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Discover Student Loans

Discover student loans are a system of loan programs offered by the 100-year-old trusted financial institution called the Discover Bank. The Discover student loan is just one of many financial products offered by the prestigious bank. The main goal of the bank management is to encourage responsible borrowing in students. It advises the students to pursue Discovery student loans only after they’ve exhausted all other avenues such as federal and institutional aid.

How to Apply for Discover Private Student Loans?

The process of applying for Discover student loans is quite simple. Besides applying online, students can also apply over the phone. Although a cosigner is not mandatory, it is better to apply with one. This way, you improve your chances of loan approval along with lowering of the interest rates. A cosigner should be 18 years old or above, a U.S. citizen or permanent resident, and he/she should have a clean credit record.

Types of Discover Student Loans:

Discover Bank has loan programs for various types of students. Undergraduate students can apply for Discover Undergraduate Loans. Graduate students studying Nursing, Pharmacy, Dentistry, etc. can apply for the health professions Discover student loans. MBA and Law loans are available for business and law graduate students respectively. Master level and doctoral students can apply for the Discover Graduate Loan.

Features of Discover Private Student Loans:

The Discover student loan, both graduate and undergraduate, has several features. First of all, the interest rate is variable with interest rate going as low as 3.25%. There are zero origination fees and students are not bound to repay their payments during school if they’re enrolled at least half time.

Students who graduate successfully are granted a 2% award calculated by multiplying their principal loan amount on the date of graduation by 0.02. International students with social security numbers are also eligible for Discovery student loans. Last but not the least; you can borrow amount equal to your total cost of attendance including tuition, books, housing, etc. minus other financial aid.

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