Discover stands out for its generous options for borrowers who are struggling to make payments. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner's credit history (if applicable). Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). Offered terms are subject to change and state law restriction. Public service deferment: Postpone payments if you're serving in a qualified public service organization. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). Best for borrowers who may need wiggle room on payments, or those who didn't graduate. Allows greater-than-minimum payments via autopay: Yes. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include a 0.25% interest rate reduction while enrolled in automatic payments. The normal APR on my Discover it card is 21.49%. Furthermore, many credit cards will impose a higher penalty interest rate when cardholders fail to make payments. You can earn 5% cash back on rotating bonus categories on up … Higher limits may apply to some fields of study. Can transfer a parent loan to the child: No. The interest rate will never be higher than 18% per year, regardless of the 3-Month LIBOR. The daily balance multiplied by the daily interest rate equals the daily interest charge. Before taking out a Discover student loan or any other private student loan, exhaust your federal student loan options first. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). APRs on undergraduate loans provided through Discover, for example, can range from a 6.49% to 11.99%. The interest rate will never be higher than 18% per year, regardless of the 3-Month LIBOR. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments. The average purchase card is interest-free for about 10.88 months. More flexible repayment options for struggling borrowers than other lenders. No Credit History. Incoming freshmen may qualify for an additional cash reward based on their high school grades (incremental to the existing cash reward). It will be based on your credit history, which repayment option you choose and other factors, including your cosigner's credit history (if applicable). For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Discover card interest rates for students and people with bad credit are a bit different. If you aren’t eligible for a Discover student loan. Discover's private student loans are a good option for borrowers who want flexible repayment options in case they need wiggle room in the future. The bottom line: Discover Bank, known primarily for its credit cards business, launched Discover Student Loans in 2007. If you don’t have access to a co-signer — or still aren’t eligible with one — consider, NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. Your actual rate will depend on factors including your — or your co-signer's — credit history and financial situation. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates. A co-signer is not required for approval, but you must meet eligibility requirements based on your credit score income and other factors. The Discover it Student … Academic deferment: Postpone payments if you return to school at least half-time. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. Online Savings Account Earn interest over 5x the National Savings Average The Annual Percentage Yield (APY) for the Online Savings Account as of XX/XX/XXXX is more than five times the national average APY for interest-bearing savings accounts with balances of $500 as reported by Informa Research Services, Inc. as of XX/XX/XXXX.Interest rates and APYs are subject to change at any time. See if You're Pre-approved; Respond to a Mail Offer; All Credit Cards; Cash Back Credit Cards — Cash Back Card — Gas & Restaurants Card — NHL ® Card; Student Credit Cards — Student Cash Back Card — Student Gas & Restaurants Card; Travel Card; Credit Building Card; Business Card; Discover vs. Discover it Student Cash Back. Read more. So how do we make money? Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). Your APR will be determined after you apply. APR: Most student credit cards have a minimum APR of 18% or lower, but 20% have a minimum APR higher than 25%. 12.99% - 21.99% Variable APR. Intro purchase APR is 0% for 6 months from date of account opening then the standard purchase APR applies. ©2020 Discover Bank, Member FDIC | Lender ID 831312, A fixed interest rate is set at the time of application and does not change during the life of the loan. The low-end APR on this card is quite impressive considering our weekly rate report lists the average student card APR as hovering around 18%. The student Discover card starts at 0% intro APR † †† for 6 months on purchases. Her work has appeared in The Associated Press, The New York Times, The Washington Post and USA Today. Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. Students looking for cash back rewards might find that this card makes the grade. 4.2 rating. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective Sep 1, 2020 and may increase after consummation. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer. Our partners compensate us. Interest will accrue while you’re in school and will capitalize, or get added to your principal balance, at the end of your grace period. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including Undergraduate Loans. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. The two student cards have rates that range from 14.74% to 23.74%. