Item: Discover Student Loans
Rating: 4.4
Author: Matt Carter

Discover Student Loans — part of Discover Bank — offers student loan refinancing as well as private student loans to borrowers nationwide. With Discover, borrowers can take advantage of competitive rates along with multiple repayment assistance options if they find themselves facing economic hardship.

Here’s what you need to know about borrowing and refinancing student loans through Discover:

Discover student loan refinancing
Discover private student loans

Discover student loan refinancing

Best for:

Borrowers who don’t need a cosigner
Borrowers who might need access to payment assistance
Borrowers who want to refinance while still in school

Discover offers student loan refinancing with both fixed and variable interest rates. Additionally, Discover allows borrowers to refinance their loans while they’re still in school.

Discover student loan refinance interest rates and loan details

Discover student loan refinancing is available for both undergraduate and graduate students who are the primary borrowers on the loans they want to consolidate. With Discover, borrowers also have access to deferment, forbearance, and other payment assistance options.


Loan amounts	$5,000 to $150,000 limit (higher limits might apply for certain fields of study)
Loan terms	10, 20 years
Loan types	Federal, private or previously consolidated loans
Min. income	Verifiable income sufficient to support your debts and show a positive repayment history
Residency	Must be a U.S. citizen or permanent resident Must have a U.S. address
Transfer parent loan to child?	No
Cosigner info	No
Fees	No application, origination, or late fees
Prepayment penalty	None
Key benefits	0.25% autopay discount Up to 12 months forbearance over the life of the loan Repayment assistance options available for borrowers facing economic hardship Can defer payments if you return to school at least half time, are on active military duty, work in public service with an eligible organization, or are in a residency program
Education	Degree not required
Best for	Borrowers who don’t need a cosigner Borrowers who want to refinance while still in school Borrowers who might need access to payment assistance

Discover student loan refinance review

With competitive interest rates as well as multiple repayment assistance options, Discover could be a good choice for student loan refinancing.

If you meet its eligibility criteria, you can refinance undergraduate and graduate student loans in amounts ranging from $5,000 to $150,000 (higher limits might apply for certain fields of study).

How to qualify

To qualify for refinancing with Discover, you must:

Be a U.S. citizen or permanent resident
Have a U.S. address
Be 18 or older
Pass a credit check
Have verifiable income that can support your loan repayment
Have positive payment history
Be the primary borrower on the loans you want to refinance

Discover also allows cosigners for borrowers who don’t qualify on their own. However, keep in mind that Discover doesn’t offer cosigner release.

Learn More: Private Student Loan Consolidation

Repayment

There are only two repayment terms available on Discover refinanced loans — 10 or 20 years. Your first student loan payment will be due within 30 to 45 days after the loan is disbursed. If you sign up for automatic payments, you could get a 0.25% rate discount.

Discover also offers several repayment assistance options for borrowers facing economic hardship or other unexpected circumstances:

Deferment: If you return to school at least half time, work for an eligible public service organization, are on active military duty, attend a medical residency program, you might be able to defer payments for three to five years.
Forbearance: If you’re experiencing financial hardship, you can access up to 12 months of forbearance over the life of the loan.
Payment extension: With this option, you could bring your loan current by making three minimum monthly payments within 90 days. Must have been in repayment for at least six months or be at least 60 days delinquent without being in forbearance to qualify.
Reduced payments: This option allows borrowers to reduce their minimum payments (though payments must be at least $50 and must cover monthly interest charges). Your loans must be less than 60 days past due to qualify.

