms. Signing up for automatic payments will drop the interest rate further, saving you more money.

So long as you can meet the loan eligibility requirements, it’s worth checking to see what rates Discover will offer to you.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Interest Grace Period for Late Payment 6 days
No Origination Fee
No Prepayment Fee
Cosigner Optional
Fixed APR 4.74% - 12.74%
Loan Amount Starting at $1,000
Variable APR 1.8% - 10.37%
Loan Term 10 - 20 years

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