For example, if your principal loan balance is $10,000 and your interest rate is 10% (no payments are due and you make no payments), then your loan will accrue $1,000 (= $10,000 x 0.10) in interest in one year. The Discover it® Student Cash Back card is one of two Discover student credit cards available right now, and it offers the highest cash back rate among them, at up to 5% back on certain purchases. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. More flexible repayment options for struggling borrowers than other lenders. In March of 1993, Dean Witter Financial Services Group Inc. spun off from Sears. Built for students. This may cause the monthly payments to increase, the number of payments to increase or both. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective Sep 1, 2020 and may increase after consummation. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments. See if You're Pre-approved; Respond to a Mail Offer; All Credit Cards; Cash Back Credit Cards — Cash Back Card — Gas & Restaurants Card — NHL ® Card; Student Credit Cards — Student Cash Back Card — Student Gas & Restaurants Card; Travel Card; Credit Building Card; Business Card; Discover vs. That's why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Best for borrowers who may need wiggle room on payments, or those who didn't graduate. If you are currently paying 18 percent on your … You'll get a 0.35% interest rate discount for choosing this option. Pre-qualified offers are not binding. In the event that more than one 3-month LIBOR Index rate is published, the rate will be the highest rate published. Typical credit score of approved borrowers or co-signers: 750+. » MORE: Does American Express offer student loans? ©2020 Discover Bank, Member FDIC | Lender ID 831312, A fixed interest rate is set at the time of application and does not change during the life of the loan. Check, Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include a 0.25% interest rate reduction while enrolled in automatic payments. That's why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. … We believe everyone should be able to make financial decisions with confidence. Applications submitted on or after June 1, 2014, will have an interest rate based on the 3-Month LIBOR. Last reviewed: October 20, 2020. Forbearance: Postpone payments for up to 12 months if you're experiencing unemployment, economic hardship, an excessive student loan burden or a medical disability. Unlike federal student loans, the interest rate is not the same for every borrower. To protect your account security, you must update your browser as soon as possible. To see what rate Discover will offer you, apply on its website. This program lets borrowers postpone payments for three months, but you must be in the first three months of repayment to be eligible. Many or all of the products featured here are from our partners who compensate us. If the 3-month LIBOR is temporarily unavailable and not published fifteen days prior to the interest rate change date, then we will use the immediately preceding published 3-month LIBOR Index rate. Before taking out a Discover student loan or any other private student loan, exhaust your federal student loan options first. The normal APR on my Discover it card is 21.49%. Percentage of borrowers who have a co-signer: Did not disclose. The interest rate will never be higher than 18% per year, regardless of the 3-Month LIBOR. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. The low-end APR on this card is quite impressive considering our weekly rate report lists the average student card APR as hovering around 18%. Soft credit check to qualify and see what rate you’ll get: No. We noticed that you're using an old version of your internet browser to access this page. Location: Available to borrowers in all 50 U.S. states. 628 Reviews. We encourage you to consider fees, interest rate, monthly payment and total loan cost. Compare Discover’s range of interest rates with other student loan refinance lenders. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. 4.2 rating. The fixed interest rate is set at the time of application and does not change during the life of the loan. Discover's private student loans are a good option for borrowers who want flexible repayment options in case they need wiggle room in the future. Student Credit Cards Intro purchase APR is 0% for 6 months from date of account opening then the standard purchase APR applies. The Annual Percentage Rate (APR) takes into account the interest rate, fees (if any), length of your deferment period and how interest capitalizes. Discover it Student Cash Back. Can qualify if you’ve filed for bankruptcy: Yes; you’re more likely to qualify if the bankruptcy isn’t recent. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner's credit history (if applicable). The Margin is based on your credit evaluation at the time of application and does not change. Receive one year of Amazon Prime Student on Deserve after spending $500 in the first three billing … Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. Our lowest APR is only available to customers with the best credit and other factors. Loan discharge if co-signer dies or becomes disabled: No. Discover offers a wider range of repayment assistance programs compared with other student loan refinance lenders, including the option to temporarily reduce payments. Disclaimer: NerdWallet strives to keep its information accurate and up to date. When evaluating student loan options, there are lots of factors to consider. This may cause the monthly payments to increase, the number of payments to increase or both. Students with better credit or students applying with a creditworthy cosigner may receive a better interest rate. The student Discover card starts at 0% intro APR † †† for 6 months on purchases. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. ... How Do I Get a Credit Card? Loan amounts: $5,000 to $150,000. We provide the choice of fixed or variable interest rates. With 60% of student credit cards, you can earn at least two points per dollar or 2% cash back on bonus categories. Average time from approval to payoff: 30 to 45 days after a borrower applies. The account is best for someone who is comfortable banking online and prefers making purchases with a debit card. But Discover also offers other products including fixed-rate personal loans of up to $35,000 to borrowers in all 50 states. The average purchase card is interest-free for about 10.88 months. The fixed interest rate is set at the time of application and does not change during the life of the loan. Learn more about evaluating student loans. And you’ll get 1% cash back on every other purchase. The lender boasts no fees as long as you pay on time. NerdWallet's ratings are determined by our editorial team. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). The Discover it Student … Learn more about interest rates. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. And there's no annual fee. Higher limits may apply to some fields of study. You can’t see if you’ll qualify and what rate you’ll get without a hard credit check. Our lowest APR is only available to customers with the best credit and other factors. Learn more about Discover Student Loans interest rates at, Before deciding on a student loan refinance lender, compare multiple. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). Discover student loan refinancing at a glance, Discover student loan refinancing details, Compare Discover’s range of interest rates with other. To see what rate Discover will offer you, apply on its website. Compare Discover's range of interest rates with other private student loan lenders. Discover Student It Card: Pricing information including interest rates, rewards, benefits and fees was obtained on April 1, 2020 from published websites and is believed to be accurate, but not guaranteed. Generous repayment flexibility for struggling borrowers. This card’s rewards are the same as Discover it Cash Back, but no credit history is required — 5% back on rotating categories (for up to $1,500 a quarter, then 1%) upon enrollment, then earn even more when Discover matches your cash back at the end of your first year. Discover private student loan at a glance, Compare Discover's range of interest rates with other. Typical credit score of approved borrowers or co-signers: 660 or above. Furthermore, many credit cards will impose a higher penalty interest rate when cardholders fail to make payments. Discover stands out for its generous options for borrowers who are struggling to make payments. Three of the companies lowered my interest rates. You'll be unable to log in to Discover.com in the future if your browser has not been updated. Although variable interest rates appear to be slightly more favorable, these are, of course, subject to market fluctuations. Providing a greater number of repayment schedules. This may cause the monthly payments to increase, the number of payments to increase or both. Academic deferment: Postpone payments if you return to school at least half-time. That includes the excellent Cashback Match offer. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. Average time from application to approval: Students can apply in 15 minutes or less. Your actual rate will depend on factors including your — or your co-signer's — credit history and financial situation. Discover has a 4.5 rating out of a possible score of 5 from NerdWallet for its refinancing and private student loan products. It was renamed Dean Witter, Discover & Co. and became an independent, publicly-traded company. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Payments are subject to a $50 minimum per month. The card is FREE (no annual fee), billing is accurate, and their attention to online and PoP purchases is exemplary. Intro purchase APR is 0% for 6 months from date of account opening then the standard purchase APR applies. Your APR will be determined after you apply. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). The loan must be fewer than 60 days late to qualify. To see what rate Discover will offer you, apply on its website. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective Sep 1, 2020 and may increase after consummation. For new loans, the 3-Month LIBOR will change quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), as published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). Allows biweekly payments via autopay: Yes. Contact Discover Step 1 Be prepared to have an interest rate in mind when contacting Discover Card. Grace period extension: Discover offers an Early Repayment Assistance Program that can extend your grace period. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Many lenders are offering relief related to COVID-19. Can qualify if you’ve filed for bankruptcy: Yes, though you’re more likely to qualify if the bankruptcy isn’t recent. It took me about 45 minutes to call or chat with all five of the credit card issuers: American Express, Chase, Citi, Discover and Wells Fargo. No-credit student credit cards also charge interest at a 15.02% annual rate, on average – below the market-wide average of 17.98%, according to WalletHub’s latest Credit Card Landscape Report. Aggregate loan limits apply. Your APR will be determined after you apply. Read more. Pre-qualified offers are not binding. Interest will accrue while you’re in school and will capitalize, or get added to your principal balance, at the end of your grace period. Fixed: Make fixed, $25 payments while you’re in school and during your grace period. But few student cards offer 0% rates, and even fewer have longer intro periods than Discover it Student chrome. If your application was submitted prior to June 1, 2014, your interest rate is based on the Prime Index. For questions about the interest rates for your existing Discover Student Loans, call us at 1-800-STUDENT. The other terms, benefits, and rewards are the exact same. Reward for good grades: Discover offers a Rewards for Good Grades benefit, which is a 1% cash reward if you earn a 3.0 GPA or higher. Learn more in the Discover Help Center. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including Undergraduate Loans. Our partners cannot pay us to guarantee favorable reviews of their products or services. Only 10- and 20-year repayment terms available. Discover doesn’t disclose specific details about what it takes to qualify for its student loans. The Discover it Student Cash Back card offers a reasonable APR of 12.99%-21.99% variable. Our opinions are our own. 12.99% - 21.99% Variable APR. Your APR will be determined after you apply. The APR does not represent the rate at which interest accrues. The interest rate is used to calculate the actual amount of interest that accrues on your student loan. If Discover denies your refinance application, the lender will let you know why. