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Discover Bank Private Student Loans

in Private Student Loans from Discover Bank

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Discover Bank Private Student Loans

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in Private Student Loans from Discover Bank

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Community Rating

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Fixed APR 5.99% - 13.14%
Variable APR 4.49% - 12.14%
Loan Amount Starting at $1,000

Discover Bank Private Student Loans Review

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

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 4.49% up to 12.14%.

It offers a fixed APR that ranges from 5.99% up to 13.14%.

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

U.S. citizens are, of course, eligible for the services offered by Discover Bank Private Student Loans. Permanent resident / green card holders are also eligible to apply. 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
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Contact

  • Headquarters
  •   502 E. Market Street
    Greenwood, DE 19950 USA
  •   Visit Site

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

Other Services by Discover Bank

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  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
No Origination Fee  
No Prepayment Fee  
Cosigner Optional  
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • Non-Resident
Minimum Age 16
Verification Documents Required
  • Proof of citizenship/residence (Green Card)
Funding Time Range 1 - 7 days
Good Student Rewards  
Loan Term 10 - 20 years
Fixed APR 5.99% - 13.14%
Variable APR 4.49% - 12.14%
Loan Amount Starting at $1K
Up to Cost of Attendance  

Discover Bank Private Student Loans Community Reviews

 

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