![]() Evaluate the factors below to determine whether it’s the right move for you. Choose the loans that best fit your needs.Refinancing can be a great way to save money on interest on your student loans or make your payments more affordable by choosing a longer term. Compare federal and private student loans. Maximize grants, scholarships, and other free financial aid. Learn more about Discover Student Loans interest rates.īorrow responsibly. If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). The APR will be determined after an application is submitted. Our lowest APRs are only available to applicants with the best credit. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. ![]() This may cause the monthly payments to increase, the number of payments to increase or both. ![]() Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (/termsofr). The 3-Month CME Term SOFR index value for variable interest rate loans is X as of X. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The variable interest rate and corresponding APR may increase over the life of the loan. The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. If you choose to consolidate loans that currently have a cosigner, your cosigner will no longer be responsible for the loans you include in your new consolidation loan. If you choose to apply with a creditworthy cosigner, you may receive a lower interest rate. You need to qualify for the consolidation loan on your own. Once you have decided to consolidate your existing federal and/or private student loans, you will forego the features and benefits associated with those loans. For example, certain repayment options, such as Income-based repayment, loan forgiveness for public service, and other benefits will no longer apply to your new consolidation loan. If you choose to consolidate your federal student loan(s), the features and benefits associated with those loan(s) will not apply to your new consolidation loan. ![]() You have the option to consolidate your federal and private student loans into one loan and monthly payment. To reduce the cost of borrowing, you can make additional payments without penalty. If your repayment term is extended, it will take you longer to pay back your loan and you will increase your total loan cost. ![]() When you consolidate your student loans, you may be able to lower your monthly payment if you qualify for a lower interest rate and/or extend your repayment term. If you have a fixed rate loan(s) and are considering refinancing your loan(s) into a variable rate consolidation loan, you may receive a lower interest rate, but your rate may change if the rate index changes. You'll have the option to choose between a fixed or variable interest rate. ![]()
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