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Student loans help pay for your education needs after high school and cover all expenses for books, supplies, tuition, and living expenses. With the cost of education in the country witnessing a sharp rise in every field of study, a student loan has become the need of the hour. Discover Bank is one of the leading financial institutions in this sector and offers exclusive financial assistance at affordable rates. Here is a brief overview.

Key features of Discover® student loans

• Discover® covers up to 100% (aggregate limits may apply) of the eligible cost and offers valuable cash rewards for students who get good grades in the program.
• The minimum loan amount that can be taken is $1,000.
• The bank does not charge any application, processing, or late fees and offers a free tool to explore or compare eligible scholarships.
• Avail variable interest rates as low as 1.12% going up to 10.22% and fixed interest rates as low as 3.49% going up to 11.59% for different types of student loan.
• Creditworthy borrowers can additionally avail of interest-only repayment discounts and receive auto-debit rewards.
• You can apply in a matter of minutes and customize your loan options with suitable interest rates and repayment schedules.
• Discover® mainly offers three primary modes of repayment, including in-school interest-only payments, in-school fixed payments, and deferred payments.

Types of Discover® Student Loans

• Undergraduate level
  Undergraduate loans pay for students planning to take up a bachelor’s or associate degree at eligible institutions. These loans help provide for expenses that may not be covered under federal student loans and other student loans.
• Graduate and postgraduate
  Pay for various degree programs in the field of law, business management, and medicine. This student loan can also be extended for master’s or doctoral programs at eligible institutions. Postgraduate students in their medical residency or preparing for the Bar exam can take up additional Discover® student loans to pay for all qualified expenses.
• Other loans
  Parents can also avail of discover loans to pay for the full cost of undergraduate and graduate programs in their sole capacity. Discover® also offers affordable avenues for student loan consolidation at a lower interest rate, flexible schedule, and simplified payment schemes.

How to get the best quotes
If you are a student applying for a new loan, ensure you have your social security number and all details about your field of study and duration. The bank will also require your permanent and current address and all information about personal finances. For cosigners taking the guarantee on behalf of the applicants, all the documents mentioned above must be submitted with the original application.

Discover® benefits
In addition to a great student loan, Discover® also offers tools to help explore scholarships and loan calculators to find out eligible amounts.