Are you a student who plans to apply for student loans? If the answer is yes, you can’t afford to miss the “$5 000 discover student loans scholarship” application opportunity! But don’t just take my work for it. Learn more why this could be your lucky day after reading this article. The $5 000 discover student loans scholarship program is a no-brainer because if you win the money, you can afford to further your education. The scholarship is free to apply for, easy and fast. It’s available to high school seniors, college freshmen and sophomores – in addition to transfer students with 30 or more credits.
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Did you know that the Discover $5,000 Student Loans Scholarship is accepting applications? The application deadline is April 15th! There are a lot of scholarships available and it can be tricky to pick which ones you will fill out. Luckily for you, we’ve compiled a list of the best scholarships that will help you pay your college tuition. If you are a student who is passionate about making positive changes in your community through volunteerism, there’s good news for you! The Discover $5,000 Student Loans Community Service Scholarship is available to be applied for. This scholarship awards $5,000 in aid to help pay for your education. To be eligible for a Discover student loans scholarship you must be:
$5 000 discover student loans scholarship
I am writing to apply for the $5 000 Discover Student Loans Scholarship. I am a rising senior at [university name], and I am very interested in the opportunity to earn this scholarship.
I have been taking my education extremely seriously since I began [university name]. I set a goal for myself to maintain a 4.0 GPA throughout my time there, and it is only through careful planning and hard work that I have been able to achieve that goal. In addition to my studies, I have been an active member of the National Honors Society since my junior year of high school, and I have served as vice president of the society throughout my entire time at [university name].
In addition to my academic success, I also excel in extracurricular activities. From the moment I began high school, I knew that one of my major goals was to make an impact on the lives of others. To help me achieve this goal, I created an organization called [organization name]. The purpose of this organization is to provide free haircuts and styling sessions for people who are experiencing homelessness or other difficult living conditions. So far, we’ve provided services in six different cities across the country, helping over 100 people feel more confident about themselves each year.
Discover Student Loans Scholarship Award
Discover is a financial services company that offers bank accounts, credit cards, and student loans. If you are a student, you may encounter some of Discover’s financial products including their student credit cards or student loans. Each year, Discover also offers the Discover Student Loans Scholarship to students. This scholarship is an easy scholarship so there is no essay, minimum GPA, or recommendations required. The upside is that it is very easy to apply for and students will also receive tips about paying for college from Discover. The downside is that there will be lots of competition for the scholarship (as so many students can apply).
Who is eligible to apply for the scholarship?
The Discover Student Loans Scholarship Award is open only to residents of the fifty United States, the District of Columbia, and the US territories. Students must be at least 16 years old when they apply and can be high school seniors, college students, community college students, or graduate students. The only caveat is that students must be matriculating to an eligible college, community college, or graduate program within one year of winning the scholarship.
How much is the this scholarship worth?
This scholarship is worth $5,000 and will be awarded to twelve students!
When is the Discover Student Loans Scholarship Award application due?
The deadline is on January 31, 2022 at 11:59 p.m. Remember, this scholarship is offered annually so if you were not a winner, you should check out the scholarship again next year!
is discover student loans scholarship legit
Discover Student Loans Review
Is Discover good for student loans?
Discover is one of the top credit card issuers in the country. However, Discover offers a wide range of other financial products, including private student loans for undergraduate, graduate, MBA, health profession, law, residency, and bar exam students.
Depending on your program, you can borrow up to the total cost of attendance, making Discover a good choice when you need money to finish your degree. The lender also offers forbearance options—a rarity for private lenders—and rewards for good grades and for graduating from your selected program. But Discover has limited repayment terms, and may not be the right lender for everyone. Here’s what you need to know about Discover student loans to make an informed decision.
- KEY TAKEAWAYS
- PROS & CONS
- COMPANY OVERVIEW
- In addition to traditional student loans, medical school graduates can take out residency loans and law school graduates can take out bar exam loans.
- Discover doesn’t offer prequalification.
- Discover charges no fees whatsoever, not even late payment fees.
- Discover offers 3 in-school repayment options but only a 15-year loan term for undergraduate borrowers.
- In addition to the standard 0.25% interest rate discount for enrolling in autopay, if you agree to make interest-only payments while in school, you’ll also qualify for a 0.35% rate discount.
