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Discover Bank

in Private Student Loans

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Discover Bank

Unaffiliated

in Private Student Loans

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Overview

Discover is not just a credit card and payment services that competes with Visa and Mastercard. It's also a direct banking company that provides student loans and personal loans. Discover was incorporated in 1960 and is based in Wilmington, Delaware. It has an A+ rating with the BBB and received four stars from Bauer Financial.

How Does Discover's Student Loans Work?

Discover has a wide variety of student loans designed to meet the specific needs of borrowers. This includes student loans for undergraduate students, graduate students, MBA students, health professionals, law students, doctors in residency, and bar exam students.

Discover student loans have zero fees and are quick and easy to apply for. Borrowers can apply online and communicate with loan specialists at any time. Rates are extremely competitive and students receive rewards for good grades.

What Are Discover's Rates?

Rates vary depending on the credit profile of the borrower and the type of student loan required.

For private student loans, you can choose between having a variable or fixed APR. 

  • Discover Bank's variable rate APRs range from 4.62% to 10.62%.

  • Discover Bank's fixed rate APRs range from 6.49% to % APR.

How Much Money Can I Borrow from Discover?

Eligible borrowers can apply for loan amounts ranging from $1,000 to 100% of the school-certified cost of attendance, which includes tuition, housing, books and other related expenses minus any other financial aid received.

Bar exam students can apply for anything between $1,000 and $16,000. Doctors undergoing residency training can apply for up to $18,000. Nurses, physical therapists and physician assistants can apply for up to $5,000.

Which States Does Discover Operate In?

Discover provides student loans to eligible borrowers in all 50 states.

What Is Discover's Application Process Like?

The online application only takes 15 minutes or less to complete. You can also apply over the phone. Borrowers who don't meet the eligibility criteria or who want to qualify for lower rates may add a cosigner. Once an application is approved, it can be signed electronically. Unlike other conventional banks, there is no need to visit a local branch to finalize the loan.

How Is Discover Better than Other Lenders?

Discover is a part of Discover Bank, a trusted U.S. banking institution that is well funded and closely regulated. The rates are extremely competitive and terms are flexible. Payments can be deferred for up to 5 years for students in residency programs. Also, there are no application, origination or penalty fees to worry about.The only real drawback is that it doesn't offer borrowers with protection from unemployment.

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...

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

Grace Period for Late Payment (Days)
6
No Origination Fee
No Prepayment Fee
Minimum Age
16
Cosigner Optional
Credit Score Range
650 - 850
850 300 650
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • Non-Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Verification Documents Required
  • Proof of citizenship/residence (Green Card)
Funding Time Range (in days)
1 - 7
1 28
Good Student Rewards
Variable APR
4.62% - 10.62%
3% 12%
Loan Amount
Starting at
$1
Loan Term (Years)
10 - 20
1 30
Fixed APR
6.49% - 11.99%
0% 20%
Up to Cost of Attendance

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