Discover Student Loan or Sallie Mae Student Loan, both loans offer many options for students to achieve their educational, career, and financial goals, without requiring payments with high fees and rates.

Sallie Mae and Discover are significant financial institutions, also known as the largest private student loan lenders in the U.S., with a variety of educational loans that fit various purposes, including career planning and more.

Also, both loans are available for U.S. citizens, permanent residents, and international students who apply with the U.S. or permanent resident cosigner.

So, check out the comparison and decide which one fits your needs and goals better!

Discover features loans for undergraduate, graduate students, MBA, Health Professions and Law, Postgraduate, Parents, and consolidation. 

There are no application, origination, late, or early payoff penalty fees whatsoever. 

Plus, it offers the option of choosing a variable or a fixed rate, with auto-pay discounts.

Also, this lender has the minimum amount of $1,000, and the maximum is up to 100% coverage of your school-certified college costs.

Unlike other lenders, Discover gives cash rewards for good grades. But, like Sallie Mae, it provides you with tools to help you through the process.

Sallie Mae features 100% coverage for tuition, fees, books, housing, meals, travel, and even the tools you need when in college, like a laptop. The minimum amount offered is $1,000, like the Discover Student Loan.

Moreover, it gives you options to sign up for variable or fixed rates with auto-pay discounts, too.

The terms range from 5 to 15 years.

However, note it charges a late fee of 5% on the past due amount, up to $25. And up to $20 as returned check fee.

On the other hand, it offers a cosigner release option after 12 consecutive on-time monthly payments.

Finally, as Discover does, Sallie Mae doesn’t have application, origination, or early payoff penalty fees of any kind.

By signing up for a loan at Discover, you can get up to 100% of school-certified college expenses covered, with no application, origination, late, or prepayment fees.

Like other lenders, it provides you with tools and resources so you won’t be unattended if you need a hand and information during the process.

Furthermore, it offers discounts on rates if you settle up automatic payments.

And, unlike other lenders, Discover is the only one to give good-grades cash rewards for borrowers.

Sallie Mae also charges no origination or prepayment fees and offers tools to help you find the best loan for you.

And it provides you with a variety of programs so you can decide which fits your educational and financial needs and goals better.

Also, you can get 100% coverage of school-certified expenses, including tuition, fees, books, housing, meals, travel, and even the tools you need when in college, like a laptop.

Finally, it allows a cosigner release after 12 consecutive on-time monthly payments.

On the other hand, this lender doesn’t disclose the required credit score and doesn’t feature pre-qualification.

If you want to borrow from it, you need to go through the process or access assistance to learn more about the conditions. 

And, unlike Sallie Mae, a cosigner release option is not available. 

Like Discover, Sallie Mae also doesn’t disclose some information about eligibility requirements. 

And it charges a late fee so that you may watch out for this.

Both Discover Student Loan and Sallie Mae Student Loan are excellent options if you need to borrow money to pay off or plan your educational, career, and financial path.

Also, these two lenders offer options for you to choose between a variable or fixed rates, with auto payment discounts.

However, Discover provides a good-grade reward program and doesn’t charge a late fee. On the contrary, Sallie Mae offers terms ranging from 5 to 15 years and a cosigner release option.

In general, you should know that the best loan for you depends on your eligibility, needs, and goals, according to your financial and current situation. 

And if you want to continue looking for an option, check out our article below to learn more about another financial product available on the market, the College Ave Student loans!