Discover Student Loans Available
Undergraduate Student Loans
If you’re an undergraduate student and need additional financing to pay for school, Discover’s undergraduate loans can help fill the gap. Eligible students can borrow up to the total cost of attendance, and can pre-qualify for future loans with multi-year approval. Undergraduate loans have no application, origination, or late fees, and there are no prepayment penalties if you decide to pay off your loan early.1
| Variable Rates | 1.79% – 11.09% |
| Fixed Rates | 3.99% – 11.59% |
| Loan Amounts | $1,000 up to the total cost of attendance |
| Loan Terms | 15 years |
Graduate Student Loans
If you’re pursuing a master’s or doctoral degree, you can take out a graduate student loan to cover up to the total cost of attendance. Like undergraduate loans, there are no application, origination, or late fees, and no prepayment penalties.2
| Variable Rates | 2.49% – 12.49% |
| Fixed Rates | 3.99% – 12.99% |
| Loan Amounts | $1,000 up to the total cost of attendance |
| Loan Terms | 20 years |
MBA Loans
If you intend to go to business school or are pursuing an MBA, you may be eligible for an MBA student loan. With a zero-fee MBA loan, you can apply online in as little as 15 minutes, and borrow up to the total cost of attendance.
| Variable Rates | 2.74% – 8.84% |
| Fixed Rates | 3.99% – 9.34% |
| Loan Amounts | $1,000 up to the total cost of attendance |
| Loan Terms | 20 years |
Health Professions Loans
Health profession student loans are for graduate students in allopathy, dentistry, nursing, occupational therapy, optometry, osteopathy, pharmacy, physical therapy, physician assistant, podiatry, or veterinary medicine. The loans have no application, origination, or late fees, and there are no prepayment penalties.3
| Variable Rates | 2.49% – 6.74% |
| Fixed Rates | 3.99% – 6.99% |
| Loan Amounts | $1,000 up to the total cost of attendance |
| Loan Terms | 20 years |
Law School Loans
Graduate students in law school can take out law school student loans to pay for their education. These no-fee loans allow you to borrow up to the total cost of attendance, and you can choose an interest rate type and repayment option that works for you.4
| Variable Rates | 2.49% – 11.09% |
| Fixed Rates | 3.99% – 11.59% |
| Loan Amounts | $1,000 up to the total cost of attendance |
| Loan Terms | 20 years |
Residency Loans
As a residency candidate in medical school, you can use a residency student loan to cover the cost of your residency, internship, relocation, and board exam review. Loan maximums are dependent on your field of study, and loan terms are set at 20 years.5
| Variable Rates | 3.49% – 5.99% |
| Fixed Rates | 4.99% – 6.49% |
| Loan Amounts (Allopathy, Dentistry, Optometry, Osteopathy, Pharmacy, Podiatry, Veterinary Medicine) | $1,000 up to $18,000 |
| Loan Amounts (Nursing, Occupational Therapy, Physical Therapy, Physician Assistant) | $1,000 to $5,000 |
| Loan Terms | 20 years |
Bar Exam Loans
If you’re preparing to take the bar exam, you can use a bar exam student loan to cover the cost of your bar study prep classes and living expenses. You can borrow up to $16,000, and there are no application, origination, or late payment fees.
| Variable Rates | 4.49% – 11.49% |
| Fixed Rates | 5.49% – 11.99% |
| Loan Amounts | $1,000 up to $16,000 |
| Loan Terms | 20 years |
Loan Eligibility
To qualify for a student loan from Discover, you must meet the following criteria:
- You must be enrolled at least half-time in a bachelor’s or associate’s degree program (or other eligible program if pursuing a graduate, MBA, law, or health professions degree) at an eligible school.
- You must be intending to get a degree.
- You must make satisfactory academic progress as defined by your college.
- You must be a U.S. citizen, permanent resident, or eligible international student with a qualifying cosigner.
- You must be at least 16 years old at the time you apply.
- You must pass a credit check.
Discover does not disclose its minimum credit score or income requirements. However, you’ll generally need good credit to qualify for any private student loan.
Is Loan Prequalification Available?
Unfortunately, Discover doesn’t offer loan prequalification.
Some private student loan lenders offer loan prequalification, a tool where you can answer a few basic questions and get an informal decision from the lender. It can give you an idea of whether or not you’d get approved for a loan and what your interest rate would be without having to submit a full application or undergoing a credit check, which can impact your credit score.