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Your APR will be determined after you apply. Temporary payment reduction: Pay just the interest on their loan, subject to a $50 minimum, for up to six months. Touch device users, explore by touch or with swipe gestures. Online Savings Account Earn interest over 5x the National Savings Average The Annual Percentage Yield (APY) for the Online Savings Account as of XX/XX/XXXX is more than five times the national average APY for interest-bearing savings accounts with balances of $500 as reported by Informa Research Services, Inc. as of XX/XX/XXXX.Interest rates and APYs are subject to change at any time. Temporary interest rate reduction: Get a lower interest rate, resulting in a lower monthly payment, for up to 12 months. College students. Temporary payment reduction: Pay just the interest on your loan, subject to a $50 minimum, for up to six months. Earn cash back rewards for college and beyond while practicing responsible credit habits with this Discover it ® card for students. Medical residency deferment: Postpone payments during your medical residency. Interest rates on its loans can be either fixed or variable. The APR may be different during the deferment period and the repayment period. NerdWallet does not receive compensation for its reviews. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. Its refinancing loan is best for borrowers who may need wiggle room on payments, or those who didn’t graduate. However, this does not influence our evaluations. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply. International students can qualify with a co-signer. Our lowest APR is only available to customers with the best credit and other factors. lenders. The 3-Month LIBOR is a pricing index and does not represent the lowest or best interest rate available to a borrower at any bank at any given time. Check this list of private loan relief options to see what this lender offers. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Discover doesn’t disclose specific details about what it takes to qualify for its student loans, but there’s a good chance you’ll qualify if you have good credit or apply with a co-signer who does. The fixed interest rate is set at the time of application and does not change during the life of the loan. Discover Student Loans have zero fees, and no interest capitalization during the deferment period - as a result, the deferment period APR will be less than the interest rate. Borrowers get assigned a dedicated banker, advisor or representative: No. To see what rate Discover will offer you, apply on its website. When evaluating offers, please review the financial institution’s Terms and Conditions. Variable interest rates for new Discover Student Loans are calculated as the 3-Month LIBOR plus the applicable Margin percentage. All financial products, shopping products and services are presented without warranty. Allows greater-than-minimum payments via autopay: Yes. Loans of up to 100% of education costs with fixed or variable rates are available. You can't see if you’ll qualify and what rate you’ll get without a hard credit check. If you aren’t eligible to refinance with Discover, prequalifying with multiple refinance lenders. Best for students who may need wiggle room on payments. Our knowledgeable Student Loan Specialists are ready to help you anytime 24/7. Interest rates for private student loans are credit based. Deferred: You won’t be required to make any payments until your grace period ends, but you can choose to make payments if you’d like. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Compare your private student loan options to make sure you’re getting the best rate you qualify for. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. 3-Month LIBOR is the current Index and is subject to change with notice. The Interest Rate will change when the 3-Month LIBOR changes. Your APR will be determined after you apply. The daily balance multiplied by the daily interest rate equals the daily interest charge. Discover offers a wider range of repayment assistance programs compared with other student loan lenders, including the option to temporarily reduce payments. The APR is a number you can use to compare loans from different lenders since their interest rates, fees, deferment options and capitalization policy may differ. Offered terms are subject to change and state law restriction. Interest-only: Make monthly interest payments while you're in school and during your grace period. Discover could improve its student loan refinance product by: Conducting soft credit checks to give personalized rate estimates. When evaluating offers, please review the financial institution’s Terms and Conditions. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include a 0.25% interest rate reduction while enrolled in automatic payments. The daily interest rate is simply the rate charged for that transaction category, divided by 365. Can transfer a parent loan to the child: No. Most credit card variable interest rates can change with the Prime Rate. Borrowers cannot receive 12 months of forbearance consecutively. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans and include a 0.25% interest rate reduction while enrolled in automatic payments. Discover also considers other factors, such as area of study and potential income. Here is a list of our partners. The interest rate will never be higher than 18% per year, regardless of the 3-Month LIBOR. And many of the best student credit cards have 0% introductory APRs, great rewards or both. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. This will let you know which lenders you may be eligible with, without affecting your credit. Public service deferment: Postpone payments if you're serving in a qualified public service organization. You can earn 5% cash back on rotating bonus categories on up … The fixed interest rate is set at the time of application and does not change during the life of the loan. 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It card is 21.49 % its website who struggle to make sure you ’ ll get: No aid known! Rewards are the exact same great rewards or both believes the best and. First three months of repayment to be slightly more favorable, these are, of course, subject change... With better credit or students applying with a co-signer who is a digital and! Have rates that jump into the mid-20 % range your student loan options cause the payments. Meet eligibility requirements based on a page the normal APR on my Discover it card...