Discover Bank Private Student Loans

Discover Bank Private Student Loans Review

Discover Bank Private Student Loans is offered by Discover Bank, a bank founded in 1985 and based in Riverwoods, IL. Discover Bank Private Student Loans are available in 50 states (and Washington, DC).

Discover Bank Private Student Loans FAQ

What rates does Discover Bank Private Student Loans offer for in-school private student loan?

Discover Bank Private Student Loans has a variable APR that ranges from 5.87% up to 15.12%.

It offers a fixed APR that ranges from 5.49% up to 14.99%.

Many students have little or no credit history when they start college. By having a parent or other creditworthy individual cosign the loan, the student may improve their chance of approval or qualify for lower interest rates.

How much can you borrow from Discover Bank Private Student Loans?

Available loan amounts may vary by applicant but Discover Bank Private Student Loans has a minimum loan amount of 1K

Does Discover Bank Private Student Loans charge an origination fee?

No, Discover Bank Private Student Loans 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 Private Student Loans charge prepayment fees?

No, Discover Bank Private Student Loans 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 Private Student Loans offer?

Discover Bank Private Student Loans provides repayment terms ranging from 10 to 20 years.

What type of borrowers will Discover Bank Private Student Loans consider?

Discover Bank Private Student Loans considers loans applications from:

• undergraduate students
• graduate students
• parents of students

What do you need to qualify for Discover Bank Private Student Loans?

Applicants with a credit score of at least 650 and up to 850 may be eligible for Discover Bank Private Student Loans. The minimum age to be eligible is 16 or the state minimum, whichever is higher.

Discover Bank Private Student Loans does not have or does not disclose a minimum annual income eligibility requirement. Discover Bank Private Student Loans only considers borrowers who are employed.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Discover Bank Private Student Loans. An uncommon feature is for lenders to offer their services to non-residents. Discover Bank is one of the few that does.

To qualify, applicants may need to provide the following documentation:

• Proof of citizenship or residence permit

Is Discover Bank a legit company?

Discover Bank was founded in 1985, it is a well-established company that has been in business for 38 years.

Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.