discover student card interest rate

A co-signer is not required for approval, but you must meet eligibility requirements based on your credit score income and other factors. For questions about the interest rates for your existing Discover Student Loans, call us at 1-800-STUDENT. You can't see if you’ll qualify and what rate you’ll get without a hard credit check. Must have attended a school authorized to receive federal aid: Yes. Our lowest APR is only available to customers with the best credit and other factors. It was renamed Dean Witter, Discover & Co. and became an independent, publicly-traded company. Discover has a 4.5 rating out of a possible score of 5 from NerdWallet for its refinancing and private student loan products. 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). 4.2 rating. But few student cards offer 0% rates, and even fewer have longer intro periods than Discover it Student chrome. 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). NerdWallet's ratings are determined by our editorial team. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. APRs on undergraduate loans provided through Discover, for example, can range from a 6.49% to 11.99%. before you apply. The daily balance multiplied by the daily interest rate equals the daily interest charge. Pre-qualified offers are not binding. The fixed interest rate is set at the time of application and does not change during the life of the loan. 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 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. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Interest rates on its loans can be either fixed or variable. Loan amounts: $5,000 to $150,000. Discover student loan refinancing at a glance, Discover student loan refinancing details, Compare Discover’s range of interest rates with other. International students are eligible if they apply with a co-signer who is a U.S. citizen or permanent resident. If your application was submitted prior to June 1, 2014, your interest rate is based on the Prime Index. Loans of up to 100% of education costs with fixed or variable rates are available. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates. Discover it Student Cash Back. Your APR will be determined after you apply. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Public service deferment: Postpone payments if you're serving in a qualified public service organization. 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. 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. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. 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. But Discover also offers other products including fixed-rate personal loans of up to $35,000 to borrowers in all 50 states. Medical residency deferment: Postpone payments during your medical residency. The Discover card is a great card for students as it offers low rates and fees, including a no-penalty interest rate and an automatic waiver of your first late payment fee. Discover it® Student chrome. Student Credit Cards Intro purchase APR is 0% for 6 months from date of account opening then the standard purchase APR applies. Citizenship: Must be a U.S. citizen or permanent resident. Three of the companies lowered my interest rates. Her work has appeared in The Associated Press, The New York Times, The Washington Post and USA Today. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates. We provide the choice of fixed or variable interest rates. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Many lenders are offering relief related to COVID-19. Our lowest APR is only available to customers with the best credit and other factors. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective Sep 1, 2020 and may increase after consummation. 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. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments. Military deferment: Postpone payments if you're on active military duty. The typical time from completed application to approval for a Discover student loan is 15 minutes. Incoming freshmen may qualify for an additional cash reward based on their high school grades (incremental to the existing cash reward). The Margin is based on your credit evaluation at the time of application and does not change. Furthermore, many credit cards will impose a higher penalty interest rate when cardholders fail to make payments. This may influence which products we write about and where and how the product appears on a page. Read more. 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. ... How Do I Get a Credit Card? Discover is a digital bank and payment services company known for its credit cards. College students. Touch device users, explore by touch or with swipe gestures. After that, the interest rate will be 12.99% - 21.99% Variable APR depending on your creditworthiness. 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. You need to have credit to get credit. 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). NerdWallet strives to keep its information accurate and up to date. If you aren’t eligible for a Discover student loan. 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. If you don’t have access to a co-signer — or still aren’t eligible with one — consider, NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. All financial products, shopping products and services are presented without warranty. 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 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). For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Learn more about Discover Student Loans interest rates at, Before applying for a Discover student loan, Compare your private student loan options. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria. NerdWallet recommends prequalifying with multiple refinance lenders before you apply. Borrowers must pass a credit check, have a positive credit history and have enough income to afford their debts. Average time from approval to payoff: 30 to 45 days after a borrower applies. This may cause the monthly payments to increase, the number of payments to increase or both. » MORE: Does American Express offer student loans? It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). 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. Typical credit score of approved borrowers or co-signers: 750+. The account is best for someone who is comfortable banking online and prefers making purchases with a debit card. It's the classic catch-22 for a student. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. Grace period extension: Discover offers an Early Repayment Assistance Program that can extend your grace period. 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. To see what rate Discover will offer you, apply on its website. Citizenship: Must be a U.S. citizen or permanent resident. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. Best for students who may need wiggle room on 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. . NerdWallet does not receive compensation for its reviews. If Discover denies your student loan application, the lender will let you know why. The Annual Percentage Rate (APR) takes into account the interest rate, fees (if any), length of your deferment period and how interest capitalizes. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. Built for students. 12.99% - 21.99% Variable APR. Fixed: Make fixed, $25 payments while you’re in school and during your grace period. Read our editorial guidelines. The APR does not represent the rate at which interest accrues. In March of 1993, Dean Witter Financial Services Group Inc. spun off from Sears. Its refinancing loan is best for borrowers who may need wiggle room on payments, or those who didn’t graduate. The loan must be less than 60 days late to qualify. However, this does not influence our evaluations. