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Once you are approved, your first payment on the new loan will be due within 30 to 45 days. While Discover only has two options to choose from for the life of the loan, there are multiple repayment options to work with, even if you are struggling to make payments. Discover offers deferment options, including if you return to school, are on active military duty, are in public service check with Discover for details on who is eligible , or in a residency program for a health care profession.
They also have various options if you are having trouble making your monthly payments. When you refinance your loan s with Discover, you will be able to choose between a fixed or variable interest rate. Keep in mind that a variable rate may appear to be lower, but your rate may change over the course of the loan. Rate changes may even occur quarterly.
A fixed rate loan means your interest rate stays the same for the entire life of the loan. Where, exactly, your loan will fall in those ranges depends on a few factors. The first, of course, is if you choose a variable or fixed rate. After that, the rate will be determined by your credit history and the history of any co-signers you may have.
One benefit that Discover provides is its auto debit reward. When you enroll in automatic, monthly payments, you will receive an interest rate reduction of 0. Your autopay payments may be made from a checking or savings account. A co-signer on a loan shares the responsibility for loan repayment with the loan applicant originator.
It is also a good way to obtain a lower interest rate if your co-signer has an excellent credit history. Discover student loan consolidation applicants are allowed to use a co-signer. Co-signers must be U. Their credit history will be pulled and reviewed. Co-signers should also be aware that, unlike some other programs, there is no co-signer release — which means they will remain the co-signer for the life of the loan.
If you plan to include a co-signer, you will first need to submit your application. Once that is done, you will receive an access code for your co-signer to complete their part of the application.
This can be a nice savings compared to some other loans. Skipping payments can lead to damaged credit. It can also mean you default on the loan, which may lead to wage garnishment. There are a few other options we should mention, especially for anyone who thinks they will have trouble making payments. Contact Discover directly for more details on any of the repayment assistance plans or to determine if you qualify.
If you are considering refinancing some or all of your student loans, it is important to take your time and do your research. Understanding all of your options and reading the fine print before you sign any loan documents could save you from a costly mistake. Discover student loan consolidation has a lot of benefits to consider e. On the other hand, because Discover does not offer a pre-qualification check, you will find it hard to compare them to other lenders.
It also means that you will have a hard credit check before you know what they can offer you. Consolidate up to the aggregate amount of your education loan debt.
Can transfer a parent loan to the child: No. Borrowers must be 18 years old, pass a credit check, have a positive credit history and have enough income to afford their debts. Typical credit score of approved borrowers or co-signers: Does not disclose. Must have attended a school authorized to receive federal aid: Yes. The loan must be less than 60 days late to qualify. Average time from approval to payoff: 30 to 45 days after a borrower applies.
Be a US citizen or permanent resident with a US-based address. Higher limits may apply for specific fields of study. Have verifiable income sufficient to support your debts and show a positive repayment history. Be the primary borrower on the loans you want to consolidate. If Discover denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer. NerdWallet recommends prequalifying with multiple refinance lenders before you apply.
This will let you know which lenders you may be eligible with, without affecting your credit. Discover has a 4. The typical time from completed application to approval for a Discover student loan is 15 minutes.
For a consolidation loan, it can take from 30 to 45 days from approval to payoff. A co-signer is not required for approval, but you must meet eligibility requirements based on your credit score income and other factors.
Student loan ratings. Check Rate. Discover Private Student Loan. Fixed APR. Pros Among the best for payment flexibility. No late fees. Full Review. Discover private student loan at a glance.
Only one repayment term option. How Discover could improve. Discover private student loan details. Interest rates, fees and terms. Application or origination fee: No. Prepayment penalty: No. Late fees: No. Minimum income: Did not disclose. Repayment options. In-school repayment options. Post-school repayment options.
Income-based repayment option: No. Co-signer release available: No. Death or disability discharge: Yes. Repayment preferences. Customer service. Loan servicer: Discover. What Discover wants you to know. To qualify, the borrower must:. Pass a credit check. Before applying for a Discover student loan. Discover Student Loan Refinance.
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