How to apply for Discover Student Personal Loan
Secure your future with flexible financing and competitive interest rates
If you’re a student looking to fund your college education and have no money right now, you should consigering get a Discover Student loan.
They offer undergraduate, graduate, and professional student loans with fixed and variable interest rates. Discover Student Loans also offers loan consolidation with no application or origination fees.
Discover Student Loans
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Here’s what you need to know about Discover Student Loans, as well as how they compare to American Express loans.
Who can apply for Discover Student Loans?
To apply for Discover Student Loans, you must meet the following requirements:
- You must be a U.S. citizen or a permanent resident;
- You must be enrolled at least half-time in a degree-granting program at an eligible institution;
- You must be in good academic standing, as defined by your school;
You also must have a creditworthy co-signer, or have sufficient income and credit history to qualify on your own.
Applying online for Discover Student Loans
Applying for Discover Student Loans is a straightforward process. You can apply online, and you’ll need to provide the following information:
- Your personal information, including your name, address, and Social Security number;
- Your school information, including the name of your school and your program of study;
- Your financial information, including your income and expenses, and the amount of money you need to borrow;
- Your co-signer’s information, if applicable.
Once you’ve submitted your application, Discover Student Loans will review your credit history and financial information to determine if you’re eligible for a loan. If you’re approved, you’ll receive a loan offer with the interest rate, monthly payment, and repayment term.
Navient vs. Discover Student Loan
If you did not like Discover Student’s options or could not qualify for their loans, you can check out the Navient Student loans.
Navient and Discover are both financial institutions that offer loans to help students finance their education.
However, there are some key differences between those loans, and you should be aware of those when deciding which lender to choose.
- Interest Rates: Interest rates for Navient student loans can vary depending on the type of loan and your credit score. Discover offers fixed and variable interest rates for their private student loans, which can also depend on your creditworthiness.
- Repayment Options: Navient offers a wide range of repayment options, including income-driven repayment plans, deferment, and forbearance. Discover also offers several repayment options, including in-school deferment, interest-only payments, and full principal and interest payments.
- Loan Limits: Navient and Discover have different loan limits. Navient’s limits vary depending on the type of loan and the student’s year in school. Discover’s loan limits range from $1,000 to $200,000, depending on the program of study.
- Cosigner Release: Both Navient and Discover offer cosigner release options, but they have different requirements. Navient requires that the borrower have made 12 consecutive on-time payments, while Discover requires 36 consecutive on-time payments.
Both companies now only offer private student loans, with Navient standing out for its flexible repayment options. While Discover may have lower interest rates for some borrowers.
How to apply for Navient Student Loans?
If you’re interested on the Discover Student Loan, take a look at our article on how to apply for the company’s services.