Discover Parent Student Loan Review
Discover Parent Loans
Discover’s Parent Loans will offer you some of the lowest interest rates in the market coupled with great customer service. We rate them as one of the best lenders overall for parents, though beware that they do not offer cosigner release on their cosigned private student loans.
How does this loan compare?
A well-known lender for college students and grad students, Discover also provides a top-notch parent loan. We rate them as one of the lowest-cost loan options. Discover’s rates are below average, they don’t charge any fees and they even provide an autopay discount.
They’re also remarkably flexible when it comes to qualifying. Discover Parent Loans cover up to 100% of your student’s yearly cost of attendance, you don’t have to be the student’s parent to borrow, and these loans are available in all 50 states. If you run into hardship during repayment or need to request a deferment, Discover has some of the most lenient policies in the market.
The downside with Discover is their repayment term inflexibility. They offer only one option: 15 years. You can always prepay the loan in full without any penalty, but they otherwise won’t set you up on a shorter or longer repayment plan. Discover also requires that the student maintains Satisfactory Academic Progress, so make sure those grades stay up. And if you go on their site just to check your interest rate before applying, beware that they will perform a hard credit inquiry.
Discover Student Loans - Private Student Loan Details
- Credit Check: Hard
- Repayment Terms: 15 years
- Minimum Borrowing Limit: $1,000
- Yearly Borrowing Limit: 100% of Cost of Attendance
- Aggregate Borrowing Limit: Not specified by lender
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: None
- Minimum Credit Score: Not specified by lender
- Minimum Annual Income: Not specified by lender
- Citizenship Restriction: Citizens or Residents
- Minimum Enrollment Restriction: Half-Time
- List of States where Loan is Not Available: None
- Approved Schools Include: All
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: None
- Interest-Only Repayment: Yes
- Full Deferment: None
- Length of Grace Period: None
- Maximum Deferment Period: 60 months
- Maximum Forbearance Period: 12 months
- Cosigner Release Option: None
- Death Discharge: Yes
- Disability Discharge: Yes
- US-Based Call Center: None
- Hours of Operation (in addition to weekdays): 24/7
- Scholarship Search Tool: Yes
- Sponsors a Scholarship: Not specified by lender
- Job and Career Assistance: Yes
- Financial Literacy Training: Not specified by lender