The lowest rates shown are available for the most creditworthy applicants for the Discover Undergraduate Loan and include a 0.25% interest rate reduction for automatic payment. Please review Terms and Conditions at www.discoverstudentloans.com/autodebitreward. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month 0.375% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1, and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit https://www.discover.com/student-loans/interest-rates.html for more information about interest rates.
Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Terms and Conditions Apply.
A repayment period is the period of time during which scheduled payments are required to be made to repay the principal balance and interest on a loan. For Discover Undergraduate Loans, the repayment period is 15 years. For Discover Graduate, Health Professions, Law and MBA Loans, the repayment period is 20 years.