Discover Student Loans Application Process 2019 – https://www.discover.com/
Discover Student Loans Application Process – Discover student loan was launched in 2007 by Discover Bank, known primarily for its credit cards business. The bank operates as the third largest private student loan provider in the nation.
It 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.
Discover Student Loans Application Process and Requirements
1. Determine How Much To Borrow
The first step to applying for a Discover student loan is deciding how much you need to borrow. Discover allows you to borrow up to 100% of the cost of attendance (aggregate loan limits apply). If you are applying for a consolidation loan, you can borrow a maximum of $150,000, although higher limits might apply for specific 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 financial aid package from your school will let you know how much financial aid has been allocated to you so you’ll know how much you need to borrow from Discover.
It is usually best to avoid borrowing more than you need. You will have to pay your Discover student loans back with interest; the more you borrow, the higher your payments will be after graduation.
2. Determine Whether You Will Need a Cosigner
According to Discover, students who do not have established credit history will need a cosigner to be approved for a loan. This requirement is common among undergraduate (and some graduate and professional) students who do not have much of credit history.
Discover does not specify what credit score you would need to qualify on your own, but instead indicates that application decisions are based on multiple factors.
Cosigning a loan has serious consequences; your cosigner is responsible for the loan until you have repaid it. You need to understand the risk you are asking the cosigner to take, and the cosigner needs to think carefully about how it impacts their financial situation and all this can take time.
If your cosigner is not ready to give you their information at the time you apply for Discover student loans, cosigners can also visit the Discover student loan website on their own to complete an application you have already started. Students will need to provide their cosigner with a cosigner key.
3. Choose the Type of Discovery Student Loan You Need
Discover offers loans for different types of situations, so the first step in the formal application process is selecting the right loan for you. Visit www.discover.com/student-loans and click on the tile describing the loan type for the academic program you will be completing, which could include an undergraduate program, a graduate program, an MBA, or another specialized program.
Clicking on your desired loan type will take you to a page that provides details on interest rates, fees, rewards, and frequently asked questions. At the top of each loan page, there is a button that says “Apply Now.” Click it to fill out your application for Discover loans for students.
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 to 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 you have clicked the “Apply Now” button, the next screen allows you to select whether you are a student or a cosigner and whether you want to start a new application or complete an existing one.
Select the appropriate option. If you are coming back to complete an existing application, you’ll need to input your access code, last name, date of birth, and the last four digits of your Social Security number.
6. Complete the Application Process
Discover will walk you through the process of how to apply for a student loan using their online system. The process starts with inputting information about your school, such as the state your school is in, selecting your school’s name from a pull-down menu, and the loan type. You will also need to add:
- Your full name and date of birth
- Your email address
- A phone number
- Information about your citizenship status
- Your Social Security number
After adding this information, click “Continue.” On the next page, you will need to provide additional details, including financial information. You will also need to select whether you are applying for a fixed rate loan, which means the loan rate and payment will not change for the life of the loan, or a variable rate loan, which means interest and payments can fluctuate.
If you have a cosigner, your cosigner will need to be with you to complete their part of the application or your cosigner will need to return to the website using the cosigner key you provide to finish the application.
Discover will check your credit, and the credit of your cosigner (if applicable), to determine if you can 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, UT 84130-0947.
- 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 visit Discover’s application page at www.discoverstudentloans.com to check the status of your application at any time using your access code. Just choose the “Existing Application” option on the main application page.
9. Sign Your Document
If you are approved for Discover student loans, you will need to sign a promissory note. You can log in to your application to read and e-sign the documents directly from Discover’s website.
After your documents have been signed, your loans will be released to the school you are attending according to the payment date your school has set. You will be all set with paying for school using Discover student loans and you will be left to decide whether to try to repay your loan while in school or until graduation.
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