Discover Bank offers affordable student loan options with flexible repayment plans, competitive interest rates, and helpful tools for students and parents. Their loans cover up to approved expenses, with no hidden fees, making higher education funding accessible. Tailored for undergraduates, graduates, and parents, Discover’s loans support various educational pursuits, ensuring students can focus on their studies without financial worries.

Cost-Effective Student Loan Options from Discover Bank

Funding higher education can be financially demanding, involving tuition, textbooks, supplies, and living expenses. As education costs continue to rise nationwide, securing student loans has become vital. Discover Bank is recognized for offering reliable, affordable loan options for students. Below are their main features and offerings.

Features of Discover® Student Loans

Discover® loans can cover nearly all approved educational costs (up to set limits), with rewards for students who maintain good academic standing.

The minimum loan amount is $1,000.

No application, processing, or late fees are charged, and there are free tools to compare scholarships.

Interest rates range from as low as 1.12% variable to 10.22%, with fixed rates starting at 3.49% up to 11.59%, depending on the loan type.

Creditworthy borrowers might qualify for interest-only payments and rewards for setting up auto-debit.

The application process is streamlined, allowing customization of loan terms, interest rates, and repayment schedules.

Repayment options include interest-only payments during school, fixed monthly installments, and deferred payments.

Types of Discover® Student Loans

Undergraduate Loans
Support students pursuing bachelor’s or associate degrees at accredited institutions, supplementing federal aid.

Graduate and Professional Loans
Fund advanced degrees in law, business, medicine, or other fields, including residencies and bar exam prep.

Parent Loans and Debt Consolidation
Parents can borrow to finance their children’s education, with options to combine loans for better rates and flexible repayment.

Tips for Securing the Best Loan Offers
Have your social security number, academic info, addresses, and financial details ready. Submit all documentation for co-signers simultaneously to facilitate approval.

Discover’s Benefits
Besides loan features, Discover provides tools to find scholarships and calculate potential loan amounts.