Interest Rate On Discover Student Loans – Written by Rene Bennett Written by Rene Bennett Arrow Senior Banking Writer Rene Bennett is a writer reporting on banking and personal finance products. Rene Bennett
Edited by Brian Beers Edited by Brian Beers Arrow Right Managing Editor Brian Beers is the Managing Editor of the Wealth team. He oversees editorial coverage of banking, investing, economics and all things money. Connect with Brian Beers on Twitter Connect with Brian Beers on Twitter LinkedIn LinkedIn Brian Beers
Interest Rate On Discover Student Loans
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Discover Bank offers Certificates of Deposit in 12 terms that require a minimum deposit of $2,500. Each period pays the same annual percentage yield on all balances.
Discover Bank earned 4.8 out of 5 stars in reviews of its deposit products and 4.7 out of 5 stars for CDs.
Discover CDs offer APYs that vary depending on the term. Penalties apply for early withdrawals, which may reduce the principal balance. On the maturity date, the balance can be automatically withdrawn or renewed.
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Note: The Annual Percentage Return (APY) shown is as of November 10. 2022, and may vary by region for some products
Discover’s CD rates are competitive, although some other online banks may offer slightly higher rates depending on the term. CD Discover’s extensive selection of words makes it easy to find words that fit specific savings goals or build a CD ladder.
Some competitors may also have higher minimum deposit requirements. Shop around to find the CD that best suits your needs.
Discover also offers savings and money market accounts. Both pay a lower interest rate than CDs with terms of one year or more. Still, this account may be worth considering for those who value having access to their cash at any time.
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Edited by Brian Beers Edited by Brian Beers Arrow Right Managing Editor Brian Beers is the Managing Editor of the Wealth team. He oversees editorial coverage of banking, investing, economics and all things money. Connect with Brian Beers on Twitter Twitter Connect with Brian Beers on LinkedIn LinkedIn Brian Beers Manage EditDiscover has some great interest rates for private student loans, but the loan quality doesn’t match the marketing materials.
Discover combines great interest rates with innovative features to create a strong private student loan option. Unfortunately, Discover loans come with some red flags and we find some of their promotional material to be a bit confusing.
Finally, the low interest rates make Discover one of the better private lenders on the market.
(Note: Borrowers with existing student loans looking to refinance should read our Discover student loan refinance review.)
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One look at the table above and it should be clear that Discover has strong interest rates at low prices. However, some borrowers end up with extremely bad double digit interest rates.
Unlike many other lenders, Discover doesn’t bother with 5 or 10 year loans. The only repayment tenure offered by Discover is 15 years.
Only lending for a longer period of time is a smart approach. Most borrowers want lower payments on extended repayments. Borrowers can always make additional payments and pay off the loan early, but those who choose a shorter repayment tenure will be stuck with larger payments that may become unmanageable. We really like that Discover is associated with 15 years of loan and rate transparency.
Like other legitimate private lenders, Discover does not charge any loan origination, application or down payment fees. Discover takes the no-fee approach a step further and charges no late fees.
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Finally, like most other lenders, Discover usually wants a co-signer because most students lack the credit scores and income to qualify on their own.
The best rates offered by Discover is a benefit that should be significant, but there are a few benefits that may appeal to most borrowers.
Waiver for Interest Payments During School – Borrowers have the option to defer repayment for up to 6 months after graduation, but have a 35% interest rate reduction for those making only interest payments while in school. We typically recommend that students opt for interest-only payments while in school because it helps encourage responsible borrowing and spending, but Discover has added an additional incentive.
Cash Rewards for Good Grades – Students who earn at least a 3.0 GPA may be eligible for a one-time cash reward. We doubt the lender’s cash reward will be the difference between a student working hard or slacking off in school, but it’s a nice little perk for successful students.
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Customer Service – Over the years Discover has built a reputation for solid customer service. Student loan products are no exception.
Multi-Year Option – Discover offers “pre-qualification” for future loans. In theory, this should give students peace of mind that they won’t run out of student loans in the middle of their junior year. On the surface, it’s an interesting idea with real potential.
The first issue is that there are still soft credit pulls that will occur every year. It helps that it won’t affect the borrower’s credit score or the co-signer’s, but Discover can always close future loans if something looks bad on the credit report.
Another big issue with the multi-year option is the fact that borrowers must have the same co-signer, attend the same school, and be working toward the same bachelor’s degree. Multiple co-signers will not be able to co-sign all loans for all years of college. Additionally, 75% of college students start undecided or change majors during their college career.
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The significant limit on the multi-year option means that it will not be something that adds any certainty to future borrowing. Best of all, it makes future applications load faster.
We also issue a Discover comparison table showing that Discover is a better option than federal student loans. The reality is that federal student loans are a better option for most borrowers. This is because federal loans include consumer protections such as
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