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Discover

Additional information

Fixed APR

1.29% to 11.99%

Loan Amounts

15 to 20 years

Minimum Credit Score

Not disclosed

Term Duration

15 to 20 years

Variable APR

3.99% to 12.99%

Financeive’s rating

4/5

Discover

Discover Financial Services is an American financial services company that owns and operates Discover Bank, which offers checking and savings accounts, personal loans, home equity loans, student loans, and credit cards.

Discover Bank, known primarily for its credit card business, launched Discover Student Loans in 2007. Its private loan is best for students who may need wiggle room on payments.

Pros

  • Loans as small as $1,000 are available. By doing this, families may be able to cover the difference between financial aid and their own education expenditures.
  • Co-signers may be used. Co-signing a loan for a student is a common practise that may enable them to qualify for a lower interest rate.

Cons

  • Prequalification is unavailable, and Discover withholds its eligibility requirements. To put it another way, if you want to apply, Discover will check your credit history, which will show up as a hard inquiry on your credit reports.
  • There is just one loan term available: 15 years for undergraduates, 20 years for graduate students, and 10 or 20 years for consolidation of student loans.