Discover Student Loans is a part of Discover Bank, a trusted U.S banking institution. Discover private student loans are offered at fixed and variable rates for undergraduate and graduate students who need additional education financing. Read on for Discover student loan reviews, rates, and benefits.
Discover Student Loans Highlights
- Great private student loan rates
- Rewards for good grades
- Scholarship sweepstakes
Discover Student Loans offers an array of private undergraduate and graduate loans at both fixed and variable rates. Variable interest rates start at 3.87% APR and fixed interest rates start at 6.24% APR with no fees whatsoever. Discover provides in school, military, public service, and residency deferment options.
Discover Student Loan Rates1:
(Valid as of July 1, 2017)
|Loan Type||Fixed Rate APR||Variable Rate APR|
|Undergraduate||6.24% - 12.49%||3.87% - 10.12%|
|Graduate, MBA, Law, Health Professions||6.24% - 12.99%||3.87% - 11.12%|
|Residency loans, Bar Exam loans||6.99% - 11.49%||5.12% - 9.87%|
Interest rates do not include an auto-debit payment reduction and reflect APR on a non-deferred loan. The APR on a deferred loan may be lower. See additional details about Discover student loans here.
Discover Student Loans has knowledgeable, US-based Student Loan Specialists ready to help customers 24/7 for the life of the loan. Borrowers can check their loan balance through an online account or over the phone. Payments can be made online, over the phone, by mail, or set up to be automatically deducted from a checking or savings account. While enrolled in automatic payments during repayment, borrowers receive a 0.25% interest rate reduction2
Discover Student Loans distinguishes itself from other lenders by offering rewards for loans. Students with a GPA of at least a 3.0 or equivalent can receive a cash reward of 1% of the loan amount3.
Like other lenders and loan servicers, Discover chooses to give back to students in various ways. Recently, the company launched a scholarship sweepstakes that will give away $100,000 in scholarships between March 2017 and December 2017 to current, eligible high school seniors, undergraduate students and their parents.4
Overall, Discover Student Loans stand out as a lender with zero fees and great interest rates that offer more rewards and discounts than many of their competitors.
Who should explore Discover Student Loans?
Discover Student Loans offers private loans for undergraduates and graduates pursuing a number of professional fields including business, law, health professions and more. Discover offers a number of deferment and in-school repayment options as well as a number of calculators for those who wish to actively manage their student loan payments. Those with strong GPAs should take advantage of the rewards Discover offers.
Discover Student Loan Review:
Reviews for Discover Student Loans are generally positive. Several student loan sites profile private lenders and Discover ranks near the top. Most Discover student loan reviews focus on the fact that the company has great private loan rates with no origination fees. They also provide discounts to their borrowers as well as repayment options that can assist borrowers who have difficulty repaying their loan.
Credible is a multi-lender marketplace that allows borrowers to request competitive student loan offers from vetted lenders, without affecting their credit scores. Credible does receive compensation from Discover in exchange for online advertisements on our website.
1 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 LIBOR is 1.375% as of July 1, 2017. 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
2 Please visit https://www.discover.com/student-loans/policies/auto-debit-reward-policy.html for any applicable auto debit reward terms and conditions.
3 At least a 3.0 GPA or equivalent qualifies for a one-time cash-reward of 1% of the loan amount of each new Discover student loan. Reward redemption period is limited. Please visit https://www.discover.com/student-loans/policies/rewards-for-good-grades-policy.html for any applicable reward terms and conditions.
4 View the Official Rules at: https://scholarship.collegecovered.com/rules.html.