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Discover offers refinancing and private student loans for undergraduates and graduates. They also offer special student loans to MBA students, health professions, law, residency and bar exam students.
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In our full Discover student loan review, we’ll look at interest rates, eligibility requirements, application processes, and the pros and cons of Discover student loans.
Do You Need A Co Signer For Student Loans?
Your eligibility for a Discover student loan refinance and the rates you qualify for are determined by your creditworthiness. Students may have the option of applying for a Discover student loan with an accredited consignor. Applying with a credit-worthy consignor can increase your chances of loan approval and secure a lower interest rate.
As mentioned earlier, Discover does not have a soft credit check option. To see your rate, you’ll need to fill out a full application and pass a strong credit check.
Their application can be submitted online or over the phone by calling 1-800-STUDENT. On their application page, Discover will first ask you to select whether you are a student or a co-funder.
For student applications, you will be asked to provide your Social Security number and other personal information, as well as school and credit details.
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Discover offers private student loans to a variety of students, including undergraduate, graduate, MBA, health professional, law and residential students.
Discover is also somewhat unique in that they offer student loans for law school graduates to help defray the cost of bar exam preparation.
Residency students must have graduated within the last 12 months or be in their final year of medical school. Discover Bar Exam Loan applicants must have graduated or be in their final year of law school 6 months prior to applying for their loan.
The Discover School Student Loan application process is the same as for a Discover Student Loan Refinance. Here is the information you need to provide to apply:
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Discover’s app is fairly straightforward. In fact, they say it usually takes less than 15 minutes to implement.
When it comes to student loan refinancing, Discover’s options aren’t all that exciting. First, some lenders are currently offering better rates, especially on variable rate loans. The number of repayment terms they offer is also much less than the competition. And, at this time, Discover is not offering a cash refinance bonus.
Discover’s private school student loans are a little more compelling. They offer great school payment flexibility and come with good perks like rewards for getting good grades and graduating. They also have student loans that can be used to pay for residency or bar exam preparation.
But remember, by taking out a private school loan, you’ll be giving up federal benefits and protections. In most cases, you should only consider personal loans after you reach your federal credit limit.
Apply Smarter Q&a: Student Loans And Financial Aid
If that’s you, a Discover student loan might be worth considering. Be sure to compare their rates with other major personal lenders before making a decision.
Our 11-questions to get a personalized 2023 recommendation on whether you should pursue PSLF, Biden’s new IDR plan, or refinance (with the lender we think can give you the best rate) take the quiz
Clint Proctor Clint Proctor is a freelance writer and founder of WalletWiseGuy.com, where he writes about how students and millennials can make money. When he is away from his keyboard, he enjoys drinking coffee, traveling, watching the Green Bay Packers and spending time with his wife and two sons. Read more from Clint
SoFi: If you refinance $100,000 or more through this site, $500 of the $1,000 cash bonus is paid directly by the student loan planner.
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Fixed rates range from 5.24% APR to 9.99% APR with a 0.25% self-payment discount. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% self-pay discount. Variable interest rates are capped at 13.95% APR for 5-, 7- and 10-year terms, except as required to be lower to comply with applicable law; 15- and 20-year terms are capped at 13.95% APR. SoFi’s rate limits are current as of 8/30/22 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you choose, your credit rating, income, presence of a co-signer and many other factors. The lowest rates are reserved for the most creditworthy borrowers. For the SoFi Variable Rate Product, the variable interest rate for a given month is derived by adding a difference to the 30-day average SOFR index published two business days prior to that calendar month, up to one-hundredth of a percent. (0.01% or 0.0001). APRs on variable rate loans may increase after origination if the SOFR index increases. SoFi’s 0.25% interest rate cut requires you to agree to pay monthly principal and interest with an automatic monthly deduction from a savings or checking account. This benefit will be discontinued and forfeited for periods in which you do not make payments by automatic deduction from a savings or checking account. This benefit lowers your interest rate, but does not change the amount of your monthly payment. This benefit is suspended during the deferral and forbearance period. Autopay is not required to get a loan from SoFi.
After disbursing a qualifying loan, the borrower must notify the Student Loan Planner® that the refinance is done through an eligible loan site, as the lender does not share borrowers’ names or contact information. Borrowers must complete the Refinance Bonus Request Form to request the bonus offer. Student Loan Planner® will verify loan eligibility and, upon confirmation of eligible refinancing, will email a $500 e-gift card within 14 business days of the last day of the month in which the eligible loan was confirmed. Accepted by Student Loan Planner. ® . If a borrower does not claim the Student Loan Planner® Bonus within six months of loan disbursement, the borrower forfeits their right to claim the bonus. The bonus amount will depend on the total loan amount. This offer is not valid for borrowers who have previously received the Student Loan Planner® Bonus.
Terms and conditions apply. Offer subject to lender approval. Offer is open to new student loan refinance borrowers only and cannot be combined with other offers other than the AutoPay discount. To receive the offer, you must: (1) register and apply through the unique URL provided by Student Loan Planner (2) finance a student loan refinance with SoFi; (3) apply for SoFi Checking and Savings or hold a SoFi Money account to receive bonuses; (4) and meet SoFi’s insurance criteria. Once the terms are met and the loan is disbursed, your $500 welcome bonus will be deposited into your SoFi Checking & Savings or Money account within 30 calendar days. If you are not eligible for a SoFi Checking & Savings or SoFi Money account, SoFi will offer payment by ACH to complete the Form W9. Bonuses not redeemed within 180 calendar days from the date they are made available to the recipient may be forfeited. Bonus amounts of $600 or more in a single calendar year will be reported to the Internal Revenue Service (IRS) as miscellaneous income for the recipient on Form 1099-MISC in the year received as required by law. Recipient is responsible for any federal, state or local taxes associated with receiving the bonus offer; Consult your tax advisor to determine the applicable tax consequences. SoFi reserves the right to change or terminate the offer at any time with or without notice.
Terms and conditions apply. Loan or savings calculators are provided for your use and the results are based on the information you provide. The results of this calculator are intended as an illustration only and are not guaranteed to be accurate. Actual fees and figures are subject to change. Splash finance loans are offered through agreements with lending partners. Your loan application will be submitted to the lending partner and evaluated at their discretion. For loans where a credit union is the lender or buyer of the loan, in order to refinance your loans, you will need to become a member of the credit union. The Splash Student Loan Refinancing Program is not offered or endorsed by any college or university. Neither Splash Financial nor its lending partners are affiliated with or endorse any college or university listed on this website. You should review your federal student loan benefits; May offer specific benefits that a private refinance/consolidation loan may not. If you work in the public sector, are in the military, or receive a federal department assistance program, such as income-based repayment or public service forgiveness, you may not want to refinance, as these benefits transfer to private refinancing. are not /consolidated loan Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a US citizen and meet our lending partner’s underwriting requirements. The lowest rates are reserved
Understanding Loan Cosigners
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