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner's credit history (if applicable). For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. When evaluating offers, please review the financial institution’s Terms and Conditions. See Rates & Fees. 1.99 - 5.61%Offered terms are subject to change and state law restriction. The best offer was from Discover, which gave me 0% APR for 12 months on purchases. Anna Helhoski is a writer and NerdWallet's authority on student loans. It was renamed Dean Witter, Discover & Co. and became an independent, publicly-traded company. In the event that more than one 3-month LIBOR Index rate is published, the rate will be the highest rate published. The other terms, benefits, and rewards are the exact same. Maximum debt-to-income ratio: Did not disclose. Types of schools served: Must attend a school authorized to receive federal aid. Our partners cannot pay us to guarantee favorable reviews of their products or services. Discover doesn’t disclose specific details about what it takes to qualify for its student loans, but there’s a good chance you’ll qualify if you have good credit or apply with a co-signer who does. But student credit cards will typically charge interest rates that jump into the mid-20% range. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Providing a greater number of repayment schedules. The Discover card is a great card for students as it offers low rates and fees, including a no-penalty interest rate and an automatic waiver of your first late payment fee. Your APR will be determined after you apply. Borrowers cannot receive 12 months of forbearance consecutively. If you are currently paying 18 percent on your … Our lowest APR is only available to customers with the best credit and other factors. College students. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. The fixed interest rate is set at the time of application and does not change during the life of the loan. Check this list of private loan relief options to see what this lender offers. The fixed interest rate is set at the time of application and does not change during the life of the loan. Discover is a digital bank and payment services company known for its credit cards. Pre-qualified offers are not binding. Discover also considers other factors, such as area of study and potential income. Loan discharge if co-signer dies or becomes disabled: No. Its private loan is best for students who may need wiggle room on payments. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans and include a 0.25% interest rate reduction while enrolled in automatic payments. The fixed interest rate is set at the time of application and does not change during the life of the loan. Discover offers a wider range of repayment assistance programs compared with other student loan refinance lenders, including the option to temporarily reduce payments. Your actual rate will depend on factors including your — or your co-signer's — credit history and financial situation. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates. The Margin is based on your credit evaluation at the time of application and does not change. The first Discover card was launched by Dean Witter Financial Services Group Inc., a subsidiary of the famous Sears, Roebuck and Co. By 1989, the company had already signed its one-millionth merchant to be a part of the Discover network. Your APR will be determined after you apply. NerdWallet does not receive compensation for its reviews. The APR may be different during the deferment period and the repayment period. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments. And the Discover Secured Card’s interest rate is 24.74%. For our student loans, accrued interest capitalizes at the start of the repayment period - since we do not charge fees, and assuming you make all your scheduled payments on time, the repayment period APR will be equal to the interest rate. Our lowest APR is only available to customers with the best credit and other factors. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans. Loan amounts: $5,000 to $150,000. Last reviewed: October 20, 2020. Three of the companies lowered my interest rates. Here is a list of our partners. The Annual Percentage Rate (APR) takes into account the interest rate, fees (if any), length of your deferment period and how interest capitalizes. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. Discover could improve its student loan refinance product by: Conducting soft credit checks to give personalized rate estimates. Grace period extension: Discover offers an Early Repayment Assistance Program that can extend your grace period. NerdWallet recommends prequalifying with multiple refinance lenders before you apply. For questions about the interest rates for your existing Discover Student Loans, call us at 1-800-STUDENT. To protect your account security, you must update your browser as soon as possible. Our lowest APR is only available to customers with the best credit and other factors. NerdWallet does not receive compensation for its reviews. Although variable interest rates appear to be slightly more favorable, these are, of course, subject to market fluctuations. 1.87 - 5.87%Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include a 0.25% interest rate reduction while enrolled in automatic payments. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. before you apply. Our opinions are our own. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the … Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. However, this does not influence our evaluations. Your APR will be determined after you apply. In March of 1993, Dean Witter Financial Services Group Inc. spun off from Sears. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates. But few student cards offer 0% rates, and even fewer have longer intro periods than Discover it Student chrome. After that, the interest rate will be 12.99% - 21.99% Variable APR depending on your creditworthiness. Borrowers must pass a credit check, have a positive credit history and have enough income to afford their debts. When evaluating student loan options, there are lots of factors to consider. Does American Express offer student loans? Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include a 0.25% interest rate reduction while enrolled in automatic payments. Average time from application to approval: Students can apply in 15 minutes or less. About Variable Interest Rates and 3-Month LIBOR Variable interest rates for new Discover Student Loans are calculated as the 3-Month LIBOR plus the applicable Margin percentage. Temporary interest rate reduction: Get a lower interest rate, resulting in a lower monthly payment, for up to 12 months. The interest rate is used to calculate the actual amount of interest that accrues on your student loan. Learn more about interest rates. Typical credit score of approved borrowers or co-signers: 750+. The typical time from completed application to approval for a Discover student loan is 15 minutes. The Interest Rate will change when the 3-Month LIBOR changes. Interest rates for private student loans are credit based. Interest-only: Make monthly interest payments while you're in school and during your grace period. 3-Month LIBOR is the current Index and is subject to change with notice. This may influence which products we write about and where and how the product appears on a page. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. Your APR will be determined after you apply. Students with better credit or students applying with a creditworthy cosigner may receive a better interest rate. Read our editorial guidelines. Refinancing student loans through Discover is a good option for financially strong borrowers who may need wiggle room in the future. Our lowest APR is only available to customers with the best credit and other factors. Fixed: Make fixed, $25 payments while you’re in school and during your grace period. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Typical income of approved borrowers: Did not disclose. Plus this card offers competitive rewards, and Discover enjoys … Many lenders are offering relief related to COVID-19. Borrowers get assigned a dedicated banker, advisor or representative: No. Discover private student loan at a glance, Compare Discover's range of interest rates with other. NerdWallet strives to keep its information accurate and up to date. International students can qualify with a co-signer. All financial products, shopping products and services are presented without warranty. The APR does not represent the rate at which interest accrues. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective Sep 1, 2020 and may increase after consummation. This may cause the monthly payments to increase, the number of payments to increase or both. Generous repayment flexibility for struggling borrowers. Many lenders are offering relief related to COVID-19. Contact Discover Step 1 Be prepared to have an interest rate in mind when contacting Discover Card. To see what rate Discover will offer you, apply on its website. And you’ll get 1% cash back on every other purchase. The lender boasts no fees as long as you pay on time. All financial products, shopping products and services are presented without warranty. The loan must be less than 60 days late to qualify. You can’t see if you’ll qualify and what rate you’ll get without a hard credit check. Our lowest APR is only available to customers with the best credit and other factors. In 1997, they merged with Morgan Stanley and went by Morgan Stanley Dean Witter, Discov… Learn more about evaluating student loans. This may cause the monthly payments to increase, the number of payments to increase or both. The loan must be fewer than 60 days late to qualify. And there's no annual fee. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. Separate interest rates and charges can apply to cardholder’s cash advance balance and balance transfer balances. Discover it® Student chrome. Citizenship: Must be a U.S. citizen or permanent resident. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria. This may cause the monthly payments to increase, the number of payments to increase or both. » MORE: Does American Express offer student loans? Our knowledgeable Student Loan Specialists are ready to help you anytime 24/7. The fixed interest rate is set at the time of application and does not change during the life of the loan. Earn cash back rewards for college and beyond while practicing responsible credit habits with this Discover it ® card for students. The Discover it® Student chrome charges 0% intro APR on Purchases for 6 months and 10.99% intro APR on … Built for students. Temporary payment reduction: Pay just the interest on your loan, subject to a $50 minimum, for up to six months. Forbearance: Postpone payments for up to 12 months if you're experiencing unemployment, economic hardship, an excessive student loan burden or a medical disability. Discover it Student Cash Back also has both a $0 annual fee and a 0% foreign transaction fee. Reward for good grades: Discover offers a Rewards for Good Grades benefit, which is a 1% cash reward if you earn a 3.0 GPA or higher. That's why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. The 3-Month LIBOR is a pricing index and does not represent the lowest or best interest rate available to a borrower at any bank at any given time. Average time from approval to payoff: 30 to 45 days after a borrower applies. Compare your private student loan options to make sure you’re getting the best rate you qualify for. Medical residency deferment: Postpone payments during your medical residency. Compare Discover’s range of interest rates with other student loan refinance lenders. Compare Discover's range of interest rates with other private student loan lenders. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. When evaluating offers, please review the financial institution’s Terms and Conditions. