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      July 13, 2020

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iHelp vs Discover Student Loans

To help you find the Best Student Loans, TopConsumerReviews.com provides you with an in-depth comparison of iHelp and Discover Student Loans.

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Apply for Your Student Loan at SunTrust Today As the costs of higher education rise, so does the need for student loans. While some individuals are eligible for federal loans, those loans don't always cover the full cost of getting an education - not just tuition and room/board, but books, laptops, transportation and other expenses. And, people who are ineligible for federal loans don't necessarily have overflowing savings accounts to match their college or university costs.

Private student loans are the way that many students close that gap. On average, students have nearly $40,000 in student loan debt at the time of graduation; without those funds, their aspirations of being a teacher, engineer, or social worker may have been put on hold indefinitely.

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2020

Student Loan Reviews

4 stars
iHelp

I HELP

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Features:

  • No application or origination fees
  • No prepayment penalties
  • No payments required until 6 months after leaving school
  • Interest rate discount available after 24 on-time payments (highest rate only)
  • Cosigner release option after two years of on-time payments
  • ONLY offers variable interest rates, from 3.18% to 8.71% APR
  • Loan repayment term: 20 years
  • Deferment and forbearance options available
  • Customer service: 800-645-7404

If you like the thought of having your student loan financed by a community bank rather than a big-name financial institution, you'll want to check out what iHelp has to offer. Since 2010, they've managed more than $600 million in private student loans as a subsidiary of the Student Loan Finance Corp. (which maintained an A+ rating as an accredited business with the Better Business Bureau at the time of our review).

Eligibitlity requirements

It's important to note that iHelp has a single student loan product: a variable-rate Private Student Loan with a 20-year repayment term, so if you feel more comfortable with fixed-rate products and/or shorter terms, you will want to choose another lender. On the other hand, if current market interest rates leave you feeling like a variable-rate loan is a good thing (as it often is), here's what iHelp requires for eligibility:

  • You're a U.S. citizen, permanent resident, or applying with a cosigner who meets one of those two requirements
  • You're enrolled at least half-time at an eligible school (see site for list of eligible institutions)
  • You and your cosigner are of legal age in your state(s) of permanent residence
  • You and your cosigner have at least 3 years of positive credit history
  • You or your cosigner has an annual income of at least $18,000 for the past 2 years

Your loan must be a minimum of $1,000 ($3,000 in Georgia) and can be a maximum of $100,000 for undergraduate studies and $150,000 for graduate programs.

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Student loan interest rates

Your interest rate will be based in the LIBOR, the interest rate London banks charge each other for loans, which is a common benchmark used for bank rates around the world. At the time we looked at iHelp, their interest rates were as follows:

  • LIBOR + 2.50% (3.18% APR)
  • LIBOR + 4.50% (5.08% APR)
  • LIBOR + 5.75% (6.23% APR)
  • LIBOR + 8.50% (8.71% APR)

Interest rate reduction

Unlike the majority of the lenders we considered, iHelp does not offer a rate discount for making automatic payments to the account. On the other hand, for borrowers who qualify only for the highest interest rate, you may be eligible for a reduction of 0.30% after you have made your first 24 payments on time. We also like that cosigners can be released after those same 24 on-time payments, regardless of the interest rate on the loan.

Loan repayment options

iHelp also has a great range of possibilities for loan repayments. If you're attending school at least half-time, you can opt to make interest-only payments, no payments at all until you graduate or attend less than half-time; or making principal and interest payments as normal. Or, after your loan enters the repayment period; you can also choose principal and interest; interest-only for 24 months, or graduated repayment, which starts with interest-only repayments and moves up gradually until you're making the full principal plus interest payment amount.

Generous deferment options

iHelp also has one of the most generous deferment and forbearance options we've found. Like most lenders, you can defer repayments as long as you're enrolled half-time or more at an eligible school. But, what happens if you have a temporary financial difficulty, military service, or a natural disaster? iHelp will work with you to forbear your payments for up to 24 months, or to make partial payments, if you can demonstrate the need.

Overall, if you're comfortable with the relative uncertainty of a variable-rate loan and like the idea of borrowing from a community bank, iHelp is an excellent option for your student loan.

