Discover Student Loan Refinancing Review
Student Loan Consolidation
Discover Student Loans is one of the most popular lenders for private loans, but is it one of the best lenders to go to for student loan refinancing? If you’re looking for flexibility and like the idea of choosing a lender that offers many different perks including great access to customer support and financial planning tools, then Discover Student Loans is going to be a strong choice for you. This lender has many types of assistance for struggling borrowers and fairly generous borrowing policies.
How does this loan compare?
Discover’s minimum loan amount is $5,000, and you can refinance up to $150,000 (more for certain fields of study). Just two loan term options are offered: 10 or 20 years. Discover Student Loans does not disclose its credit requirements, but private student loan lenders generally require good credit. You may apply with a cosigner if you do not qualify on your own or you just want to get the best rates. However, Discover doesn’t offer cosigner release. Discover Student Loans has fairly competitive rates, but there are a few private lenders that beat it.
You do not need to have a degree to qualify for refinancing through Discover Student Loans. You just need to meet income and credit requirements, eligibility criteria pertaining to your citizenship, and have the minimum required student loan debt balance. You can refinance while still in school as long as you can verify that you have an income. Certain types of loans including post-graduate loans, private parent loans and loans taken out while enrolled less than half-time are not eligible for refinancing student loans with this lender.
Discover Student Loans does offer in-school deferment to active-duty U.S. military members as well as certain students — in public service organizations or health professions residencies — that return to school. If you feel that your financial situation qualifies you for additional repayment flexibility, you can apply for up to 12 months of forbearance. Discover Student Loans also offers reduced monthly payment assistance and payment extension programs, so you might look into those first.
Discover Student Loans - Private Student Loan Details
- Credit Check: Hard
- Repayment Terms: 10, 20 years
- Minimum Borrowing Limit: $5,000
- 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
- List of States where Loan is Not Available: None
- Approved Schools Include: Not specified by lender
- Maximum Deferment Period: 36 months
- Maximum Forbearance Period: 12 months
- Cosigner Release Option: None
- Death Discharge: Yes
- Disability Discharge: Yes
- US-Based Call Center: Yes
- Hours of Operation (in addition to weekdays): 24/7
- Application Timeline: 15 minutes to submit, 30 to 45 days to process
- Scholarship Search Tool: Yes
- Sponsors a Scholarship: Yes
- Job and Career Assistance: Yes
- Financial Literacy Training: Yes