Loans

Discover Student Loan review: how does it work and is it good?

How about a student loan that gives you discount rewards for good grades and flexible repayment options? Check out this Discover Student Loan review.

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by Danilo Pereira

05/08/2022 | Updated on 09/14/2022

Discover Student Loan: pay for the entire cost of attendance and get benefits for good grades.

Discover logo
Discover Student Loan review. Source: The Mad Capitalist.

Ever heard of the Discover Student Loan? In this Discover Student Loan review you will see this institution is not only a credit card issuer. Although most people know the company for its credit cards, it offers a wide range of financial products such as a number of private student loans. You may even borrow the total cost of your attendance.

It’s worth pointing out that in case you become unable to repay your loan, the lender will offer options not to pursue legal action against you. Most private lenders won’t hesitate to move forward with it. The lender also offers rewards when you get good grades and graduate on time.

The Discover Student Loan, however, may not be for just anyone. To put things into perspective, have a look at the figures below.

Discover logo 2

How to apply for the Discover Student Loan

Learn how to get your student loan with this easy-to-follow guide.

APRNot disclosed
Loan PurposeAttendance Coverage
Loan AmountsUp to the full cost of attendance
Credit NeededNot disclosed
Terms15 to 20 years
Origination Fee$0
Late Fee$0
Early Payoff PenaltyN/A

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What is the Discover Student Loan?

This lender provides student loans for undergraduate, graduate, MBA, health profession and law. In the case of the last two, Discover Student Loan also offers residency loans for health profession graduates, and bar exam loans for law school graduates.

There are 3 in-school repayment options. The first is the In-School Interest-Only program, where you must pay the interest monthly until 6 months after you graduate. This gives you a 0.35% discount on your interest. The second is the In-School Fixed program, which requires you to make fixed $25 payments until the Deferment period after you graduate. The last one is the Deferred program, where you only pay ate the end of the deferment period.

Is Discover Student Loan good?

student loan
Is this a good student loan? Source: Adobe Stock.

Now that you have been properly introduced to the Discover Student Loan, it’s time to reflect on its pros and cons to see what stands out the most for you.

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Pros

  • No fees whatsoever
  • Get rewarded for good performance and graduation
  • Forbearance options available

Cons

  • Prequalification not available
  • Few loan terms
  • Co-signer release not available

Does Discover Student Loan check credit scores?

Discover does not put out the minimum score or income requirements you must meet to qualify for this loan. In general, you must have at least a good credit to qualify for any private student loan. So make sure your credit is in good standing before you apply because their not offering prequalification could deliver a blow to your credit history.

Want to get a Discover Student Loan? We will help you!

If what you have read has convinced you that the Discover Student Loan is for you, you will be happy to find out that applying is a relatively simple process. The application is done online and it shouldn’t take you more than 15 minutes to complete. All you need is to log on to their website with your personal and financial info at hand, and you are on your way.

If you would like a more complete step-by-step guide on how to apply for this loan, just hit the link below and we’ll take you there.

Discover logo 2

How to apply for the Discover Student Loan

Learn how to get your student loan with this easy-to-follow guide.

About the author  /  Danilo Pereira

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