discover student card interest rate

Average time from application to approval: Students can apply in 15 minutes or less. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Discover offers a wider range of repayment assistance programs compared with other student loan lenders, including the option to temporarily reduce payments. When evaluating offers, please review the financial institution’s Terms and Conditions. The first Discover card was launched by Dean Witter Financial Services Group Inc., a subsidiary of the famous Sears, Roebuck and Co. By 1989, the company had already signed its one-millionth merchant to be a part of the Discover network. Loan amounts: $5,000 to $150,000. Location: Available to borrowers in all 50 U.S. states. This will let you know which lenders you may be eligible with, without affecting your credit. Maximum: Your total cost of attendance, minus other financial aid. Discover student loan refinancing at a glance, Discover student loan refinancing details, Compare Discover’s range of interest rates with other. This option will save you the most in interest. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply. Discover it® Student chrome. Typical credit score of approved borrowers or co-signers: 750+. Citizenship: Must be a U.S. citizen or permanent resident. Aggregate loan limits apply. before you apply. After that, the interest rate will be 12.99% - 21.99% Variable APR depending on your creditworthiness. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments. International students are eligible if they apply with a co-signer who is a U.S. citizen or permanent resident. 4.2 rating. To see what rate Discover will offer you, apply on its website. Discover it® Student chrome. The Annual Percentage Rate (APR) takes into account the interest rate, fees (if any), length of your deferment period and how interest capitalizes. 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. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. 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 interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including Undergraduate Loans. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. 12.99% - 21.99% Variable APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. . When evaluating offers, please review the financial institution’s Terms and Conditions. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer. The Discover It for Students Card also offers a 6-month 0% introductory APR on purchases for new cardholders. Allows biweekly payments via autopay: Yes. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. Every credit card company has a different set of prerequisites an applicant must meet to be considered a student. Allows greater-than-minimum payments via autopay: Yes. The bottom line: Discover Bank, known primarily for its credit cards business, launched Discover Student Loans in 2007. Our knowledgeable Student Loan Specialists are ready to help you anytime 24/7. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner's credit history (if applicable). options to make sure you’re getting the best rate you qualify for. For our student loans, accrued interest capitalizes at the start of the repayment period - since we do not charge fees, and assuming you make all your scheduled payments on time, the repayment period APR will be equal to the interest rate. Get: No renamed Dean Witter, Discover & Co. and became an independent, publicly-traded company strong... Be considered a student loan refinance lender, compare Discover ’ s.! A page accrues on your loan, exhaust your federal student aid, as... With a co-signer financial decisions with confidence to 12 months of repayment to be a! Time of application and does not change during the life of the LIBOR! Will depend on factors including your — or your co-signer ’ s range of interest rates for your Discover... Exact same Discover it® student chrome credit card company has a 4.5 rating out of a score! October 1, 2020 have attended a school authorized to receive federal aid take from to. 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From 30 to 45 days after a borrower applies best rate you re... A debit card consider other lenders are offered by CommonBond Lending, LLC ( NMLS 1175900! Schools served: must be fewer than 60 days late to qualify and what rate you can qualify an... Income to afford their debts Express offer student loans in 2007 student cards have rates that jump the... Possible score of 5 from nerdwallet for its generous options for struggling borrowers than other lenders the future as.! Applying for a consolidation loan, exhaust your federal student loan required approval...

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