Discover Student Loans Available for International Students

Discover Student Loans

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Discover international student loans available

Discover Student Loans for Undergraduate

If you need additional financing to pay for school as an undergraduate, here is an opportunity to discover undergraduate loans that can assist to fill the gap. Eligible students can pre-qualify for future loans that come with multi-year approval, and as well, borrow up to the total cost of attendance. Students should note that undergraduate loans have no origination, late fees, or application, and there are no prepayment consequences if you choose to pay your loan early.

Variable Rates   1.29% – 10.59%

Fixed Rates       3.99% – 11.59%

Loan Amounts $1,000 up to the total cost of attendance

Loan Terms      15years

Graduate Student Loans

You can take out a graduate student loan if you are pursuing a master’s or doctoral degree, to help you cover up the total cost of attendance. For example, in undergraduate loans, there are no late fees, application, prepayment, and no origination penalties.

Varies Rates   1. 99% – 11.99%

Fixed Rates     3.99% – 12.99%

Loans Amounts $1000 up to the total cost attendance

Loan Terms    20 years

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MBA Loans

Pursuing an MBA with the intention to go to business school, you may qualify for an MBA student loan. You can apply online with a zero-fee MBA loan, and borrow up to the total cost of attendance within 15 minutes.

Varies Rates 2.24% 8.34%

Fixed Rates3.99% – 9.34%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms20 years

Health Professions Loans

 The Health profession student loans are specifically for graduate students located in dentistry, allopathy, occupation therapy, nursing, osteopathy, optometry, physical therapy, pharmacy, veterinary medicine, podiatry, or physician assistant. However, the loans have no prepayment, late fees, origination, or application penalties.

Variable Rates1.99% – 6.24%
Fixed Rates3.99% – 6.99%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms20 years

Law School Loans

Students in law school, especially graduate students, can take out law school student loans to pay for their education. However, you can select a repayment option and an interest rate type that suits you and note that these no-fee loans also give you access to borrow up to the total cost of attendance.

Variable Rates1.99% – 10.59%
Fixed Rates3.99% – 11.59%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms20 years

Residential Loans

Being in medical school as a residency candidate gives you access to use the residency student loan to enable you to cover the cost of your relocation, internship, residency, and board examination review. In addition, loan terms are usually set at 20 years, and loan maximums are basically dependent on your field of study respectively.

Variable Rates2.99% – 5.49%
Fixed Rates4.99% – 6.49%
Loan Amounts (Veterinary Medicine, Optometry, Allopathy, Podiatry, Dentistry, Osteopathy, Pharmacy)$1,000 up to $18,000
Loan Amounts (Nursing, Physician Assistant, Physical Therapy, Occupational Therapy)$1,000 to $5,000
Loan Terms20 years

Bar Exams Loans

Any student who intends to take the bar exam can utilize a bar exam student loan to cover the cost of their bar living expenses and bar study prep classes. However, students can borrow up to $16,000, and there are no late payment fees, origination, or application.

Variable Rates3.99% – 10.99%
Fixed Rates5.49% – 11.99%
Loan Amounts$1,000 up to $16,000
Loan Terms20 years

Loan Eligibility

Students must meet the following criteria to qualify for a loan from Discover:

  • You must be enrolled at least half-time in a bachelor’s or associate’s degree program (or other eligible program if pursuing a graduate, MBA, law, or health professions degree) at an eligible school.
  • You must be intending to get a degree. 
  • You must make satisfactory academic progress as defined by your college. 
  • You must be a U.S. citizen, permanent resident, or eligible international student with a qualifying cosigner. 
  • You must be at least 16 years old at the time you apply. 
  • You must pass a credit check. 

The minimum income requirements or credit score is not disclosed by Discover. In other words, candidates need good credit to qualify for any private student loan of their choice.

Is Loan Prequalification Available?

We’re sorry, Discover doesn’t give loan prequalification.

Most private student loan lenders give loan prequalification, with a specific tool where an applicant can answer a few questions and get informal feedback from the lender. Such an outcome gives you an idea if you would get approved for a loan or not, including what the interest rate would be without the need to go through a credit check or submit a full application, that can impact your credit score.

How do I Know if am Qualified for a Discover Student Loans Available?

Loan Fees

Most lenders charge loan fees, while Discover doesn’t at all. It has no late fees, origination fees, or application fees. In addition, it doesn’t charge or request a prepayment penalty, hence, there’s no negative effect in paying your loans early.

Loan Discount

If eventually, you sign up for automatic withdrawals for your minimum monthly payment, your interest rate will be reduced or brought down to 0.25% by Discover. It simply means that Discover offers or gives auto credit rewards.

Note! While in school, you’ll qualify for a 0.35% discount, if you choose to make interest-only payments.

