Discover Student Loans Review 2021
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Advantages and disadvantages
Discover loans for undergraduate students
Regular annual interest
Variable: 1.24% – 10.34%, Fixed: 4.24% – 11.99%
You might like Discover’s student loans if you want to avoid fees as the lender doesn’t have any prepayment penalties, lease fees, or late fees. However, you may be able to find lower fixed prices with competitors.
You may be eligible for Discover’s one-time 1% cash reward on its student loans if you have a GPA of 3.0 or greater for any academic semester covered by the loan. You must redeem your award within six months of the loan being paid out or six months after the end of the academic semester, whichever is later.
Explore student loans
Regular annual interest
Variable: 1.87% – 11.87%, Fixed: 4.49% – 12.59%
Discover student loans operate similarly to the lender’s student loans. The main difference between the two is the repayment term; The graduate loans have a term of 20 years while the student loans have a term of 15 years. You will continue to receive a no-fee loan and will be eligible for Discover’s one-time 1% cash reward on its student loans.
This is how Discover Student Loans works
Discover offers student loans for a variety of different types of degrees, including bachelor, master, law, MBA, and healthcare professions.
To qualify for a loan, you must meet the following requirements:
- Be at least half enrolled in a program (Bachelor, Graduate, Law, MBA, Health Program) at a suitable school
- Do a degree
- Make adequate academic progress as determined by your school
- Be a US citizen, permanent resident, or international student (international students must have a co-signer who is a US citizen or permanent resident)
- Be 16 or older when applying
- Pass a credit check
Before applying for a private student loan including Discover, you should think about your federal student loan options as you can often find more affordable terms and better government protection.
To contact customer support, call the lender 24 hours a day, seven days a week. The company has both a US and an international number. If calling isn’t the best job for you, you can email Discovers Utah by email.
Discover has a well-rated app that received 4.8 out of 5 stars in the Apple Store and 4.6 out of 5 stars in the Google Play Store. If you want to manage your credit on the go, this can be helpful.
Is Discover Trustworthy?
The Better Business Bureau rated Discover A + for trustworthiness. A great BBB rating indicates that the company is honest in doing business, responding effectively to consumer complaints, and being truthful in its advertising.
However, you won’t necessarily have a positive relationship with Discover just because the company has a top BBB rating. Ask friends and family about their experience with the lender and read customer reviews online.
Discover has no recent scandals. You may feel comfortable choosing Discover as your student loan lender because of its clean history and great BBB rating.
Compare Discover Student Loans with Similar Lenders
Discover prices are similar to or higher than those offered by comparable lenders – although prices depend on your creditworthiness and other financial factors. How Discover compares to the competition:
Explore Review vs. College Ave Review
You can get a lower minimum APR on your loan with College Ave than with Discover. So if your credit is in good shape, College Ave might be a better choice.
College Ave has a faster application process than Discover as it can get you a plan in minutes with College Ave and it takes around 15 minutes with Discover. This might not be a deal breaker, but if you want to quickly compare multiple prices, College Ave might be a better place to start.
Discover offers a unique benefit that College Ave doesn’t. Discover receives a one-time cash reward of 1% on its student loans if you achieve a GPA of 3.0 or higher during any academic semester covered by the loan. You must redeem your award within six months of your loan being paid out or six months after your academic semester ends, whichever is later.
With either company, you don’t pay any formation fees, early repayment penalties or late payment fees.
Discover Review vs. Ascent Review
Discover has a better APR on graduate loan than Ascent. The minimum rate on Discover is about 1% lower than on Ascent, although the maximum rate is almost the same. Ascent has a better deal on undergraduate loans with a minimum interest rate about 0.75% lower than Discover. The maximum rate is roughly the same for both companies.
Ascent has five co-signed loan repayment terms, five, seven, 10, 12, or 15 years. Discover only has a standard term of 15 years.
You may be eligible for a 1% cash reward from Ascent and Discover. Neither company charges processing fees or early repayment penalties, but Ascent may charge a late fee while Discover does not.