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner's credit history (if applicable). Students looking for cash back rewards might find that this card makes the grade. Discover doesn’t disclose specific details about what it takes to qualify for its student loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The APR may be different during the deferment period and the repayment period. To see what rate Discover will offer you, apply on its website. Contact Discover Step 1 Be prepared to have an interest rate in mind when contacting Discover Card. When evaluating offers, please review the financial institution’s Terms and Conditions. Discover card interest rates for students and people with bad credit are a bit different. This will let you know which lenders you may be eligible with, without affecting your credit. Location: Available to borrowers in all 50 U.S. states. The normal APR on my Discover it card is 21.49%. The Discover It for Students Card also offers a 6-month 0% introductory APR on purchases for new cardholders. You'll get a 0.35% interest rate discount for choosing this option. NerdWallet does not receive compensation for its reviews. This also assumes you qualify as a student under the issuer’s definition. Your APR will be determined after you apply. 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. Our lowest APR is only available to customers with the best credit and other factors. If you aren’t eligible to refinance with Discover, prequalifying with multiple refinance lenders. Interest-only: Make monthly interest payments while you're in school and during your grace period. 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. The Discover it® Student chrome charges 0% intro APR on Purchases for 6 months and 10.99% intro APR on … You don’t find this type of offer on many student credit cards. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates. The student Discover card starts at 0% intro APR † †† for 6 months on purchases. To see what rate Discover will offer you, apply on its website. Students with better credit or students applying with a creditworthy cosigner may receive a better interest rate. Only 10- and 20-year repayment terms available. And many of the best student credit cards have 0% introductory APRs, great rewards or both. Discover private student loan at a glance, Compare Discover's range of interest rates with other. In the event that more than one 3-month LIBOR Index rate is published, the rate will be the highest rate published. This option will save you the most in interest. More flexible repayment options for struggling borrowers than other lenders. Your actual rate will depend on factors including your — or your co-signer's — credit history and financial situation. Our lowest APR is only available to customers with the best credit and other factors. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. And you’ll get 1% cash back on every other purchase. The average purchase card is interest-free for about 10.88 months. Types of schools served: Must attend a school authorized to receive federal aid. 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. 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. … Intro purchase APR is 0% for 6 months from date of account opening then the standard purchase APR applies. Before taking out a Discover student loan or any other private student loan, exhaust your federal student loan options first. Discover offers a wider range of repayment assistance programs compared with other student loan refinance lenders, including the option to temporarily reduce payments. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply. Allows greater-than-minimum payments via autopay: Yes. Temporary interest rate reduction: Get a lower interest rate, resulting in a lower monthly payment, for up to 12 months. Your APR will be determined after you apply. Percentage of borrowers who have a co-signer: Did not disclose. This may cause the monthly payments to increase, the number of payments to increase or both. 628 Reviews. The loan must be fewer than 60 days late to qualify. This may cause the monthly payments to increase, the number of payments to increase or both. Borrowers cannot receive 12 months of forbearance consecutively. Learn more about evaluating student loans. 3-Month LIBOR is the current Index and is subject to change with notice. Plus this card offers competitive rewards, and Discover enjoys … ©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. Rewards: All but one of the student cards surveyed earn rewards, but earning rates vary. Anna Helhoski is a writer and NerdWallet's authority on student loans. Pre-qualified offers are not binding. The best offer was from Discover, which gave me 0% APR for 12 months on purchases. Generous repayment flexibility for struggling borrowers. Discover could improve its private student loans by: Loan amounts: $1,000 minimum. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including Undergraduate Loans. Separate interest rates and charges can apply to cardholder’s cash advance balance and balance transfer balances. Can transfer a parent loan to the child: No. The Discover it Student … The card is FREE (no annual fee), billing is accurate, and their attention to online and PoP purchases is exemplary. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. 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. If Discover denies your refinance application, the lender will let you know why. But student credit cards will typically charge interest rates that jump into the mid-20% range. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including Undergraduate Loans. Its private loan is best for students who may need wiggle room on payments. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner's credit history (if applicable). Many or all of the products featured here are from our partners who compensate us. Learn more about interest rates. Soft credit check to qualify and see what rate you’ll get: No. 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). The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. The bottom line: Discover Bank, known primarily for its credit cards business, launched Discover Student Loans in 2007. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. % intro APR † †† for 6 months from date of account opening then the purchase. 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Specific product ’ s definition student loan at a glance, Discover student interest... Or need a co-signer is not the same for every borrower nerdwallet for its student loan options, are!, your interest rate equals the daily interest charge approved borrowers: Did not disclose of those rates or... To some fields of study and potential income typical income of approved borrowers: Did not disclose independent! Amount of interest rates at DiscoverStudentLoans.com/Rates high school grades ( incremental to the cash! Students who may need wiggle room on payments one of the loan: 750+ LIBOR of! Your loan, it can take from 30 to 45 days after borrower... How the product appears on a 1-month LIBOR assumption of 0.16 % effective Sep 1, 2020 depend on including. Index and is subject to change with the best student credit cards have rates that into... A hard credit check students looking for cash back rewards for college and beyond practicing! 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