Repayment Options

Discover offers 3 loan repayment options as seen below:

  • In-School Interest-Only: While you’re still in school and during the six months after graduation, you’re required to make interest-only monthly payments. By doing so, you’ll qualify for a 0.35% interest rate discount.
  • In-School Fixed: While you’re in school and during the 6 months after graduation, you’re required to make fixed payments of $25 per month.
  • Deferred: If you prefer, you can defer making any payments until 6 months after you graduate.

Rewards

The followings are the rewards you can possibly receive:

  • Good Grades: If you earn at least a 3.0 GPA (or its equivalent), you’ll get a one-time cash reward on each Discover student loan you have. The award is equal to 1% of the loan amount, so if you have a $10,000 student loan, you’d get a $100 reward.
  • Graduation: If you graduate from your degree program less than 6 years after the loan’s disbursement, you may qualify for a Graduation Reward that is equal to 2% of your outstanding loan balance. If your loan balance was $10,000 when you graduated from college, you’d get $200.

Always ensure you check your eligibility and rates on a yearly basis from other lenders to ensure you are getting the best loan.

Discover is among the few lenders that give out multi-year approval. This is basically an opportunity for students who are interested to take the loan because, with this option, eligible borrowers can stand the chance to pre-qualify for future loans to enable them to cover the remaining parts of their educational needs. However, when it gets to the time for you to take out your next loan, ensure to use a pre-filled application, and it won’t impact your credit.

Are Cosigners Required?  

In Discover, cosigners aren’t necessary or required. However, most students don’t have sufficient income or existing credit histories to enable them to qualify for a student loan by themselves. If you fall in this category, do not worry, as the system allows you to ask a relative or friend with a steady income and good credit to cosign your loan application which can help you qualify for a loan and obtain a competitive interest rate.

Forbearance and Loan Discharge Options

For students facing financial hardship, for example, those who lost their job may stand a chance to qualify for the forbearance options with Discover. This basically depends on your condition, as you could decide to postpone making payments for the period of 12 months, or Discover might decide to lower your interest rate to make your monthly payment more reasonable and affordable.

Note that, not every private student loan lender gives or offers forbearance options, so it’s very essential to check or look into the hardship program before submitting a loan application.

Length of Time for Loan Approval and Disbursement

The moment you send in your information, know that it takes 3 to 5 working days for Discover to process your documents. If you get approved, your loan will be disbursed within 5 weeks.

Is Student Loan Refinancing Available?

Discover also gives student loan refinancing which includes both federal and private student loans. However, if you want to refinance, you can do it between $5,000 up to the aggregate amount of your education loan debt (maximum limits may also apply). Both variable and fixed-rate loans are readily available. In addition, repayment terms include 10 or 20 years.

Customer Service

Your student loan service is very vital; It’s is so because, whenever you have issues relating to your account or payments, customer service is who you go to if you have any questions. Based on the annual statistical report of the Consumer Financial Protection Bureau Student Loan Ombudsman, the CFPB handled approximately 1,900 consumer issues concerning private student loans from 1st September 2019 till 31st August 2020. 76 or about 5% out of the complaints were about Discover.

Regardless, Discover student loan took it as a standard that their specialist will always be available 24 hours a day throughout 7 days a week. Here is their contact address to reach them whenever you can 1-800-788-3368, by fax 1-224-813-5195, or by ensuring to secure message through your account.

Applying for a Discover Student Loans Available 

Always ensure that when requesting or applying for a private student loan through any lender or through Discover, ensure to submit the Free Application for Federal Student Aid and make sure to exhaust all your federal financial aid options. However, in case you need help paying for school, only then you can proceed with your private loan application.

Do you also know that you can apply for a Discover student loan online using your smartphone?  “Yes, you can”. The application process usually takes about 15 minutes to complete, according to Discover.

In addition, if you have a consigner, it means you both have to create time to fill out a separate application.

You need the following to complete the application:

  • Your Social Security number
  • Selected school information, including field of study
  • Loan amount requested
  • Expected financial aid
  • Financial information, including rent or mortgage payments and income
  • Permanent address and in-school address (if applicable)

Your application will be reviewed after you have submitted it to Discover. On some occasions, a representative may be assigned to call your attention, asking you to submit additional documentation to enable the team make a decision. Once your loan is approved, you’re advised to wait for 3 to 5 weeks for your loan to be disbursed.

Paying for College

It’s a good idea that when paying for college, you’re advised to use all of the grants, scholarships, and most importantly, federal financial aid available to you first before changing to private student loans.

Conclusion

Discover also gives out flexible repayment options that allow you to defer or shift payments until you graduate. In other words, it also gives access to borrowers going through financial hardships to go into forbearance and shift or postpone their payments.

In addition, you may come in contact with some lenders that offer more repayment terms that suits your needs, which makes it a good idea to look around and find more information from multiple private student loan lenders to find the best one for yourself.

Always visit this website to get update on Discover Student Loans Available for International Students.

See you in our next post!

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