Discover Student Loans – WHAT YOU SHOULD KNOW

Discover Student Loans. Discover in this context is not a verb word, but a noun. It is the name of the top credit card issuers in the world. Aside from credit cards, Discover offers a wide range of financial products such as private student loans for undergraduate, graduate, MBA, health Profession, Law, residency, and bar exam students.

As the program differs, you can borrow up to the total cost of attendance. This specifically has made Discover a good choice especially when you want to finish your degree. Over here, there is an option for forbearance which is uncommon amongst private lenders. It as well rewards good grades and graduating from your selected program. The down part of this is attributed to limited repayment terms and not all will consider making them their lender.

Discover Student Loans

WHAT YOU SHOULD KNOW

  • Firstly, it supports forbearance whenever there is financial hardship.
  • Secondly, it offers good grades and graduation rewards.
  • Thirdly, no call for late fees, application, or origination.
  • Also, do you know that Discover offers one repayment term?
  • There is no call for prequalification.
  • Lastly, no need for a co-signer.

Available Discover Student Loans

Undergraduate student loans

This loan is especially for an undergraduate student in need of financing for school. Discover undergraduate loans can help them to achieve their dreams of becoming graduates under loan circumstances. Eligible students can borrow up to the total cost of attendance and still pre-qualify for future loans under multi-year approval.  There is no call for application, origination, or late fees. The same applies to the prepayment fees; there are no prepayment penalties especially you pay off a loan earlier.

Variable Rates1.24% – 10.99%
Fixed Rates4.49% – 12.39%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms15 years

Graduate Student Loans

This applies to a student pursuing their last degree to head off school. There can takeout loans to cover up to the total cost of attendance. There is no need for application or origination or late fees, neither room for prepayment penalties.

Variable Rates1.99% – 11.37%
Fixed Rates4.99% – 12.39%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms20 years

MBA Loans

Eligibility of MBA goes to those with the intension of pursuing an MBA or those who intend to go into business school. There is no fee attached to the application of an MBA loan. You can easily apply online within few minutes and borrow up to the total cost of attendance.

Variable Rates1.99% – 9.99%
Fixed Rates4.99% – 10.74%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms20 years

Health Professions Loans

Health Profession student loans are designed for graduate students of nursing, dentistry, optometry, osteopathy, occupational therapy, allopathy, Podiatry, physician assistant, physical therapy, dentistry. There is no room for application, origination, or late fees, neither prepayment penalties.

Variable Rates1.99% – 7.14%
Fixed Rates4.99% – 7.99%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms20 years

Law School Loans

Graduates of Law school are entitled to take out law school student loans to clear for their education. You are leveraged of getting or borrowing up to the total cost of attendance. Nevertheless, you can choose an interest rate type and repayment option of your choice.

Variable Rates1.99% – 8.37%
Fixed Rates4.99% – 9.49%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms20 years

Residency Loans

Especially in medical school, as a residency candidate in medical school, the residency student loan is there for you to cover the cost of your residency, internship, relocation cost, and board exam review. Loan limited is guaranteed according to the field of study as a student. The below table shows the different fields of study and their maximum loan cost.

Variable Rates5.12% – 7.88%
Fixed Rates6.99% – 8.99%
Loan Amounts (Allopathy, Dentistry, Optometry, Osteopathy, Pharmacy, Podiatry, Veterinary Medicine)$1,000 up to $18,000
Loan Amounts (Nursing, Occupational Therapy, Physical Therapy, Physician Assistant)$1,000 to $5,000
Loan Terms20 years

Bar Exam Loans

This is meant for those preparing to take their bar exam in law school. The Bar exam loans can cover the cost for your bar study prep classes and other expenses. There is no application, origination nor late prepayment fees.

Variable Rates6.12% – 11.37%
Fixed Rates7.74% – 12.39%
Loan Amounts$1,000 up to $16,000
Loan Terms20 years

 

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