Discover Student Loans
Discover Student Loans

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Frequently Asked Questions: Borrower Application

Below is a list of frequently asked questions. If you need to look up a term or acronym, use our glossary.

Loan eligibility is based on multiple factors. You have to meet general qualifications specific to the loan type you're applying for. In addition, you have to meet certain credit requirements. The credit decision is determined by your credit worthiness including your credit score. A cosigner may be required if you don't meet our credit requirements.
If you have already submitted an application, access your application using your Access Code (or login) and click on "Add Cosigner" to retrieve the Cosigner Key. The Cosigner Key is a code that links the cosigner with the correct student loan application. Give this code to your cosigner so they can start their application or ask your cosigner to call us at 1-800-STUDENT with the Cosigner Key to apply.

We can also send the Cosigner Key to your cosigner directly with instructions to start their application if you provide us their e-mail address. Access your application using your Access Code (or login) and click on "Add Cosigner" to provide us your cosigner's e-mail address.
Our credit decision is based on your credit history and other factors. We need to pull your credit to determine if you are eligible.
Our credit decision and interest rate is determined by multiple factors, not just your credit score. It is important that you know how to establish and maintain good credit. You may be eligible to save even more with money-saving rewards on your student loans.
You may still qualify for a Discover student loan if you attended at least half-time during the calendar year.
Yes, as long as we have a lending relationship with your school and your school's main campus is based in the US.
Yes, you can apply for a Discover student loan with a creditworthy cosigner who is a US Citizen or a Permanent Resident. Learn more about our eligibility criteria for International Students.
You can find information about obtaining an SSN at www.ssa.gov/ssnumber/. If you don't have an SSN, you can apply for Discover student loan if you have a cosigner who is a US Citizen or a Permanent Resident. Parent loan borrowers must have an SSN.
A process completed by the school’s financial aid office that verifies the student’s enrollment status and loan details to ensure that the requested loan amount does not exceed the cost of attendance.
It means we are waiting for the school to confirm eligibility and requested loan amount. After we receive the certification from the school, we will send you a final disclosure.
School certification timeframes vary by school but typically take 3-5 weeks to process. Once the school certifies your loan they will schedule the disbursement date(s) and disbursement amount(s).
The school certifies the amount you qualify for to ensure you do not borrow more than needed. If you think the school certified a lower amount in error, please speak to the financial aid office. If needed, you can take out another loan application for the additional funds.
The best thing to do is talk to the financial aid office. They will be able to give you more information about scholarships and other financial aid options available. You can also learn about more financial aid options.
The school sets the disbursement date based on when the student needs the funds. If funds are needed sooner than this you can talk to the school's financial aid office. They may be able to adjust the disbursement dates.
Your first required in-school payment will be due the month following your first disbursement. You will receive a notice with the payment due date.

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