Check Out: Strategies for Paying Off Your Student Loans Faster

How Discover compares to other lenders

Here’s how Discover compares to two of Credible’s partner lenders:


Rates from (APR)	Check with lender	Fixed: 2.16%+ Variable: 2.11%+	Fixed: 2.49%+ ⁶ Variable: 1.99%+ ⁶
Loan repayment terms (Years)	10, 20	5, 7, 10, 15, 20	5, 7, 10, 15, 20
Loan amount	$5,000 to $150,000 limit (higher limits might apply for certain fields of study)	$5,000 to $500,000	$5,000 up to outstanding balance
Min. credit score	Does not disclose	680	Does not disclose
Transfer parent loan to child?	No	Yes	Yes
Cosigner release?	No	Yes, applications accepted after 36 months of consecutive payments	No
Loan servicer	Discover Bank	Firstmark	Missouri Higher Education Loan Authority (MOHELA)
Best for	Borrowers who don’t need a cosigner Borrowers who might need access to payment assistance	Borrowers with good credit Parents who want to transfer Parent PLUS Loans to their child	Borrowers with very good to excellent credit Advanced degree holders in fields like law and medicine
All APRs reflect autopay and loyalty discounts where available \| ¹Citizens Disclosures \| ²College Ave Disclosures \| ³ ELFI Disclosures \| ⁴INvestEd Disclosures \| ⁵ISL Education Lending Disclosures \| ⁶SoFi Disclosures

How to refinance student loans with Discover

You can apply for Discover student loan refinancing on your computer, mobile device, or over the phone. Note that checking to see if you qualify and shopping for rates with Discover might require a hard credit inquiry that could impact your credit score.

Before you refinance, be sure to consider not only Discover but as many lenders as you can to find the right loan for you. Credible makes this easy — while First Republic Bank isn’t one of our partners, you can compare your prequalified rates from other top student loan refinancing lenders in two minutes without affecting your credit.

Credible makes refinancing easy

iHelp isn’t one of our partner lenders. But you can use Credible to compare rates in 2 minutes from other lenders who offer student loan refinancing.

Compare Rates Now
Checking rates won’t affect your credit score

How Discover can improve

While Discover provides valuable benefits, including generous payment assistance options, there are a few ways it could improve:

Provide more repayment options. Many student loan refinance companies offer a wide range of terms, but with Discover, you can only choose between a 10- or 20-year term.
Offer cosigner release. If you apply with a cosigner, you won’t have the option to release them from the loan later on.
Provide prequalification with a soft credit check. Borrowers who want to see if they qualify with Discover must undergo a hard credit check, which can have a negative effect on their credit.

Learn More: Lenders That Will Refinance Student Loans for Non-Graduates

Other lenders to consider

If Discover doesn’t suit your needs, there are plenty of other lenders to consider. Here are Credible’s partner lenders that offer student loan refinancing:

Lender	Fixed rates from (APR)	Variable rates from (APR)	Loan terms (years)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.54%+	N/A	10, 15, 20
Fixed APR: 4.54%+ Variable APR: N/A Min. credit score: Does not disclose Loan amount: $7,500 to $500,000 Loan terms (years): 10, 15, 20 Max. undergraduate loan balance: $250,000 to $500,000 Time to fund: 4 months Repayment options: Immediate repayment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a resident of Kentucky Customer service: Phone Soft credit check: No Cosigner release: After 36 months Loan servicer: Kentucky Higher Education Student Loan Corporation Max. graduate loan balance: $250,000 to $500,000 Credible Review: Advantage Education Loan review Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.15%+	1.87%+	5, 7, 10, 15, 20
Fixed APR: 2.15%+ Variable APR: 1.87%+ Min. credit score: Does not disclose Loan amount: $10,000 to $400,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: $200,000 to $400,000 Offers Parent PLUS Refinancing: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.44%+¹	2.24%+¹	5, 7, 10, 15, 20
Fixed APR: 2.44%+¹ Variable APR: 2.24%+¹ Min. credit score: Does not disclose Loan amount: $10,000 to $750,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $150,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.99%+²	2.94%+²	5, 7, 10, 12, 15, 20
Fixed APR: 2.99%+² Variable APR: 2.94%+² Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: All states except for ME Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: College Ave Servicing LLC Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.16%+	2.11%+	5, 7, 10, 15, 20
Fixed rates: 2.44%+¹ Variable rates: 2.24%+¹ Min. credit score: 680 Loan amount: $5,000 to $500,000 Cosigner release: Yes Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Available in all states, except MS and NV Customer service: Email, phone, chat Soft credit check: Yes Loan servicer: FirstMark Max. undergraduate loan balance: $500,000 Max. graduate loan balance: $500,000 Offers Parent PLUS refinancing: Yes Min. income: $65,000 (for 15- and 20-year products)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	1.8%+	1.8%+	10, 15, 20
Fixed APR: 1.8%+ Variable APR: 1.8%+ Min. credit score: 700 Loan amount: $7,500 to $200,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R) Max. Undergraduate Loan Balance: $150,000 to $249,000 Max. Graduate Loan Balance: $150,000 to $199,000 Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.47%+³	2.39%+³	5, 7, 10, 12, 15, 20
Fixed APR: 2.47%+³ Variable APR: 2.39%+³ Min. credit score: 680 Loan amount: No maximum Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: Mohela Max. Undergraduate Loan Balance: No maximum Max. Graduate Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.47%+⁴	2.44%+⁴	5, 10, 15, 20
Fixed APR: 3.47%+⁴ Variable APR: 2.44%+⁴ Min. credit score: 670 Loan amount: $5,000 to $250,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Academic deferment, military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Yes Max undergraduate loan balance: $250,000 Max graduate loan balance: $250,000 Offers Parent PLUS refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.05%+	3.05%+	7, 10, 15
Fixed APR: 3.05%+ Variable APR: 3.05%+ Min. credit score: 670 Loan amount: $10,000 up to the total amount Loan terms (years): 7, 10, 15 Repayment options: Military deferment, loans discharged upon death or disability Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: AES Max. Undergraduate Loan Balance: No maximum Max. Gradaute Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.89%+	N/A	5, 8, 12, 15
Fixed APR: 2.89%+ Variable APR: N/A Min. credit score: 670 Loan amount: $7,500 to $300,000 Loan terms (years): 5, 8, 12, 15 Repayment options: Does not disclose Fees: None Discounts: None Eligibility: Must be a U.S. citizen and have and at least $7,500 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 12 months Loan servicer: PenFed Max. Undergraduate Loan Balance: $300,000 Max. Graduate Loan Balance: $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.69%+	N/A	5, 10, 15
Fixed APR: 2.69%+ Variable APR: N/A Min. credit score: 680 Loan amount: $7,500 to $250,000 Loan terms (years): 5, 10, 15 Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000 Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Rhode Island Student Loan Authority Max. Undergraduate Loan Balance: $150,000 to $249,000 Max. Graduate Loan Balance: $200,000 to $249,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.49%+ ⁶	1.99%+ ⁶	5, 7, 10, 15, 20
Fixed APR: 2.49%+ ⁶ Variable APR: 1.99%+ ⁶ Min. credit score: Does not disclose Loan amount: $5,000 up to the full balance Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Academic deferment, military deferment Fees: None Discounts: Autopay, loyalty Eligibility: Available in all 50 states Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: No Max undergraduate loan balance: No maximum Max graduate loan balance: No maximum Offers Parent PLUS refinancing: Yes
Compare personalized rates from multiple lenders without affecting your credit score. 100% free! Compare Now Trustpilot
All APRs reflect autopay and loyalty discounts where available \| ¹Citizens Disclosures \| ²College Ave Disclosures \| ³ ELFI Disclosures \| ⁴INvestEd Disclosures \| ⁵ISL Education Lending Disclosures \| ⁶SoFi Disclosures

Why Credible

Our hope is that this will be a win-win situation for you and us — we only want to get paid if you find a loan that works for you, not by selling your data. This means Credible will only get paid by the lender if you finish the refinancing process and a loan is disbursed.

Additionally, Credible charges you no fees of any kind to compare your refinancing options.

Frequently asked questions about student loan refinancing

Here the answers to several commonly asked questions regarding student loan refinancing:

Is it better to refinance or pay extra principal?