To find out if you qualify for a Discover student loan, you have to submit an application and go through a hard credit inquiry.
Loan Fees
Unlike some other lenders, Discover charges no fees at all. It has no application fees, origination fees, or late fees. And, it doesn’t charge a prepayment penalty, so there’s no downside to paying off your student loans early.
Loan Discounts
Discover offers auto debit rewards. If you sign up for automatic withdrawals for your minimum monthly payment, Discover will reduce your interest rate by 0.25%.
If you agree to make interest-only payments while in school, you’ll also qualify for a 0.35% discount.
Repayment Options
Discover offers 3 loan repayment options:
- In-School Interest-Only: While you’re still in school and during the six months after graduation, you’re required to make interest-only monthly payments. By doing so, you’ll qualify for a 0.35% interest rate discount.
- In-School Fixed: While you’re in school and during the Deferment period after you graduate, you’re required to make fixed payments of $25 per month.
- Deferred: If you prefer, you can defer making any payments until the end of the Deferment period.
The deferment period differs depending on the type of loan that you take out, ranging from 0-9 months.
Rewards
There are 2 possible rewards you can receive:
- Good Grades: If you earn at least a 3.0 GPA (or its equivalent), you’ll get a one-time cash reward on each Discover student loan you have. The award is equal to 1% of the loan amount, so if you have a $10,000 student loan, you’d get a $100 reward.
- Graduation: If you graduate from your degree program less than 6 years after the loan’s disbursement, you may qualify for a Graduation Reward that is equal to 2% of your outstanding loan balance. If your loan balance was $10,000 when you graduated from college, you’d get $200.
You should still check your eligibility and rates from other lenders every year to make sure you’re getting the best loan.
Discover is one of the few lenders that offers multi-year approval. With this option, eligible borrowers can pre-qualify for future undergraduate loans to cover the rest of their education needs. When it comes time to take out your next loan, you can use a pre-filled application, and there’s no impact to your credit.
Are Cosigners Required?
With Discover, cosigners aren’t required. However, many students lack an established credit history or sufficient income to qualify for a student loan on their own. If that’s the case, asking a friend or relative with good credit and steady income to cosign your loan application can help you qualify for a loan and secure a competitive interest rate.
Forbearance and Loan Discharge Options
If you’re facing a financial hardship, such as losing your job, you may qualify for forbearance options with Discover. Depending on your situation, you could postpone making payments for up to 12 months, or Discover could lower your interest rate to make your monthly payment more affordable.
Not all private student loan lenders offer forbearance options, so it’s important to check into hardship programs before submitting a loan application.
Length of Time for Loan Approval and Disbursement
Once you send in your information, it can take 3 to 5 business days for Discover to process your documents. If approved, it can take up to 5 weeks before your loan is disbursed.
Is Student Loan Refinancing Available?
Discover offers student loan refinancing for both federal and private student loans. You can refinance between $5,000 up to the aggregate amount of your education loan debt (maximum limits may apply). Both fixed and variable-rate loans are available. Repayment terms include 10 years or 20 years.
Customer Service
Your student loan servicer is important; it’s who you go to if you have questions or issues about your account or payments.
According to the Annual Report of the Consumer Financial Protection Bureau Student Loan Ombudsman, the Consumer Financial Protection Bureau handled approximately 1,900 consumer complaints about private student loans from September 1, 2019 through August 31, 2020. Out of those complaints, 76—or about 5%—were about Discover.6
That said, Discover’s student loan specialists are available 24 hours a day, 7 days a week. You can reach them by calling 1-800-788-3368, by secure message through your account, or by faxing 1-224-813-5195.
Applying for a Discover Student Loan
Before applying for a private student loan through Discover or another lender, make sure you submit the Free Application for Federal Student Aid and exhaust all of your federal financial aid options. If you still need help paying for school, then you can move forward with your private loan application.
You can apply for a Discover student loan over the phone or online. According to Discover, the application typically takes about 15 minutes to complete.
If you have a cosigner, you both need to fill out a separate application.
To complete the application, you’ll need:
- Your Social Security number
- Selected school information, including field of study
- Loan amount requested
- Expected financial aid
- Financial information, including rent or mortgage payments and income
- Permanent address and in-school address (if applicable)
Once you submit your information, Discover will review your application. In some cases, a representative may reach out to you to ask you to submit additional documentation before they can make a decision. Once they do approve you for a loan, it can take 3 to 5 weeks for your loan to be disbursed.
