Who Is the Borrower? |
Eligible undergraduate students; borrower must be U.S. citizen or permanent resident. |
Interest Rate |
Variable interest rate is indexed to the prime rate. Rates are tiered and "best" tier borrowers get loans at the prime rate plus 1.00%. Rates range up to prime plus 7.75%. The rate is capped at 18%. Rates are reset quarterly. |
Credit Criteria |
Approval and interest rates are based on the student borrower's and/or co-borrower's creditworthiness as determined by Discover. |
Fees |
There are no origination, disbursement, repayment or default/insurance fees. |
Minimum and Maximum Allowed |
Loans are approved from $1,000 up to the total cost of education minus any financial aid, including any Federal Direct Stafford Student Loan. The maximum aggregate limit is $225,000. |
Repayment Terms |
Zero payments are due until 9 months after graduation or student ceases to be enrolled for at least 6 credits.
The maximum repayment period is 15 years. No prepayment penalties. |
Enrollment Status |
Students must be enrolled at least 6 credits per semester in an undergraduate degree program. |
Deferment Options |
Borrowers get an automatic in-school deferment as long as they are enrolled for at least 6 credits. Repayment begins 9 months after the student ceases to be enrolled for at least 6 credits. Hardship forbearance may be granted under certain circumstances. |
Can Loan be Sold? |
Discover has not and does not plan to sell Discover Student Loans. |
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Other Borrower Benefits |
The borrower gets a 0.25% repayment interest rate reduction when payments are set up for recurring automatic debit from a bank account. Eligible borrowers get a cash reward (2% of the outstanding principal balance of the loan) upon graduation. |
How to Apply |
Get more information:
http://www.discoverstudentloans.com/student/private.aspx
Apply online:
https://www.discoverstudentloans.com/theoonline/PreQualify.asp?DEST=STAFPRIVPLUS
Call Discover at 877-728-3030.
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