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3.5 stars
Discover Student Loans

DISCOVER STUDENT LOANS

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Features:

  • No application or origination fees
  • No prepayment penalties
  • No late fees
  • No payments required until 6 months after leaving school
  • Variable interest rates starting at 3.49% APR
  • Fixed interest rates starting at 6.24%
  • Several rewards programs, including good grades and auto debit
  • Customer service: 800-STUDENT (788-3368)

If you think "credit cards" when you hear the name Discover, you'd be right - but they are also one of the nation's largest lenders when it comes to private student loans. Whether you're studying as an undergraduate, heading to graduate school, or need a loan to cover your residency, MBA, or period of study for the bar exam, Discover has a student loan for you.

Undergraduate loan eligibility terms

While eligibility terms depend on the loan you're seeking, here's what you need for a Discover Undergraduate Loan:

  • Enrollment at least half-time in a Bachelor's or Associate's program, seeking a degree
  • Satisfactory academic progress (defined by your school)
  • U.S. citizenship or permanent resident status (or a cosigner who is)
  • Credit check
  • 16 years or older

You can borrow up to 100% of the cost of attendance at your school, including books, housing, tuition and more; the amount will be certified by your school, ensuring that you don't borrow more than you'll actually need.

Unique rewards

It's also no surprise that Discover has rewards that will remind you of their Cashback Bonuses offered with their credit cards. Like many lenders, Discover will give you a .025% interest rate reduction if you enroll in automatic payments during your repayment term. Also, if you get a minimum GPA of 3.0, you can qualify for a one-time cash reward of 1% of your total disbursed loan principal amount. Depending on the size of your loan, that could cover quite a few textbooks!

Low monthly payments

Other benefits of student loans through Discover are low monthly payments ($25/month) if you choose an in-school repayment option, deferment periods if you're on active military duty or serving in a public service organization or medical residency, and an assistant department if you're having financial difficulties that are impacting your ability to repay your student loans.

Loan servicing issues (in the past)

Although Discover Student Loans' perks are attractive, it's important to be aware of their history in the student loans market. Back in 2015, Discover Bank was ordered to pay a fine of $2.5 million dollars to a penalty fund established by the Consumer Financial Protection Bureau, along with returning $16 million to over 100,000 borrowers. The reasons for the fine included illegal debt collection tactics, such as early-morning and late-night calls to borrowers, illegal servicing practices, and other issues. While it appears that Discover has cleaned up its act in the meanwhile, we can't ignore that their loan servicing has had significant issues in the past.

Overall, Discover Student Loans offer significant discounts and cash bonuses to borrowers with competitive terms and rates on their student loans. We give them a good rating that could easily improve as Discover continues to show improvement in honesty and ethics when servicing student loans.

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Continued from above

Fortunately, there are many lenders who want to make it as affordable and simple as possible to complete undergraduate and graduate-level studies. Some represent well-known, established financial institutions, while others work directly with networks of community banks to get much-needed cash into the hands of eager learners.

Comparing offers from lenders can be as easy as going online; in a matter of minutes and mouse clicks, you can see a variety of interest rates, repayment terms, and other details of each program for which you are eligible. This saves you significant time compared with going hat in hand to your local bank or other lending institution, hoping that they will say yes to your loan application.

When deciding on which lender to use for your student loan, you should consider the following factors:

  • Interest rates. The higher your interest rates, the more you pay over the life of the loan. Does the lender have rates that are competitive? Does the lender offer you the choice between fixed and variable rates?
  • Loan terms. What is the repayment term? Does it give you enough time to get a good job and pay it back? Can you pay it off in advance with no penalty?
  • Discounts. Can you get your interest rates lowered by setting up automatic payments from your checking account? Will you get any perks for having a relationship with the lender in other ways, such as a checking account or credit card?
  • Reputation. Some lenders have a solid history of working with borrowers, while others have a not-so-great track record when it comes to customer service after the loan has been disbursed. How does this lender measure up?

TopConsumerReviews.com has reviewed and ranked the best Student Loan providers available today. We hope this information helps you to get the money you need for your studies right away!

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