Discover MBA Loans: Review, Benefits, And Eligibility
You have to wait 20 seconds.

Discover MBA Loans: Review, Benefits, And Eligiblity:- In recent times, the mind-boggling expenses of higher education have pushed more students to grab hold of private student loans to tackle their college expenses head-on.

Discover Student Loans stands tall as one option among a sea of alternatives in the realm of private student loans. However, it boasts competitive rates, terms, and benefits that borrowers ought to take into account.

Now, let’s dive into the world of interest rates, loan terms, and limits that Discover Student Loans presents for undergraduates, graduates, and those seeking to refinance their existing student loans.

At Discover, we’ve got you covered with a whole bunch of student loan options just waiting for you.

We’re talking loans for undergrads, grads, MBA enthusiasts, law school aspirants, health professions buffs, future residents, and even those aiming for the bar exam.

But hold up, it doesn’t end there! Parents can also hop on the bandwagon and apply for loans on their own, while graduates can team up with us to refinance their existing debts.

So, if you’re looking for flexibility and choices, we’ve got your back!

Pro’s of Discover MBA Loans

Got a grad school dream? Discover’s got your back! We ain’t just offering any ol’ graduate loans. Nope, we’ve got a whole range of specialty graduate and professional loans just for you. And guess what? The interest rates vary, giving you a shot at saving some serious dough on interest. So whether you’re studying for an MBA, becoming a lawyer, or diving into the medical field, we’ve got the perfect loan option for you!

But wait, there’s more! We believe in rewarding excellence. If you rocked a solid GPA of 3.0 or higher in high school or during your undergrad, and now you’re eyeing those graduate or professional loans, you’re in for a treat. We’ll shower you with a sweet cash reward worth a cool 1% of your loan balance. How’s that for a little extra cha-ching?

And here’s another perk for the savvy students out there. If you’re all about managing your finances smartly, we’ve got something special for you. Opt to make interest-only payments while you’re still in school, and we’ll hook you up with a 0.35% interest rate discount. Yep, you heard it right!

Now, let’s talk about fees. Or should I say, the lack thereof? While many private student loan companies conveniently skip those pesky application and origination fees, we take it a step further. We go above and beyond and wave goodbye to late fees, too. No need to worry about missing a payment deadline. We’ve got your back, no questions asked.

So, if you’re ready to kickstart your grad journey without breaking the bank, Discover is the way to go. We’re here to make your dreams come true and help you succeed. Let’s make that degree happen!

What types of loans does Discover offer?

While most folks know Discover for its credit cards, you may not know that Discover Student Loans is actually one of the biggest players in the private student loan game.

Listen up, because Discover has got you covered whether you’re an undergrad, grad student, MBA candidate, law student, medical resident, health professional, or even gearing up for the bar exam.

They offer private student loans tailored to your specific program. And hey, that’s not all! They even provide options to refinance your existing student loans.

Discover® MBA Loan with GMAT™ Test-Taker Reward

GMAT Test Takers! You’re in for a treat! How does a 0.25% interest rate reduction on your Discover MBA Loan sound? Pretty awesome, right? Well, it’s totally within your reach. Just head over to to get all the juicy details.

Now, let me break it down for you. The GMAT Test-Taker Reward is an exclusive offer that slashes 0.25% off the interest rate for all you bright graduate business students who have taken the GMAT exam in the past five years. It’s like a special perk just for you!

Naturally, there are a few qualifications you need to meet. First off, you gotta be a US citizen or permanent resident, and of course, you should be enrolled in a graduate program at one of those eligible US business schools. Easy peasy, right? Now, if you happen to be an international student, don’t worry! You’ll just need a Social Security number and a US cosigner to join in on the fun.

But wait, there’s more! As if the interest rate reduction wasn’t enough, when you’re approved for a Discover MBA Loan, you’ll also get to pick between fixed or variable interest rates. Choices, choices! Oh, and guess what? You’ll even earn cash rewards for your stellar grades! And the perks keep rolling in. No fees, no payments required while you’re enrolled in school at least half-time. How cool is that? Plus, you’ll score a 0.25% Auto Debit Reward. Sweet!

Now, here’s the cherry on top. If you manage to pull off a minimum GPA of 3.0 (or equivalent), you’ll snag a one-time cash reward of a whopping 1% of the loan amount for each new Discover student loan you take. Cha-ching! But remember, the redemption period for this amazing reward is limited, so don’t sleep on it!

Before we wrap things up, let me give you a quick legal heads up. The GMAT logo and GMAT™ are registered trademarks of the Graduate Management Admission Council, not us, in case you were wondering. Also, just so you know, the Graduate Management Admission Council might receive compensation for referring MBA student borrowers to Discover® Student Loans. Thought you should know!

So, what are you waiting for? Go claim your GMAT Test-Taker Reward and take your Discover MBA Loan to the next level. It’s time to make your dreams come true.

Loan Eligibility and Approval for Discover MBA Loans

Discover offers private student loans and refinance loans to borrowers in every single one of the 50 states.

To qualify for a private student loan, you gotta meet these criteria:

  1. First, you gotta be enrolled at least half-time in a bachelor’s or associate’s degree program, or some other eligible program if you’re going for a graduate, MBA, law, or health professions degree, at a school that’s eligible.
  2. Second, you gotta have the intention of getting a degree.
  3. Third, you gotta make satisfactory academic progress as defined by your college.
  4. Fourth, you gotta be a U.S. citizen, permanent resident, or an eligible international student with a qualifying co-signer.
  5. Fifth, you gotta be at least 16 years old when you apply. And finally, you gotta pass a credit check.

