Loans

Discover Student Loan Review: is it worth it?

Completing your studies is very important for a successful professional career. Do you need financial help? Then meet the Discover Student Loan.

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Note: Some information in this post might be outdated. For the most current documentation and updates, please refer to the product’s original page.

Discover student loan review and benefits: low APR, zero fees, and up to 100% coverage of your study

Discover student loan logo
Learn more about the student loans available at Discover! Source: Discover

Studying can be quite a challenge, especially if you don’t have a lot of money. In order to make life easier for undergraduates, there is a Discover Student Loan.

card

Loan

Discover student loan

100% coverage school loan

Low APR, zero fees, and up to 100% coverage of your study.

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With this type of loan, you will get a low APR rate, zero extra fees, and coverage of up to 100%. These are benefits that will help you complete your studies. Read more.

APR2.99% to 12.59% variable
5.49% to 13.99% fixed
Loan PurposeFunding for undergraduate, graduate, or technical career courses
Loan Amounts$1,000 minimum. Borrow up to 100% of the school-certified cost of attendance
Credit NeededDoes not disclose
Origination FeeNone
Late FeeNone
Early Payoff PenaltyNone

Discover student loan: how does it work?

Student and words
Learn more about this Discover Loan! Source: Discover

The Discover Student Loan exists to make life easier for students. And when it comes to facilitating, nothing beats having low student loan rates, right?

Discover offers some possibilities for adding co-signers and has flexible payment. Thus, you can reduce fees and schedule reimbursement in the best way.

In addition, this type of loan brings low rates, a bonus for good performance, and payment tolerance. That way, you can organize your finances and avoid suffering.

Is it worth it to apply for the Discover student loan?

The Discover Student Loan is a type of financing that can meet all your needs. It can cover all costs, including books and other student expenses, and accepts co-signers.

So, you can earn even lower APR rates. Check out the benefits and disadvantages in our lists below!

Benefits

  • No extra fees, such as origination fees, early payoff penalties, or late fees;
  • Low APR;
  • It has a performance bonus for students who achieve a GPA of 3.0 or equivalent;
  • Refund is flexible;
  • Accepts co-signers, and this reduces the APR;

Disadvantages

  • Pre-qualification is not available;
  • The payment schedule is a bit rigid;
  • Long release period.

What credit scores are required for the application?

The required credit level is not disclosed by the company. That is, you will only know after passing the qualification if you are eligible to apply for this loan.

However, some reports point out that the credit ranges from fair to excellent.

The eligibility framework depends on a number of factors, such as the presence of co-signers, payment method, and credit usage history.

Discover student loan: applying for this loan today

Completing your studies can be one of life’s most challenging tasks. Discover has a great loan option to help you out. However, it is important to learn about Discover’s student loan application to get everything right.

card

Loan

Discover student loan

100% coverage school loan

Low APR, zero fees, and up to 100% coverage of your study.

You will be redirected to another website

The application is relatively simple, and you can do it directly on the web or through the official application. However, it is essential to do the process in the right way to increase the chances of approval.

Apply online

woman using smatrphone
Learn how to apply online for this loan! Source: Freepik

To apply online, you will need access to a computer, notebook, or tablet. When accessing the site, you will fill in some basic information about the desired loan.

As there is no pre-qualification, you will need to submit your details to verify your eligibility. The platform requests your personal, financial, and study details. Fill in and hope for a positive answer.

Requirements

Discover asks some basic requirements for those who want to apply for a loan. To apply, it is important that you and your co-signers have a good credit history, which brings lower fees.

In addition, it is important to be regularly enrolled in a course for which you are applying for credit. The documents are checked, and then the loan is released.

Apply on the app 

To apply on your smartphone, you need to download the official Discover app. With it installed, navigate to the Discover Loans option. Then select Discover Student Loans.

As with the web option, the application will ask for your personal and financial data. Fill in the details and wait for your review to return.

Discover student loan vs. Custom Choice student loan: which is the best for you?

Discover Student Loan is not the only loan option to pay for your studies. The Custom Choice Student Loan can also have good terms and flexibility for students. Check out our comparison below.

Discover student loanCustom Choice student loan
APR2.99% to 12.59% variable
5.49% to 13.99% fixed
2.67-11.55% variable
3.65-12.47% fixed
Loan PurposeFunding for undergraduate, graduate, or technical career coursesUndergraduate, graduate, or technical career courses
Loan Amounts$1,000 minimum. Borrow up to 100% of the school-certified cost of attendance$1,000 up to 100% of the school-certified cost of attendance minus other aid, not to exceed $99,000
Credit NeededDoes not disclose660 minimum
Origination FeeNoneN/A
Late FeeNoneNone
Early Payoff PenaltyNoneNone

If you are interested in learning more about the Custom Choice student loan, you can check out our post below to learn all about the application process for it!

Custom Choice logo

Custom Choice student loan application

The Custom Choice student loan is super affordable due to low APR rates and late fees. Learn about the Custom Choice student loan application!

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