options to make sure you’re getting the best rate you qualify for. Academic deferment: Postpone payments if you return to school at least half-time. Check this list of private loan relief options to see what this lender offers. Compare Discover’s range of interest rates with other student loan refinance lenders. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Student Credit Cards Intro purchase APR is 0% for 6 months from date of account opening then the standard purchase APR applies. If you are currently paying 18 percent on your … For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. Average time from application to approval: Students can apply in 15 minutes or less. Aggregate loan limits apply. You'll be unable to log in to Discover.com in the future if your browser has not been updated. To protect your account security, you must update your browser as soon as possible. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner's credit history (if applicable). Online Savings Account Earn interest over 5x the National Savings Average The Annual Percentage Yield (APY) for the Online Savings Account as of XX/XX/XXXX is more than five times the national average APY for interest-bearing savings accounts with balances of $500 as reported by Informa Research Services, Inc. as of XX/XX/XXXX.Interest rates and APYs are subject to change at any time. Interest-only: Make monthly interest payments while you're in school and during your grace period. The fixed interest rate is set at the time of application and does not change during the life of the loan. If the 3-month LIBOR is temporarily unavailable and not published fifteen days prior to the interest rate change date, then we will use the immediately preceding published 3-month LIBOR Index rate. 5.0. NerdWallet recommends prequalifying with multiple refinance lenders before you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Interest will accrue while you’re in school and will capitalize, or get added to your principal balance, at the end of your grace period. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments. NerdWallet strives to keep its information accurate and up to date. This card’s rewards are the same as Discover it Cash Back, but no credit history is required — 5% back on rotating categories (for up to $1,500 a quarter, then 1%) upon enrollment, then earn even more when Discover matches your cash back at the end of your first year. Loan discharge if co-signer dies or becomes disabled: No. Citizenship: Must be a U.S. citizen or permanent resident. Your actual rate will depend on factors including your — or your co-signer's — credit history and financial situation. Learn more about Discover Student Loans interest rates at, Before deciding on a student loan refinance lender, compare multiple. Our partners cannot pay us to guarantee favorable reviews of their products or services. If you aren’t eligible for a Discover student loan. The interest rate is used to calculate the actual amount of interest that accrues on your student loan. Our partners compensate us. Discover is a digital bank and payment services company known for its credit cards. For new loans, the 3-Month LIBOR will change quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), as published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). Intro Balance Transfer APR is 10.99% for 6 months from date of first transfer, for transfers under this offer that post to your account by March 10, 2021 then the standard purchase APR applies. The fixed interest rate is set at the time of application and does not change during the life of the loan. Pre-qualified offers are not binding. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including Undergraduate Loans. All financial products, shopping products and services are presented without warranty. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. Best for students who may need wiggle room on payments. That's why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Read our editorial guidelines. If you aren’t eligible to refinance with Discover, prequalifying with multiple refinance lenders. The loan must be less than 60 days late to qualify. Discover could improve its student loan refinance product by: Conducting soft credit checks to give personalized rate estimates. Grace period extension: Discover offers an Early Repayment Assistance Program that can extend your grace period. Incoming freshmen may qualify for an additional cash reward based on their high school grades (incremental to the existing cash reward). You'll get a 0.35% interest rate discount for choosing this option. Discover doesn’t disclose specific details about what it takes to qualify for its student loans, but there’s a good chance you’ll qualify if you have good credit or apply with a co-signer who does. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. Must have attended a school authorized to receive federal aid: Yes. Generous repayment flexibility for struggling borrowers. Our lowest APR is only available to customers with the best credit and other factors. That's why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. When evaluating student loan options, there are lots of factors to consider. To see what rate Discover will offer you, apply on its website. However, this does not influence our evaluations. Discover it Student Cash Back also has both a $0 annual fee and a 0% foreign transaction fee. Temporary payment reduction: Pay just the interest on their loan, subject to a $50 minimum, for up to six months. Discover's private student loans are a good option for borrowers who want flexible repayment options in case they need wiggle room in the future. Discover student loan refinancing at a glance, Discover student loan refinancing details, Compare Discover’s range of interest rates with other. Discover could improve its private student loans by: Loan amounts: $1,000 minimum. Immediate: Begin making full monthly payments as soon as the loan is disbursed. Learn more in the Discover Help Center. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). You don’t need spectacular credit standing to get approved for the Discover it Student chrome credit card. Typical income of approved borrowers: Did not disclose. About Variable Interest Rates and 3-Month LIBOR Variable interest rates for new Discover Student Loans are calculated as the 3-Month LIBOR plus the applicable Margin percentage. Discover also considers other factors, such as area of study and potential income. Every credit card company has a different set of prerequisites an applicant must meet to be considered a student. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. To see what rate Discover will offer you, apply on its website. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. Compare Discover's range of interest rates with other private student loan lenders. Our lowest APR is only available to customers with the best credit and other factors. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. The typical time from completed application to approval for a Discover student loan is 15 minutes. The fixed interest rate is set at the time of application and does not change during the life of the loan. The first Discover card was launched by Dean Witter Financial Services Group Inc., a subsidiary of the famous Sears, Roebuck and Co. By 1989, the company had already signed its one-millionth merchant to be a part of the Discover network. Public service deferment: Postpone payments if you're serving in a qualified public service organization. In the event that more than one 3-month LIBOR Index rate is published, the rate will be the highest rate published. For a consolidation loan, it can take from 30 to 45 days from approval to payoff. The average purchase card is interest-free for about 10.88 months. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. … You can't see if you’ll qualify and what rate you’ll get without a hard credit check. The Discover it for Students provides 5% cash back in categories that rotate every three months, up to $1,500 spent per quarter, then 1% (activation required). If Discover denies your refinance application, the lender will let you know why. The card is FREE (no annual fee), billing is accurate, and their attention to online and PoP purchases is exemplary. Loan amounts: $5,000 to $150,000. Reward for good grades: Discover offers a Rewards for Good Grades benefit, which is a 1% cash reward if you earn a 3.0 GPA or higher. Discover doesn’t disclose specific details about what it takes to qualify for its student loans. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. The Discover it® Student chrome charges 0% intro APR on Purchases for 6 months and 10.99% intro APR on … We noticed that you're using an old version of your internet browser to access this page. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. No-credit student credit cards also charge interest at a 15.02% annual rate, on average – below the market-wide average of 17.98%, according to WalletHub’s latest Credit Card Landscape Report. This will let you know which lenders you may be eligible with, without affecting your credit. For questions about the interest rates for your existing Discover Student Loans, call us at 1-800-STUDENT. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. APR: Most student credit cards have a minimum APR of 18% or lower, but 20% have a minimum APR higher than 25%. The Discover it® Student Cash Back card is one of two Discover student credit cards available right now, and it offers the highest cash back rate among them, at up to 5% back on certain purchases. Many lenders are offering relief related to COVID-19. lenders. . 1.99 - 5.61%Offered terms are subject to change and state law restriction. Maximum: Your total cost of attendance, minus other financial aid. If Discover denies your student loan application, the lender will let you know why. Offered terms are subject to change and state law restriction. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates. Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. The APR is a number you can use to compare loans from different lenders since their interest rates, fees, deferment options and capitalization policy may differ. This also assumes you qualify as a student under the issuer’s definition. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. 628 Reviews. Intro purchase APR is 0% for 6 months from date of account opening then the standard purchase APR applies. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include a 0.25% interest rate reduction while enrolled in automatic payments. Discover offers a wider range of repayment assistance programs compared with other student loan lenders, including the option to temporarily reduce payments. In 1997, they merged with Morgan Stanley and went by Morgan Stanley Dean Witter, Discov… Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). Earn cash back rewards for college and beyond while practicing responsible credit habits with this Discover it ® card for students. Does American Express offer student loans? The fixed interest rate is set at the time of application and does not change during the life of the loan. Typical credit score of approved borrowers or co-signers: 660 or above. Maximum debt-to-income ratio: Did not disclose. ©2020 Discover Bank, Member FDIC | Lender ID 831312, A fixed interest rate is set at the time of application and does not change during the life of the loan. Fixed: Make fixed, $25 payments while you’re in school and during your grace period. Furthermore, many credit cards will impose a higher penalty interest rate when cardholders fail to make payments. When evaluating offers, please review the financial institution’s Terms and Conditions. The lender boasts no fees as long as you pay on time. Pre-qualified offers are not binding. The bottom line: Discover Bank, known primarily for its credit cards business, launched Discover Student Loans in 2007. Depending on the reason, you may want to consider other lenders or need a co-signer.
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