Reviews (US)

Discover Student loans full review

Get up to 100% of your college expenses covered with flexible terms and no fees. Check out how it is possible by reading this Discover Student loans review article!

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by Aline Augusto

Published on 02/13/2022

Discover Student Loans: flexible terms with no fees!

Check out our Discover Student loans review. Source: Facebook Discover Student Loans.
Check out our Discover Student loans review. Source: Facebook Discover Student Loans.

Discover features private student loans for undergraduate, graduate, and post-graduate students who need help to pay for college. Also, it offers parent and consolidation loans with the possibility to lower rates with an auto-debit reward that works as discounts. Plus, you can earn a 1% cash reward for good grades if you manage to get at least a 3.0 GPA in college or graduate school. Learn all about how it works by reading this Discover Student loans review!

APRVariable: 1.29% – 10.59%
Fixed: 3.99% – 11.59%
(undergraduate rates with auto-pay reward)
Loan PurposeEducation (undergraduate, graduate, MBA, Health Profesions and Law, Post graduate, Parents, and consolidation)
Loan AmountsFrom $1,000
Credit NeededNot disclosed
TermsUp to 20 years
Origination FeeNone
Late FeeNone
Early Payoff PenaltyNone
Logo Discover fundo azul

How to apply for Discover Student loans?

Cover up to 100% of your college expenses with a Discover Student loan! Learn how to apply for it and get all the benefits.

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How do the Discover Student loans work?

Discover Student loans feature loans or educational purposes. That are no application, origination, late, or prepayment fees of any kind.

Furthermore, you can get up to 100% covered of your school-certified college expenses. And you won’t be left alone during the process since it provides tools and a US-Based Loan Specialist to help you anytime you need.

Moreover, you can customize the loan with flexible terms of up to 20 years and affordable rates as you want. 

So, let’s take a tour of the loans offered:

  • Undergraduate Students loans: with variable APRs from 1.29%, and fixed APRs from 3.99%, including auto-pay reward;
  • Graduate Students loans, for graduate students, health professions, business and law students: with variable APRs from 1.99%, and fixed APRs from 3.99%, including auto-pay reward;
  • Parent loans: with variable APRs from 3.99%, and fixed APRs from 5.49%, including auto-pay reward;
  • Post-Graduate Students, for residency and bar exam: with variable APRs from 2.99%, and fixed APRs from 4.99%, including auto-pay reward;
  • Student Consolidation: variable APRs from 1.99%, fixed APRs from 2.99%, including auto-pay reward.

It is important to note that those rates may change due to the loan chosen. So, always check the terms and conditions before applying for it.

In addition, you can get cash rewards for good grades. 

Discover Student loans benefits

See what are the benefits of the Discover Student loans. Source: Unsplash.
See what are the benefits of the Discover Student loans. Source: Unsplash.

Unlike other lenders, Discover offers rewards. So, you can get a 1% cash reward for good grades and discounts on the rates if you settle up automatic payments.

Also, it features zero fees, which means that you don’t need to worry about application, origination, late, or prepayment fees of any kind.

And it covers up to 100% of your college expenses. 

Finally, all of that with a US-Based Loan Specialist and tools that will help you out anytime you need.

Pros

  • You can get up to 100% of school-certified college expenses covered;
  • There are no application, origination, late, or prepayment fees;
  • You can get good-grades cash rewards and discounts on rates if you settle up automatic payments;
  • It offers tools and specialists to help you through the process.

Cons

  • It doesn’t disclose the credit score required;
  • It doesn’t offer pre-qualification;
  • Plus, it doesn’t provide a co-signer release.

Should you apply for Discover Student loans? 

If you look for a loan with no fees and some perks like rewards, Discover delivers it. With affordable rates and terms of 15 or 20 years, you can get the help you need with your educational expenses. 

Can anyone apply for a loan from Discover Student?

You must be a U.S. citizen or permanent resident. Also, you have to attend an authorized school to receive federal aid.

Unfortunately, it lacks eligibility requirements on the website.

What credit score do you need for Discover Student loans?

Unfortunately, it doesn’t disclose this information.

How to apply for a Discover Student loan?

If you decide this loan from Discover is an alternative for you to pay for college, take a look at our next post and learn how to apply for it.

Logo Discover fundo azul

How to apply for Discover Student loans?

Cover up to 100% of your college expenses with a Discover Student loan! Learn how to apply for it and get all the benefits.

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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