Now, if you’re looking for a consolidation loan of Discover MBA Loans, here are the requirements you gotta meet:

You gotta be a U.S. citizen or permanent resident with an address in the United States. Also, You gotta be 18 years or older when you apply.

You gotta pass a credit check. You gotta have no more than $150,000 in total student loan debt.

But hey, certain fields of study might have higher limits, so keep that in mind.

You gotta have verifiable income that’s enough to handle your debts and show a history of positive repayment.

And lastly, you gotta be the primary borrower on the loans you want to consolidate.


Now, let’s talk about co-signers. If you’re a U.S. citizen or permanent resident and you can meet Discover’s eligibility requirements on your own, then you don’t need a co-signer.

But if you can’t meet those requirements, well, you’re gonna need a creditworthy co-signer to get approved.

And hey, international students, you’re gonna need a creditworthy co-signer who’s a U.S. citizen or permanent resident if you wanna qualify.

Just remember, Discover doesn’t have a program to release co-signers.

Pre-Qualification for Discover MBA Loans

Now, you might be wondering if there’s a pre-qualification option.

Well, with Discover, there’s no general pre-qualification.

But hey, if you’re an undergraduate student, you can get pre-qualified for your future loan needs using the lender’s multi-year approval feature.

Now let’s talk about how long it takes to get approved and receive the funds.

Approval for private student loans can vary, but once Discover sends your application to your school for certification, it usually takes around three to five weeks before the loans are sent to the school.

To check the status of your application, just use the access code that Discover gives you when you start the application process.


Now, if you’re applying for a consolidation loan, it might take about 30 to 45 days to process your application.

Once you’re approved, Discover will directly pay off your existing loans.

Is Discover MBA Loans Refinancing Available?

Discover’s got some refinance loans on offer, and the interest rates they slap on ’em vary depending on your creditworthiness.

You can go for loan terms of 10 or 20 years, again, based on how creditworthy they think you are.

And here’s the kicker: you don’t even need a degree to get approved!

Now, hold up! Before you get too excited, there are a few things you gotta know.

See, these consolidation loans don’t cover everything.

Private parent loans, loans for post-grad studies like the bar exam and residency, loans for international students, and loans taken out when you were in school less than half-time—they ain’t eligible for consolidation, buddy.

And, hey, moms and pops, sorry to burst your bubble, but you can’t transfer your student debt to your kiddo using a Discover consolidation loan.

So, there you have it!

Discover’s got a range of refinance loans, but it’s important to know what’s eligible and what’s not.

Just keep in mind, the road to financial freedom might not be as smooth as it seems.

How To Apply For Discover MBA Loans

Getting a loan from Discover’s website is a breeze, my friend! You just gotta follow these simple steps and provide them with the necessary deets:

  1. If it’s applicable to you, your Social Security number is gonna be needed.
  2. They wanna know about your school, the field of study you’re into, and the academic period of enrollment.
  3. Tell ’em the amount of loan you’re looking for and if you expect any financial aid to come your way.
  4. They’re gonna ask for some financial info, like your income and if you’re shelling out money for rent or mortgage on a monthly basis.
  5. They need both your permanent address and your temporary or in-school address.

Now, if you’re planning to apply with a cosigner, make sure they’ve got the following info ready:

  1. Their Social Security number is a must.
  2. The loan amount they’re requesting.
  3. Details about their employment.
  4. Just like you, they gotta spill the beans about their finances, including monthly rent or mortgage payments.
  5. Oh, and don’t forget their permanent address too!

Once you’ve provided all that juicy information, Discover will get to work.

They’ll carefully review everything and send you a letter that spills the beans on whether your application got accepted or denied.

And if you’re in, they’ll lay it all out for ya—the total amount they’re willing to lend you and all the fine print about repaying the loan.

Discover Student Loan repayment options

So, when it comes to those Discover student loans, you’ve got yourself three sweet options for repayment:

  • First up, we’ve got the fixed payment plan. This one’s pretty straightforward. You’ll be making a $25 payment while you’re still in school and during the grace period. But once you’re done with school, it’s full-on principal and interest payments.
  • Now, if you’re more of a “delayed gratification” kind of person, we’ve got the deferred payment option. With this one, you won’t have to worry about making any payments until six months after you leave school or drop down to part-time attendance. And for our graduate loan peeps, it’s even better. You get a whole nine months of payment-free bliss.
  • Last but not least, we’ve got the interest-only repayment plan. Picture this: you can start paying off those interest charges as soon as the loan hits your account while you’re still busy being a student. It’s a way to chip away at the interest without breaking the bank.

So there you have it. Three ways to tackle those Discover student loans. Pick the one that works best for you and get on your way to financial freedom!

Final Words:

Discover’s got a bunch of options for private student loans.

They even hook you up with two interest rate discounts and might even slide some cash your way if you ace those grades.

And once you start paying back, they’re pretty chill with forbearance and deferment.

But here’s the deal, the repayment terms aren’t super flexible, and their interest rates can get pretty steep.

So, before you jump on board, make sure to exhaust all your federal loan options and give Discover student loans a good ol’ comparison with other private lenders.

Download files ⏬
Please wait 30s...
If the download didn't start automatically, click here
(Visited 35 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *