Both Discover and Commonbond are favored options. We recommend evaluating each lender’s interest rates to see which is best for your situation.
Let’s each lender’s benefits and term offer so you can decide which is ideal for you.
Discover vs Commonbond: Student Loans Comparison
|Interest rate (APR)||Fixed APR: 2.49-7.04% |
Variable APR: 1.98-7.14%
|Does not disclose.|
|Loan Amounts||$5,000 to $500,000||$5,000 up to $150,000|
|Minimum Credit Score||680||Does not disclose.|
|Loan Term||Custom term from 5 to 20 years||10 or 20 years.|
International students can qualify with a co-signer for Discover Private Student Loans, which offer considerable repayment flexibility for troubled borrowers.
A degree is not required to be eligible for refinancing through Discover Student Loans. The only conditions are that you satisfy the necessary minimum student loan debt level, the necessary income and credit standards, and the eligibility requirements based on your citizenship.
While enrolled in school, you can refinance as long as you can demonstrate that you have a source of income.
If you want to refinance your student loans with this lender, you cannot refinance certain loan types such as post-graduate loans, private parent loans, or loans taken out when you were enrolled less than half-time.
CommonBond is a lender that specialised in refinancing for borrowers with bachelor’s degrees or higher. It differs from other private lenders in that it only allows forbearance for a maximum of 24 months.
The best choice for recent grads who previously planned to use a co-signer is CommonBond. Even though the majority of students require a co-signer, doing so can allow you to get the lender’s most competitive rates.
You may postpone payments if necessary thanks to the lender’s clearly specified hardship program. During the loan term, borrowers are permitted to request a total hardship forbearance of up to 24 months.
Additionally, every time a degree is fully paid for by CommonBond, the lender funds one year of tuition for a student from a low-income family through the worldwide nonprofit organization Pencils of Promise.
Check out our detailed review of Commonbond right now.How Do Discover and Commonbond Differ in Their Eligibility Requirements?
Discover withholds detailed information on the requirements for its student loans. The requirements for borrowing include being 18 years old, passing a credit check, having a good credit history, and earning enough money to cover their loans.
Discover did not reveal the minimum income, does not publish the usual credit score of co-signers or accepted applicants, and did not reveal the typical income of accepted borrowers.
CommonBond is also known for achieving a greater acceptance rate than other student loan refinancing companies. Borrowers with good credit should anticipate receiving loans with low-interest rates, while those with bad credit may still be approved.
A co-signer can still satisfy the requirements with a minimum FICO score of 660 and a 2-year job and credit history. All student borrowers are needed to be enrolled at least half-time in a program leading to a degree.
How Should You Decide Between Commonbond and Discover?
Discover Student Loans was established in 2007 by Discover Bank, which is well known for its credit card business.
Borrowers who might require some payment flexibility or those who failed to graduate could use its refinancing loan. Students who might require wriggle space on payments could use its private loan.
CommonBond may be the right refinancing option for you if you’re seeking a firm that’s dedicated to making student loan payments less complicated.
A broad variety of fixed- and variable-rate loans are available from the organization to accommodate different financial circumstances. It has furthermore been praised for providing world-class customer service.
Financeive is dedicated to providing students objective, comprehensive student loan companies reviews.
We gathered over 30 data points from different lenders to ensure that our information supports borrowers in choosing the optimal educational loan choices for their circumstances.
Frequently Asked Questions
Is it possible to refinance Discover student loans?
To refinance and consolidate student loans, Discover provides its own program that enables borrowers to pool many loans into one with a more affordable interest rate and convenient repayment schedule. Consolidating student loans through Discover, however, is distinct from doing it through the federal government.
Does CommonBond have fees?
Refinancing does not have an upfront fee or a prepayment penalty. CommonBond charges a return check fee of $5.00, which is subject to state law limitations.
However, there are Late fees of $10 or 5% of the monthly payment that must be paid 15 days after a missed payment
How long does it take for CommonBond to approve a loan?
Depending on your school, this process might take 5 days to 3 weeks. they’ll contact your school to verify his or her enrollment and loan amount.
Brian is a financial writer who has experience in reviewing products for millennials. He’s very detail-oriented and a critical thinker. He has a great enthusiasm for assisting individuals in achieving financial independence.
He got his bachelor’s degree in English at Carnegie Mellon University, and Brian has worked hard to establish a connection with the millennial generation on a range of issues, including college finance, loan products, small businesses, and debt strategies.