Discover Student Loan review: full funding for your studies
Learn more about the Discover Student Loan, one of the best student loan services on the market: low APR, no fees, and more. Check out our review!
Discover Student Loan: no-fee student loans that reward students with good grades!
Discover Student Loan was named the best student loan option for 2022. So, learn about the rates, conditions, and benefits that made this loan option the most coveted among students.
Indeed, according to some of the top review sites, this is the best student loan in the country. Available to students of all levels, one of the lowest APR rates on the market.
So, read on to learn more about this incredible student loan!
|APR||From 4.49% to 14.09% (variable); from 5.49% to 13.99% (fixed)|
|Loan Purpose||Funding for: undergraduate and postgraduate healthcare students, residency or internship for healthcare students, postgraduate for law students, and more|
|Loan Amounts||From $1,000 to 100% of the school-certified cost of attendance (including tuition, housing, books, and more)|
|Credit Needed||Not specified|
|Early Payoff Penalty||None|
Is the Discover Student Loan a good option?
Parents of students and students looking for debt consolidation can find this service a great opportunity.
In addition to college tuition, this service may include additional costs such as books, housing, and more. Students with good grades can receive a 1% cash reward on the school-certified amount.
For this, it is enough to have a school average (GPA) of at least 3.0. In addition, it is possible to obtain a rate reduction of 0.25%. To do so, simply activate the automatic payment option.
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The pros and cons of the Discover Student Loan
Indeed, Discover is a reference in the market as one of the best options for student financing. However, this option also has some “weak points”. To know these and the main “strengths”, see the lists below:
- Relatively low APR;
- No late fees or origination fees;
- You can use a guarantor to increase your chances of being approved and get lower APR rates;
- Students with good grades have special advantages.
- Discover does not offer a pre-qualification service;
- The loan repayment terms are fixed and cannot be negotiated;
- Your co-signer will remain partially liable until the end of the loan;
- Students with grades below the GPA 3.0 standard are not eligible for cash rewards.
What credit score do you need to apply?
Indeed, Discover’s official website does not set a minimum credit score for its customers.
However, to maximize your chances of being approved, we advise that you or your guarantor have a good or excellent credit score.
Discover Student Loan application process
In our post below, you have a complete description of everything you need to know to apply. Check it out!
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