The daily balance multiplied by the daily interest rate equals the daily interest charge. Read our. Its private loan is best for students who may need wiggle room on payments. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments. Average time from application to approval: Students can apply in 15 minutes or less. College students. Soft credit check to qualify and see what rate you’ll get: No. Students looking for cash back rewards might find that this card makes the grade. When autocomplete results are available use up and down arrows to review and enter to select. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. Check this list of private loan relief options to see what this lender offers. Furthermore, many credit cards will impose a higher penalty interest rate when cardholders fail to make payments. A co-signer is not required for approval, but you must meet eligibility requirements based on your credit score income and other factors. Discover private student loan at a glance, Compare Discover's range of interest rates with other. Payments are subject to a $50 minimum per month. Credit Cards. Interest rates on its loans can be either fixed or variable. 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. Can qualify if you’ve filed for bankruptcy: Yes, though you’re more likely to qualify if the bankruptcy isn’t recent. To see what rate Discover will offer you, apply on its website. Maximum debt-to-income ratio: Did not disclose. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. The other terms, benefits, and rewards are the exact same. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. 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 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. You don’t need spectacular credit standing to get approved for the Discover it Student chrome credit card. Typical income of approved borrowers: Did not disclose. 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 … Typical credit score of approved borrowers or co-signers: 660 or above. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner's credit history (if applicable). This may cause the monthly payments to increase, the number of payments to increase or both. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner's credit history (if applicable). The fixed interest rate is set at the time of application and does not change during the life of the loan. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Your APR will be determined after you apply. This may cause the monthly payments to increase, the number of payments to increase or both. 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). Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. When evaluating offers, please review the financial institution’s Terms and Conditions. Maximum: Your total cost of attendance, minus other financial aid. Typical credit score of approved borrowers or co-signers: 750+. Our knowledgeable Student Loan Specialists are ready to help you anytime 24/7. Discover it® Student chrome. ©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. Last reviewed: October 20, 2020. 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. The Discover it® Student chrome charges 0% intro APR on Purchases for 6 months and 10.99% intro APR on … In 1997, they merged with Morgan Stanley and went by Morgan Stanley Dean Witter, Discov… For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. 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. 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. ... How Do I Get a Credit Card? Refinancing student loans through Discover is a good option for financially strong borrowers who may need wiggle room in the future. But few student cards offer 0% rates, and even fewer have longer intro periods than Discover it Student chrome. Discover Bank has been operating for more than 100 years, and since 2010, it has offered private student loans to students attending more than 2,400 colleges and universities. No-credit student credit cards also charge interest at a 15.02% annual rate, on average – below the market-wide average of 17.98%, according to WalletHub’s latest Credit Card Landscape Report. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments. This also assumes you qualify as a student under the issuer’s definition. Discover it® Student chrome. You can't see if you’ll qualify and what rate you’ll get without a hard credit check. Discover could improve its student loan refinance product by: Conducting soft credit checks to give personalized rate estimates. We noticed that you're using an old version of your internet browser to access this page. The average purchase card is interest-free for about 10.88 months. For new loans, the 3-Month LIBOR will change quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), as 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). 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 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. You don’t find this type of offer on many student credit cards. When evaluating offers, please review the financial institution’s Terms and Conditions. In the event that more than one 3-month LIBOR Index rate is published, the rate will be the highest rate published. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates. 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). Discover also considers other factors, such as area of study and potential income. The fixed interest rate is set at the time of application and does not change during the life of the loan. Our lowest APR is only available to customers with the best credit and other factors. Borrowers must pass a credit check, have a positive credit history and have enough income to afford their debts. Temporary payment reduction: Pay just the interest on your loan, subject to a $50 minimum, for up to six months. Can qualify if you’ve filed for bankruptcy: Yes; you’re more likely to qualify if the bankruptcy isn’t recent. You need to have credit to get credit. 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. Many lenders are offering relief related to COVID-19. Variable interest rates for new Discover Student Loans are calculated as the 3-Month LIBOR plus the applicable Margin percentage. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. The Margin is based on your credit evaluation at the time of application and does not change. We encourage you to consider fees, interest rate, monthly payment and total loan cost. To protect your account security, you must update your browser as soon as possible. However, this does not influence our evaluations. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). 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. Providing a greater number of repayment schedules. Earn cash back rewards for college and beyond while practicing responsible credit habits with this Discover it ® card for students. If Discover denies your refinance application, the lender will let you know why. Discover is a digital bank and payment services company known for its credit cards. 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. Our lowest APR is only available to customers with the best credit and other factors. The bottom line: Discover Bank, known primarily for its credit cards business, launched Discover Student Loans in 2007. It can take two weeks for approval because of the required paperwork and waiting times. 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%. If you are currently paying 18 percent on your … For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. This may influence which products we write about and where and how the product appears on a page. 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. Percentage of borrowers who have a co-signer: Did not disclose. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments. Loans of up to 100% of education costs with fixed or variable rates are available. Can transfer a parent loan to the child: No. This program lets borrowers postpone payments for three months, but you must be in the first three months of repayment to be eligible. Incoming freshmen may qualify for an additional cash reward based on their high school grades (incremental to the existing cash reward). If you aren’t eligible for a Discover student loan. NerdWallet does not receive compensation for its reviews. 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. 628 Reviews. Medical residency deferment: Postpone payments during your medical residency. The lender boasts no fees as long as you pay on time. Check, 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. 12.99% - 21.99% Variable APR. It was renamed Dean Witter, Discover & Co. and became an independent, publicly-traded company. For a consolidation loan, it can take from 30 to 45 days from approval to payoff. The Annual Percentage Rate (APR) takes into account the interest rate, fees (if any), length of your deferment period and how interest capitalizes. 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. The best offer was from Discover, which gave me 0% APR for 12 months on purchases. You'll get a 0.35% interest rate discount for choosing this option. Most credit card variable interest rates can change with the Prime Rate. 5.0. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner's credit history (if applicable). Your APR will be determined after you apply. Intro Balance Transfer APR is 10.99% for 6 months from date of first transfer, for transfers under this offer that post to your account by March 10, 2021 then the standard purchase APR applies. Discover offers a wider range of repayment assistance programs compared with other student loan refinance lenders, including the option to temporarily reduce payments. Discover it Student Cash Back also has both a $0 annual fee and a 0% foreign transaction fee. You can earn 5% cash back on rotating bonus categories on up … Discover offers a wider range of repayment assistance programs compared with other student loan lenders, including the option to temporarily reduce payments. Allows greater-than-minimum payments via autopay: Yes. 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). Our lowest APR is only available to customers with the best credit and other factors. 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. It's the classic catch-22 for a student. Discover student loan refinancing at a glance, Discover student loan refinancing details, Compare Discover’s range of interest rates with other. Every credit card company has a different set of prerequisites an applicant must meet to be considered a student. Borrowers get assigned a dedicated banker, advisor or representative: No. Citizenship: Must be a U.S. citizen or permanent resident. The Discover it Student … 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. 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. 3-Month LIBOR is the current Index and is subject to change with notice. Our partners cannot pay us to guarantee favorable reviews of their products or services. 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. All financial products, shopping products and services are presented without warranty. Disclaimer: NerdWallet strives to keep its information accurate and up to date. No Credit History. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. So how do we make money? Discover it Student Cash Back. Your actual rate will depend on factors including your — or your co-signer's — credit history and financial situation. Before taking out a Discover student loan or any other private student loan, exhaust your federal student loan options first. We believe everyone should be able to make financial decisions with confidence. 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). You can’t see if you’ll qualify and what rate you’ll get without a hard credit check. 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. lenders. 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). Location: Available to borrowers in all 50 U.S. states. 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. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Our lowest APR is only available to customers with the best credit and other factors. And the Discover Secured Card’s interest rate is 24.74%. Grace period extension: Discover offers an Early Repayment Assistance Program that can extend your grace period. Discover it® Student chrome. This will let you know which lenders you may be eligible with, without affecting your credit. Fixed: Make fixed, $25 payments while you’re in school and during your grace period. APR: Most student credit cards have a minimum APR of 18% or lower, but 20% have a minimum APR higher than 25%. Students with better credit or students applying with a creditworthy cosigner may receive a better interest rate. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Discover has a 4.5 rating out of a possible score of 5 from NerdWallet for its refinancing and private student loan products. Public service deferment: Postpone payments if you're serving in a qualified public service organization. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. 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. Your actual rate will depend on factors including your — or your co-signer's — credit history and financial situation. And many of the best student credit cards have 0% introductory APRs, great rewards or both. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective Sep 1, 2020 and may increase after consummation. Does American Express offer student loans? More flexible repayment options for struggling borrowers than other lenders. Your APR will be determined after you apply. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. Must have attended a school authorized to receive federal aid: Yes. 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. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including Undergraduate Loans. 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. 4.2 rating. It took me about 45 minutes to call or chat with all five of the credit card issuers: American Express, Chase, Citi, Discover and Wells Fargo. Our opinions are our own. options to make sure you’re getting the best rate you qualify for. Unlike federal student loans, the interest rate is not the same for every borrower. Learn more about interest rates. The card is FREE (no annual fee), billing is accurate, and their attention to online and PoP purchases is exemplary. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Best for borrowers who may need wiggle room on payments, or those who didn't graduate. 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. Plus this card offers competitive rewards, and Discover enjoys … Pre-qualified offers are not binding. And you’ll get 1% cash back on every other purchase. Interest rates for private student loans are credit based. The APR may be different during the deferment period and the repayment period. 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. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective Sep 1, 2020 and may increase after consummation. To see what rate Discover will offer you, apply on its website. The fixed interest rate is set at the time of application and does not change during the life of the loan. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates. This may cause the monthly payments to increase, the number of payments to increase or both. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. Loan amounts: $5,000 to $150,000. NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. Compare your private student loan options to make sure you’re getting the best rate you qualify for. Many lenders are offering relief related to COVID-19. 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. Contact Discover Step 1 Be prepared to have an interest rate in mind when contacting Discover Card. 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. The fixed interest rate is set at the time of application and does not change during the life of the loan. Temporary payment reduction: Pay just the interest on their loan, subject to a $50 minimum, for up to six months. But Discover also offers other products including fixed-rate personal loans of up to $35,000 to borrowers in all 50 states. But student credit cards will typically charge interest rates that jump into the mid-20% range. NerdWallet recommends prequalifying with multiple refinance lenders before you apply. That includes the excellent Cashback Match offer. International students can qualify with a co-signer. Allows biweekly payments via autopay: Yes. If you aren’t eligible to refinance with Discover, prequalifying with multiple refinance lenders. Our lowest APR is only available to customers with the best credit and other factors. 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. Her work has appeared in The Associated Press, The New York Times, The Washington Post and USA Today. 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 card interest rates for students and people with bad credit are a bit different. Learn more in the Discover Help Center. Learn more about evaluating student loans. 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. to make sure you’re getting the best rate you qualify for. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner's credit history (if applicable). The interest rate will never be higher than 18% per year, regardless of the 3-Month LIBOR. The interest rate will never be higher than 18% per year, regardless of the 3-Month LIBOR. 1.99 - 5.61%Offered terms are subject to change and state law restriction. 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. Generous repayment flexibility for struggling borrowers. To see what rate Discover will offer you, apply on its website. Here is a list of our partners. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. The interest rate is used to calculate the actual amount of interest that accrues on your student loan. 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. » MORE: Does American Express offer student loans? 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. This may cause the monthly payments to increase, the number of payments to increase or both. The normal APR on my Discover it card is 21.49%. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. Discover doesn’t disclose specific details about what it takes to qualify for its student loans. NerdWallet's ratings are determined by our editorial team. Temporary interest rate reduction: Get a lower interest rate, resulting in a lower monthly payment, for up to 12 months. International students are eligible if they apply with a co-signer who is a U.S. citizen or permanent resident. Our partners compensate us. before you apply. This will let you know which lenders you may be eligible with, without affecting your credit. Borrowers cannot receive 12 months of forbearance consecutively. Your APR will be determined after you apply. In March of 1993, Dean Witter Financial Services Group Inc. spun off from Sears. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If Discover denies your student loan application, the lender will let you know why. … Academic deferment: Postpone payments if you return to school at least half-time. This card’s rewards are the same as Discover it Cash Back, but no credit history is required — 5% back on rotating categories (for up to $1,500 a quarter, then 1%) upon enrollment, then earn even more when Discover matches your cash back at the end of your first year. 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. This may cause the monthly payments to increase, the number of payments to increase or both. Three of the companies lowered my interest rates. Then 12.99% to 21.99% Standard Variable Purchase APR will apply. Our lowest APR is only available to customers with the best credit and other factors. 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. . Learn more about Discover Student Loans interest rates at, Before applying for a Discover student loan, Compare your private student loan options.
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