Pros and cons to consolidating student loans
While no one should plan on entering forbearance, longer forbearance is reassuring for many students.On the plus side, Discover offers some cash back incentives and is one of the best student loans for cash back rewards.In addition to its high loan limit, Discover Student Loans can consolidate your federal and private loans so you make one loan payment.This won't necessarily lower your payments, but it can make it easier to manage them.So understanding the difference is key to making the right decision for your specific situation.Most of this post will be spent talking about the pros and cons of federal student loan consolidation.It took the company more than two days to respond to our email inquiries, but their phone support was fast and helpful.
However, several other providers let you choose between several repayment lengths.These bonuses are in addition to a 0.25% discount on your interest rate when you schedule automatic loan payments from a checking or savings account.Discover Student Loans also has a scholarship database on its website where you can find scholarships.The cash back bonuses for good grades and graduation are also nice features.But the lack of a cosigner release and a loan term of 15 years makes it one of our least favorite student loan options.
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There are definitely better scholarship search databases, but this one is good, and it's a nice gesture from Discover.