Frequent question: Is the Discover Student Loan good?

Is discover student loans a good option?

Full Review. 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 offers a wider range of repayment assistance programs compared with other student loan lenders, including the option to temporarily reduce payments.

Is Discover student loans federal or private?

Our no-fee private student loans complement federal student loans and other financial aid to help cover college costs. Eligible borrowers may also be pre-qualified for future loans with our Multi-Year Option.

How much can you get from Discover student loans?

You can borrow up to $3,500 during your first year of undergraduate studies, up to $4,500 during your second year and up to $5,500 during your third year and beyond.

Is the Discover student loan free?

Competitive APRs and no fees

Before you choose a student loan, it’s best to compare interest rates and fees to make sure you’re getting the best deal. Here’s the good news: Discover doesn’t charge any fees whatsoever – not even late fees.

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Can I pay off my Discover student loan early?

That’s one of the advantages of a Discover personal loan. There are no prepayment penalties to worry about. So you can make extra payments or pay off your loan early if you’d like. … There are no prepayment penalties on your loan.

Is there a grace period for Discover Student Loans?

Most Discover student loans provide you with a grace period — a period of time when you are not required to make monthly payments. Depending on your loan type, payments may not be due until 6 or 9 months after you graduate or when your enrollment status drops below half-time.

What are the 4 types of student loans?

There are four types of federal student loans available:

  • Direct subsidized loans.
  • Direct unsubsidized loans.
  • Direct PLUS loans.
  • Direct consolidation loans.

Does Discover Student Loans do a hard credit check?

That means if you wish to apply, Discover will pull your credit history, and it will be a hard inquiry on your credit reports. It only offers a single loan term of 15 years for undergraduates, 20 years for graduate students and 10 or 20 years for student loan consolidation.

Are Discover Student Loans federally insured?

Discover Student Loans are made by Discover Bank, a trusted financial institution for 100 years. Discover Bank offers a variety of financial products, including FDIC-insured savings accounts, credit cards, personal loans and student loans.

Can I get a Discover student loan without a cosigner?

Discover

Discover Bank offers private student loans without a cosigner, but you must have good credit to get approved. If you have limited or no credit history, you’ll need a cosigner. But if you have established credit and it’s in good shape, you can get student loans, no cosigner.

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Does applying for student loans hurt your credit?

Whenever you apply to take out a loan, a credit inquiry from one or several credit reporting agencies will likely occur. If you have a solid credit history, the effects are usually minimal. However, the effects will typically be larger for someone with little-to-no credit.