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New Contributor
Posts: 107
Registered: ‎01-31-2013
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Discover student loans?

Does anyone have any experience with Discover student loans? We are thinking about taking out a small bar study loan (5-10K) via Discover. I'm just trying to figure out what interest rate we would qualify for. My husband's credit score is 715-720 (he isn't a US citizen, so he has a short credit history) and mine is 765-775, depending on the day. The variable rate can be as low as Prime Index (currently 3.25%) + 0% and as high as Prime + 4%. If anyone has experience applying for and qualifying for Discover's various interest rates, that would be so helpful (if you don't mind mentioning your circumstance, i.e. credit score, income, co-signer, etc, what you qualified, that would be really helpful). Thanks!

Valued Member
Posts: 27
Registered: ‎08-22-2012
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Re: Discover student loans?

Applied 11/2012

Variable rate at 6.25%

Score at the time - 739 (Discover pulled Transunion)

Income - $10,000-$15,000

Loan amount - $4,600

No cosigner

Independant

Graduate School Loan

 

I plan on applying for another one in November again for my second year. My income will be more than double what it was last year and my credit score is about the same, if not better, so I am hoping for an equal or better rate. Is the loan for both of you or just one of you?

Amex BCE - 15.9k, QuickSilver - 8k, Freedom - 5k, Discover It - 7.5k
New Contributor
Posts: 107
Registered: ‎01-31-2013
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Re: Discover student loans?


Jatindrj wrote:

Applied 11/2012

Variable rate at 6.25%

Score at the time - 739 (Discover pulled Transunion)

Income - $10,000-$15,000

Loan amount - $4,600

No cosigner

Independant

Graduate School Loan

 

I plan on applying for another one in November again for my second year. My income will be more than double what it was last year and my credit score is about the same, if not better, so I am hoping for an equal or better rate. Is the loan for both of you or just one of you?


hey thanks so much for your reply! That information is really helpful. So was your variable rate Prime + 3%? That's probably about the amount we would take out as well (we were thinking 5K, which should cover us while he's studying for and taking the bar).

 

We would take out the loan for his bar study (I'm already finished with grad school, so it would just be for him), but we would use it to cover our expenses. My husband actually doesn't have any student loans from undergrad or law school, which is great, but because he isn't a US citizen, he wasn't eligible to even apply for stafford loans, and a 5000.00 subsidized stafford loan would've been ideal. Oh well. So this seems like the next best thing.

 

Valued Member
Posts: 27
Registered: ‎08-22-2012
0

Re: Discover student loans?

No problem. Yes, mine was +3%. It was also my first loan as well and they've been great. 

Amex BCE - 15.9k, QuickSilver - 8k, Freedom - 5k, Discover It - 7.5k
Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
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Re: Discover student loans?

Jatindrj, does Discover do instant student loan approvals?
Also, did they require proof address, proof of income, or similar documentation?
What was your aaoa? Your revolving credit utilization?
Did you have an existing student loans?
I may need to get a Discover student loan for the fall semester and will not have a cosigner, but should have a 720+ TU by then.
Thanks for the info!
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Valued Member
Posts: 27
Registered: ‎08-22-2012
0

Re: Discover student loans?

Hey. I was approved instantly. They didn't ask for address or income verification. My AAOA was about 10 months as I had been approved for 3 new cards just before applying for the loan. My util was around 5% and it was my first loan.

Amex BCE - 15.9k, QuickSilver - 8k, Freedom - 5k, Discover It - 7.5k
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