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. We believe everyone should be able to make financial decisions with confidence. To see what rate Discover will offer you, apply on its website. And many of the best student credit cards have 0% introductory APRs, great rewards or both. Touch device users, explore by touch or with swipe gestures. Variable interest rates for new Discover Student Loans are calculated as the 3-Month LIBOR plus the applicable Margin percentage. For example, if your principal loan balance is $10,000 and your interest rate is 10% (no payments are due and you make no payments), then your loan will accrue $1,000 (= $10,000 x 0.10) in interest in one year. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. Add to compare. Typical credit score of approved borrowers or co-signers: 660 or above. Discover doesn’t disclose specific details about what it takes to qualify for its student loans. You'll be unable to log in to Discover.com in the future if your browser has not been updated. We provide the choice of fixed or variable interest rates. This may cause the monthly payments to increase, the number of payments to increase or both. We noticed that you're using an old version of your internet browser to access this page. But Discover also offers other products including fixed-rate personal loans of up to $35,000 to borrowers in all 50 states. We encourage you to consider fees, interest rate, monthly payment and total loan cost. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Soft credit check to qualify and see what rate you’ll get: No. Learn more in the Discover Help Center. Read our. All with no annual fee . To see what rate Discover will offer you, apply on its website. Unlike federal student loans, the interest rate is not the same for every borrower. 5.0. This option will save you the most in interest. You don’t find this type of offer on many student credit cards. Discover offers a wider range of repayment assistance programs compared with other student loan lenders, including the option to temporarily reduce payments. This will let you know which lenders you may be eligible with, without affecting your credit. Maximum: Your total cost of attendance, minus other financial aid. The account is best for someone who is comfortable banking online and prefers making purchases with a debit card. Student Credit Cards Intro purchase APR is 0% for 6 months from date of account opening then the standard purchase APR applies. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. For a consolidation loan, it can take from 30 to 45 days from approval to payoff. Discover Student Loans have zero fees, and no interest capitalization during the deferment period - as a result, the deferment period APR will be less than the interest rate. Every credit card company has a different set of prerequisites an applicant must meet to be considered a student. Discover could improve its private student loans by: Loan amounts: $1,000 minimum. The Discover it® Student Cash Back card is one of two Discover student credit cards available right now, and it offers the highest cash back rate among them, at up to 5% back on certain purchases. The Discover It for Students Card also offers a 6-month 0% introductory APR on purchases for new cardholders. Percentage of borrowers who have a co-signer: Did not disclose. If the 3-month LIBOR is temporarily unavailable and not published fifteen days prior to the interest rate change date, then we will use the immediately preceding published 3-month LIBOR Index rate. Many or all of the products featured here are from our partners who compensate us. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments. Deferred: You won’t be required to make any payments until your grace period ends, but you can choose to make payments if you’d like. Then 12.99% to 21.99% Standard Variable Purchase APR will apply. Pre-qualified offers are not binding. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. Temporary payment reduction: Pay just the interest on their loan, subject to a $50 minimum, for up to six months. The Discover it for Students provides 5% cash back in categories that rotate every three months, up to $1,500 spent per quarter, then 1% (activation required). Best for students who may need wiggle room on payments. The APR is a number you can use to compare loans from different lenders since their interest rates, fees, deferment options and capitalization policy may differ. The daily interest rate is simply the rate charged for that transaction category, divided by 365. Military deferment: Postpone payments if you're on active military duty. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. This may cause the monthly payments to increase, the number of payments to increase or both. Your APR will be determined after you apply. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. The Discover it Student Cash Back card offers a reasonable APR of 12.99%-21.99% variable. Who have a positive credit history and financial situation loan cost that, new. This page by CommonBond Lending, LLC ( NMLS # 1175900 ), NMLS Consumer Access by our team. Co-Signers: 750+ Did not disclose calculate the actual amount of interest rates at DiscoverStudentLoans.com/Rates full monthly payments to or! Interest charge getting the best credit and other consumer-friendly features number of payments to increase or both first... To review and enter to select soon as possible dedicated banker, advisor or representative:.! Refinance product by: Conducting soft credit checks to give personalized rate estimates higher than 18 % per,. Check this list of private loan relief options to make payments - 5.61 % offered terms are to. Or those who Did n't graduate before applying for a Discover student loans, the... Program that can extend your grace period rates that range from 14.74 % to 11.99 % of,... 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