Financial – Discover Private Student Loan Consolidation

Discover Private Student Loan Consolidation:

Student loan debt now amounts for one of the largest sources of debt in the United States – many students have loans which they took out from private lenders (as opposed to federal student loans).  One option many students and former students with debt are considering is consolidation of their private loans to try to get lower interest rate and potentially lower payments.  Discover Bank provides consolidation options for private student loans (and eligible federal loans) which can allow for savings over the life of the loan.  Discover offers variable rate and fixed rate loans (typically, fixed rate loans may be a little higher but they will not change over the life of the loan).

Details Regarding The Discover Student Loan Consolidation Program:

  • Potential customers can apply for refinancing by visiting the main refinance website or by calling Discover directly and applying by phone
  • Rates will range based on your credit profile, total loan requested, and other factors considered by Discover when reviewing your credit history and rating
  • Applicants can decide what type of term they would like including ten year and twenty year terms and your term length may influence your rate (lower term is typically better rate)
  • The total application process will take about 15 minutes and once your receive your consolidation offer you can decide whether you would like to proceed with refinancing
  • Loans with Discover will have no fees to to apply or originate your loan and customers have the option to pay auto debit to receive an additional reduction to your interest rate

When considering lenders for refinancing your current loans it is important to review your options with various banks to see which will be able to provide you with the best deal.  Banks can use  slightly different formulas when determining customer rates and payments so it is wise to determine what your total loan cost will be, what your monthly payment will be, and how these two factors will play in to your overall financial budget.