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Discover Student Loans Application Processes: Discover student loan was launched in 2007 by Discover Bank, known primarily for its credit card business. The bank operates as the third-largest private student loan provider in the nation.
Discover Student Loans offers competitive interest rates and some of the most flexible repayment options of any private lender. Also, Discover is outstanding for one bonus; borrowers get cash rewards for good grades.
The private loan offers loans for the following academic programs:
➢ Undergraduate Programs (Associate’s or Bachelor’s Degrees)
➢ Graduate Programs (Master and PhD. Degrees)
➢ MBA Programs
➢ Medical School (including specialties like dentistry, nursing, pharmacy, veterinary medicine, and more)
➢ Medical Residency and Relocation
➢ Law School
➢ Bar Exam Expenses (for law students)
This article will give you a step-by-step guide on the loan application process and the requirements.
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Discover Student Loans Application Process and Requirements
1. Determine How Much To Borrow
Choosing how much you need to borrow is the first step in applying for a Discover student loan. You can borrow up to 100% of the cost of attendance with Discover (aggregate loan limits apply).
If you’re seeking a consolidation loan, the maximum amount you can borrow is $150,000, while larger amounts may be available in some fields of study.
Maxing out your federal student aid, as well as taking advantage of any available grants and scholarships, should be done first before turning to Discover student loans.
Your school’s financial aid package will tell you how much financial help you’ve been awarded, so you’ll know how much you’ll need to borrow from Discover.
Borrowing more than you require is usually not a good idea. Your Discover student loans will have to be repaid with interest; the more you borrow, the greater your payments will be after graduation.
2. Determine Whether You Will Need a Cosigner
Students who do not have a credit history will need a cosigner to be authorized for a loan, according to Discover. This is a frequent requirement for undergraduate (and some graduate and professional) students with little or no credit history.
Discover does not provide a minimum credit score for self-qualification, instead noting that application choices are based on a variety of factors.
Cosigning a loan carries significant risks; your co-signer is accountable for the loan until it is paid off. You must comprehend the risk you are asking the cosigner to accept, and the cosigner must consider how it will affect their financial status, all of which takes time.
If your cosigner isn’t ready to provide you their information when you apply for Discover student loans, they can go to the Discover student loan website and finish an application you’ve already started. Students must give their cosigner with the following information a cosigner key.
3. Choose the Type of Discovery Student Loan You Need
Discover has loans for a variety of scenarios, so choosing the correct loan for you is the first step in the official application process.
Visit www.discover.com/student-loans and select the tile that describes the loan type for the academic degree you will complete, which could be an undergraduate, graduate, MBA, or other specialized program.
When you select a loan type, you’ll be taken to a page with information on interest rates, fees, rewards, and frequently asked questions.
There is a “Apply Now” option at the top of each loan page. To apply for Discover student loans, go to this link and fill out the form.
4. Get Your Documents Ready
Discover explains that the online application process takes only 15 minutes or less. However, you’ll need certain information to complete your application. To apply for Discover student loans, you will need:
➢ Your social security number.
➢ Your permanent address.
➢ Your temporary or in-school address.
➢ Information about the school you will be attending.
➢ Information about your field of study.
➢ Details about the academic period you are enrolling in.
➢ Information about your income.
➢ Details about your monthly mortgage or rent payments.
If you have a cosigner, you’ll also need information about your cosigner, including their:
➢ Social Security number.
➢ Employment information.
➢ Financial information, including monthly mortgage and rent payments.
➢ Permanent address.
Also, you can save your application and return it later if you do not have all of your documentation, it is helpful to gather your paperwork before you begin the process.
5. Begin the Application Process
After clicking the “Apply Now” button, you’ll be able to choose whether you’re a student or a cosigner, as well as whether you want to start a new application or finish one that’s already been started.
Choose the most suited option. You’ll need to provide your access code, last name, date of birth, and the last four digits of your Social Security number if you’re returning to finish an existing application.
6. Complete the Application Process
Discover will help you through the steps of applying for a student loan on their website. The procedure begins with you entering information about your schools, such as the state in which it is located, the name of your institution from a pull-down menu, and the loan type. You’ll also need to include:
➢ Your full name and date of birth
➢ Your email address
➢ A phone number
➢ Information about your citizenship status
➢ Your Social Security number
Click “Continue” after you’ve entered this information. You’ll need to fill out more information, including financial information, on the next page.
You’ll also need to decide whether you’re applying for a fixed-rate loan, in which case the loan rate and payment will remain constant during the term of the loan, or a variable-rate loan, in which case interest and payments will fluctuate.
If you have a cosigner, they must be present to complete their part of the application, or they must return to the website and complete the application using the cosigner key you supply.
Discover will run a credit check on you and your cosigner’s credit (if appropriate) to see if you qualify for a student loan.
7. Submit supporting documents
Discover might notify you through email that you need to submit additional documents. There are four options to submit those documents:
➢ Uploading your documents.
➢ Sending your documents via mail to Discover Student Loans, Customer Service, P.O. Box 30947, Salt Lake City, U84130-0947.
➢ Sending your documents via special delivery such as FedEx or UPS to Discover Student Loans, Customer Service, 5420 W 1730 S, Salt Lake City, UT 84104.
➢ Faxing your documents to 1-801-996-2454.
8. Check Application Status
After applying for a student loan, you can check the status of your application at any time using your access code by visiting Discover’s application website at www.discoverstudentloans.com. Simply go to the main application page and select “Existing Application.”
9. Sign Your Document
You will be required to sign a promissory note if you are approved for Discover student loans. You can read and e-sign the documents straight from Discover’s website by logging in to your account.
Following the signing of your documents, your loans will be released to the school you are attending on the payment date that your school has chosen.
You’ll be able to pay for school using Discover student loans, and you’ll have the option of repaying your loan while still in school or after graduation.