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May 21, 2012 06:58 AM Eastern Daylight Time
Discover Student Loans Adds Fixed-Rate Loans for Undergraduate, Health Professions, Law, MBA and Graduate Students
RIVERWOODS, Ill.--()--Discover Student Loans, one of the largest originators of private student loans in the United States, announced today new fixed-rate loans for undergraduate and graduate students with rates as low as 6.79 percent APR.
“For students who want the convenience and simplicity of knowing what their monthly payments will be, Discover’s new fixed-rate loans are a great option”
While Discover continues to offer competitively priced variable rate loans with initial rates as low as the prime rate -- currently 3.25 percent APR -- the new fixed-rate loans provide predictability with a set interest rate for the life of the loan. Discover's fixed-rate loans are designed to have rates comparable to unsubsidized Stafford and PLUS Loans without the up-front origination fees of up to 4 percent.
Like all Discover Student Loans, fixed-rate loans:
- Have zero origination fees
- Are backed by 24/7 customer service
- Come with a 0.25 percent Auto Debit Reward
- Require no payments while students are enrolled in school at least half-time
- Are forgiven in the event of the primary borrower’s death or permanent disability
“For students who want the convenience and simplicity of knowing what their monthly payments will be, Discover’s new fixed-rate loans are a great option,” said Steve Olszewski, senior vice president of student loans for Discover. “Our mix of fixed- and variable-rate loans gives borrowers the ability to choose a loan that better meets their unique circumstances.”
As a responsible lender of private student loans, Discover encourages students and their parents to seek out all available grants, scholarships and free financial aid before taking student loans. Discover also advises students to consider federal student loans and to compare all the features of federal and private student loans to see which loans best fit their needs. Discover requires school certification to help prevent students from borrowing more than they need and disburses funds directly to schools so tuition bills get paid on time.
DiscoverStudentLoans.com has tools and information to help students and parents with each step of the process – from exploring financial aid to repaying student loans. Students can apply at DiscoverStudentLoans.com for fixed- or variable-rate loans for undergraduate, health professions, law, MBA and graduate programs.
For more information, visit DiscoverStudentLoans.com or call 1-877-728-3030 anytime to speak with a student loan specialist.
