Key points:
Best Good Grades Reward
- Must have a cosigner that is a U.S. citizen or permanent resident
- Available to DACA recipients and those without a U.S. Social Security number
- Receive a cash reward when you receive good grades
Brief Description:
Discover provides private student loan financing in addition to credit cards, personal loans, mortgage loans, and bank accounts. Discover is a financial services company. This includes loans for international students that have either a fixed or variable interest rate.
Borrowers from other countries will be required to have a cosigner in order to be eligible for student loan financing. Because applicants do not need to provide a Social Security number in order to submit an application, it is possible that approval will be granted more quickly here in comparison to approval from other lenders.
It is possible to receive a loan for your undergraduate, graduate, or professional studies, with loan limits reaching up to one hundred percent of the costs of attendance that have been certified by the school. However, international students who are citizens of countries sanctioned by OFAC are not eligible for loans through Discover. This is because Discover does not extend eligibility for loans to international students.
Discover Refinance Student Loan
| Loan amount | $5,000 – $150,000 |
| Loan terms | 10 or 20 years |
| Fixed APR | 3.49% – 7.99% |
| Variable APR | 2.49% – 6.49% |
| Fees | Origination: $0 Prepayment: $0 Late payment: $0 |
Discover Student Loan repayment options
Discover student loans have three repayment options:
- Fixed payment plan, which requires a $25 loan payment while in school and during the grace period, then full principal and interest payments after school ends.
- Deferred payment option in which payments are not required until six months after the borrower leaves at least part-time attendance status or graduates. For graduate loans, payments are deferred until nine months.
- Interest-only repayment plan that allows borrowers to pay any interest charges as soon as the loan is funded, while they attend school.
Eligibility
Private student loans from Discover are offered to students enrolled at least half-time in an eligible, accredited college or university. You can see if your school is eligible during the application process.
How to apply
You can apply for a loan easily on Discover’s website. To apply, you’ll need to provide the following information:
- Social Security number (if applicable)
- School information, including field of study and academic period of enrollment
- Loan amount requested, as well as any financial aid you expect to receive
- Financial information, including income, monthly mortgage/rent payments (if applicable)
- Permanent address and temporary/in-school address
Additionally, if you’re applying with a cosigner, your cosigner will need to provide their:
- Social Security number
- Loan amount requested
- Employment information
- Financial information, including monthly mortgage/rent payments
- Permanent address
Discover will review that information and send you a letter accepting or denying your application. If you’re accepted, it will also detail your total allowable loan amount and the repayment stipulations set forth in your agreement.
COMPANY OVERVIEW
- Official Website: https://www.discover.com/
- Loans Offered: Undergraduate, Graduate, International, Refinanced, parents, Career loans
- Customer Service: 24/7…1-800-STUDENT (1-800-788-3368) 801-619-2550 (outside Canada/US)
- Address: Discover Student Loans, PO Box 71053. Philadelphia, PA 19176-6053