Discover Student Loans Review

Discover Student Loans ReviewDiscover Student Loans are brought to you buy the same company that operates the Discover credit card, which may make you more or less attracted to the idea of getting a student loan from them.

Education is very important as this can help achieve your goals in life. You have better chances of landing a good job or have the skills and knowledge to start your own business by attending school. However, not everyone has the money to pay for college or graduate school. If you are serious about going to school but lack cash, there are financial assistance and loans offered by schools, as well as the government that you can apply for.

Another option is applying for a private student loan. There are several lenders offering loans specially designed for students. Discover Student Loans is one of your choices if you decide to get private student loan. The loans offered on the site are made by Discover Bank. This is an established financial institution that has been around for 100 years. Aside from student loans, it also offers home loans and personal loans.

Discover Student Loans – How It Works

The process of applying for student loan is fast and easy, especially with two options on how to do it. You can apply online by going to the site or you can call them by phone. If you decide to apply online, enter the information needed on the application form, which will be assessed by the company. If you decide to do this by phone, you can call anytime as their customer support is available 24/7.

Choose the type of loan you are applying. The student loans that the company offers are undergraduate loans, health professions loans, residency loans, law loans, bar exam loans, MBA loans and graduate loans. Choose if you want a fixed interest rate or variable interest rate. Fixed interests rates do not change for the duration of the loan and they can be as low as 5.49% APR. Variable interest rate may change depending on the current APR, which is currently 3.25% APR. Both options offer zero fees. You do not have to pay anything while at school. You also have a grace period of 6 months after graduation. So that’s the only time that you will start paying for your loan. The maximum number of years that you will pay for the loan depends on the loan applied. Detailed information can be found on the Repaying Student Loans 101page under the Pay Your Loans tab. You will also get information on the payment methods accepted.

There are various requirements that you need to meet in order to qualify for the loans, which are also posted on the site. Having a cosigner will greatly increase your chance of being approved and it may also lower your interest rate. Cosigners also have specific requirements to meet.

What’s Good About the Process
There are several good things that you can find on the site. First of all, their contact number is posted on the upper right side of the page, which gives the impression that they are always there for their clients, which is true; because as mentioned, their customer support is available 24/7.

Discover Student Loans website is very informative. Everything that you need to know about the loans provided by the site can be found there. Furthermore, it also offers information regarding the other types of financial assistance that you can avail aside from private student loans, as well as tips on how to pay and manage your loans. It also has different tools that you will find useful including the student loan calculator to calculate the amount you need borrow; the monthly payment calculator that lets you compute how much you will be paying per month for your loan; and the prepayment calculator, which can help you determine how to pay your loans quicker.

FAQs, Rates, Customer Service Provided
The site offer various ways on how to contact customer support in case you need their assistance. Aside from the phone number posted on the upper right side of the site, you can also send them an e-mail. Their fax number and physical address can also be found on the site. The site also has a page dedicated for the frequently asked questions on the loans they offer. It also has a glossary that contains a list of terms and acronyms that are used on the site or loan process. This is helpful especially if you encounter a term that you are not familiar with. The interest rate of the loan depends on various factors including your credit history and having a cosigner. But details of the loan will be given to you when your application is approved.

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