Paying for College
When it comes to paying for college, it’s a good idea to use all of the scholarships, grants, and federal financial aid available to you first before turning to private student loans.
Discover does offer flexible repayment options, allowing you to defer payments until you graduate. And, it allows borrowers experiencing financial hardships to enter into forbearance and postpone their payments. However, you may find other lenders that offer more repayment terms that meet your needs, so it’s a good idea to shop around and look at multiple private student loan lenders to find the best one for you.FINAL VERDICT
Discover does offer flexible repayment options, allowing you to defer payments until you graduate. And, it allows borrowers experiencing financial hardships to enter into forbearance and postpone their payments. However, you may find other lenders that offer more repayment terms that meet your needs, so it’s a good idea to shop around and look at multiple private student loan lenders to find the best one for you.
discover student loans scholarship award
Discover is a financial services company that offers bank accounts, credit cards, and student loans. If you are a student, you may encounter some of Discover’s financial products including their student credit cards or student loans. Each year, Discover also offers the Discover Student Loans Scholarship to students. This scholarship is an easy scholarship so there is no essay, minimum GPA, or recommendations required. The upside is that it is very easy to apply for and students will also receive tips about paying for college from Discover. The downside is that there will be lots of competition for the scholarship (as so many students can apply).
Who is eligible to apply for the scholarship?
The Discover Student Loans Scholarship Award is open only to residents of the fifty United States, the District of Columbia, and the US territories. Students must be at least 16 years old when they apply and can be high school seniors, college students, community college students, or graduate students. The only caveat is that students must be matriculating to an eligible college, community college, or graduate program within one year of winning the scholarship.
How much is the this scholarship worth?
This scholarship is worth $5,000 and will be awarded to twelve students!
When is the Discover Student Loans Scholarship Award application due?
The deadline is on January 31, 2022 at 11:59 p.m. Remember, this scholarship is offered annually so if you were not a winner, you should check out the scholarship again next year!
Any questions about this scholarship?
If you have any questions you can check out the scholarship’s official rules.
Next steps:
- Apply for the Discover Scholarship online
- Check out other top easy scholarships that don’t require an essay
- If you are a high school senior or current college student, don’t forget to submit your FAFSA application
scholarships
What is a Scholarship?
College scholarships are forms of aid that help students pay for their education. Unlike student loans, scholarships do not have to be repaid. Hundreds of thousands of scholarships and fellowships from several thousand sponsors are awarded each year.
How to Find a Scholarship
Generally, scholarships and fellowships are reserved for students with special qualifications, such as academic, athletic or artistic talent. Awards are also available for students who are interested in particular fields of study, who are members of underrepresented groups, who live in certain areas of the country or who demonstrate financial need.
The best way to find scholarships or internships is to use a personalized search, like Fastweb, that compares your student profile with a database of awards. Only those awards that fit your profile are identified as matches. Fastweb has the largest, most accurate and most frequently updated scholarship database.Jump to Scholarship Groups
Featured Scholarship Providers
$2,000 NICHE NO ESSAY SCHOLARSHIP
Niche knows you are busy and that times are tough. That is why they decided to create the easiest possible scholarship to give something back to students.
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Description
The $2,000 “No Essay” Scholarship is an easy scholarship with no essay required! The scholarship can be used to cover tuition, housing, books, or any education-related expenses.
Eligibility
All high school and college students, as well as anyone looking to attend college or graduate school in the next year are eligible.
Deadline
The deadline falls on the last day of each month. You can apply once each month, with a new winner selected every month. The monthly winner will be determined by random drawing and then contacted directly and announced in Niche’s e-newsletter and on the Scholarship Winners page.
Scholarship Groups
Scholarships are available to students at all school levels and represent various interests and attributes. The scholarship groups below highlight new and interesting opportunities. With the information compiled in these links, students can apply for the scholarships they find best meet their needs.
- Scholarships for Average Students
- Unusual Scholarships
- Full Tuition Scholarships
- Scholarships for Women
- Scholarships for Minority Students
- Scholarships for African American Students
- Community Service Scholarships
- Prestigious Scholarships and Fellowships
- LGBTQ Community Scholarships
- Athletic Scholarships
- Scholarships for College Students
- Scholarships for Asian-Pacific American Students
- Scholarships for Business Students
- 2022 College Scholarships
- Scholarships for The Class of 2022
- Scholarships for The Class of 2023
- Scholarships for Students Challenged with Illness or Disability
- Scholarships for Hispanic and Latino Students
- Scholarships for Indigenous American Students
- Cancer Survivor and Related Scholarships
- Medical School and Pre-Med Scholarships
- Military Scholarships
- Social Media Scholarships
- Fastweb’s Featured Scholarships
How to Get a Scholarship
While every scholarship application is different, as well as every applicant, these actions help students prepare:
- Prepare for the application process
- Follow all directions
- Stay organized
- Check your application very carefully
List Of List Of Scholarships, Grants, And Fellowships For International Students
Fastweb’s College Scholarship Directory
The Fastweb College Scholarship Directory highlights new and large scholarships by category within Fastweb’s state-of-the-art scholarship database. The directory brings together scholarships by student category and every opportunity is approved the Fastweb research team before it reaches their national scholarship database.
With this directory, students have the opportunity to review scholarships by school year, major, student interests, personal circumstances and much more. This is an excellent tool for all students to help them find scholarships to help pay for school.
Top 5 Countries Where Tuition is Free in 2022
If you fail to qualify for fully-funded university scholarships, consider enrolling in universities that are tuition free or charge low tuition fees or those offering tuition fee waivers. Countries like Norway, Austria, Germany, Finland, and Sweden offer different types of free/low tuition schemes and tuition waivers for international students.Last updated: 03 May 2022 |Read More
Top 15 International Scholarships for Developing Country Students
Did you know that there quite a number of international scholarships targeted to students from developing countries? In this article, scholars4dev.com outlines the most popular scholarships that every developing country student should watch out for annually.Last updated: 19 Apr 2022 |Read More
Top 10 Prestigious Scholarships for the Best International Students
If you are a bright, talented, or motivated international student, the best scholarships are for your taking. scholars4dev.com lists the ten most prestigious international scholarship programs out there for the brightest international students from around the world. If you are from a developing country, also see Top 15 scholarships for developing country students.Last updated: 19 Apr 2022 |Read More
35+ International Scholarships for Development-Related Studies
There are a significant number of scholarships that support development-related studies (such as agriculture, education, global health, environment, public policy, peace, water and sanitation etc.) offered by Universities, Foreign Governments, and International Organizations There are also those scholarships that support general fields of study that help in the development of one’s home country.Last updated: 05 Apr 2022 |Read More
15+ Tuition Fee Scholarships offered by Universities for International Students
While there are tuition free universities, there are also universities that offer tuition fee scholarships for excellent international students. Scholarships in the form of full or partial tuition fee waivers are the most common international scholarships offered by Universities. Tuition fee scholarships are the next best thing to fully-funded scholarships!Last updated: 22 Mar 2022 |Read More
10 Distance Learning Scholarships & Tuition Free Online Degree/Courses
If you want to study anywhere or in your own country and at the same time want the benefit of an international education, distance learning education is for you. It is cheaper than actually studying abroad because everything is done online. scholars4dev.com made a list of online degree scholarships and free online courses to help you get an online education for free.Last updated: 22 Mar 2022 |Read More
Top 10 International Scholarships for Women
Through scholarships, women are encouraged to pursue higher education and research in fields such as Science, Business, Finance, Engineering, Computer Science, Information Technology, Peace, and International Development. To celebrate International Women’s Day, scholars4dev.com presents a list of top 10 International Scholarships for Women.Last updated: 08 Mar 2022 |
5+ Chancellor’s/Vice Chancellor’s Scholarships for International Students
Chancellor’s/Vice Chancellor’s Scholarships are some of the most prestigious scholarship awards offered by some Universities in UK and Australia to excellent international students. Typically, it is funded by the Chancellor’s/Vice-Chancellor’s office and could either be in the form of full/partial tuition fee waivers and may include stipend/bursary.Last updated: 08 Mar 2022 |Read More
Germany Tuition Free Universities and Scholarships for International Students
Germany has become a popular destination for foreign students looking for an international education. German Universities offers internationally recognized programs at a relatively cheaper cost compared to UK, USA or Australia. Moreover, there are a significant number of available scholarships that allows foreign students to study in Germany for free.
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