This depends on your interest rate and whether you can afford to make extra payments. For example, if you can qualify for a lower interest rate through refinancing and could save money, then refinancing might be a better idea.

But if you can afford to make extra payments to pay down your principal and get out of debt faster, then that could be the better option for you. Keep in mind that you could also refinance while continuing to make additional payments.

Tip: You can use Credible’s student loan repayment calculator to see how long it’ll take to pay off your student loan debt as well as how increasing your payments can change the payoff date.

Check Out: How to Decide Which Student Loan to Pay Off First

Is it worth refinancing student loans?

While refinancing can be worth it in some cases, it might not be the best idea in others. For example, if you can qualify for a lower interest rate or more favorable terms, then refinancing could be worth it.

But if you have federal student loans and don’t want to lose access to federal benefits and protections — such as income-driven repayment plans and student loan forgiveness programs — then it’s likely better not to refinance.

Learn More: When to Refinance Student Loans

How much does it cost to refinance student loans?

The cost of refinancing differs depending on:

Interest rate, which a percentage of your loan principal charged by the lender
Repayment term, which will impact how much you pay in interest over time
Any fees charged by the lender, such as application fees or prepayment penalties

Note that each of these can vary depending on your credit, the term you choose, and the lender. Be sure to compare as many lenders as you can to keep your refinancing costs low.

Check Out: How to Spot Student Loan Forgiveness Scam Warning Signs

Does refinancing student loans hurt your credit?

When you apply for refinancing, the lender will perform a hard credit check to determine your creditworthiness. This can cause a slight dip in your credit score — though this is usually only temporary, and your score will likely bounce back within a few months.

Additionally, keeping up with your new loan through on-time payments could actually help build your credit over time — which means the positive benefits could outweigh any initial negative impact.

Learn More: How to Find Your Student Loan Balance

Is there a downside to refinancing student loans?

While there are several potential benefits that come with refinancing, it’s important to consider the possible downsides, such as:

Loss of federal protections: Refinancing federal student loans will cost you your federal benefits and protections.
Lack of repayment plans: Unlike with federal student loans, private student loan repayment options are generally limited. For example, refinanced loans typically don’t offer extended or income-driven repayment plans.

Check Out: Before Paying Off Your Student Loans Early, Read This

Discover private student loans

Best for:

Borrowers with good credit who can qualify for competitive rates
Borrowers who want to take advantage of rewards for good grades
Borrowers who need to pay for medical school, law school, or other advanced programs

4.4

Credible rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Rates and terms

Fees and Discounts

Customer Experience

Discover Private Student Loans

Loan amount

Total amount you can borrow from this lender

Up to cost of attendance

Loan terms (years)

How many years you have to repay the loan

15, 20

Min GPA

Minimum GPA needed to borrow

Yes

Cosigner release

Discover isn’t one of our partner lenders.
But you can use Credible to compare rates from other private student loan lenders in 3 minutes.

Check Personalized Rates

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View Details

Fixed APR: 4.84% - 12.39%⁶
Variable APR: 1.59% - 11.37%⁶
Min. credit score: Does not disclose
Loan amount: Up to cost of attendance
Loan terms (years): 15, 20
Min GPA: Yes
Cosigner release: No

Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
Fees: None
Discounts: Autopay, good grade discount, cash reward for on-time graduation
Eligibility: Must be a U.S. citizen, permanent resident, or international student with a qualifying cosigner, as well as be making satisfactory academic progress.
Customer service: Email, phone
Soft credit check: Yes
Loan servicer: Discover Bank

Discover offers an array of private undergraduate and graduate loans at both fixed and variable rates with no fees. Discover provides school, military, public service, and residency deferment options, as well.

Discover student loans: Interest rates and loan details

With Discover, students can borrow for undergraduate, graduate, or professional programs. It might also be an ideal lender for students who realize that their financial aid package didn’t provide them with enough funding to fully pay for college.


Credible rating	4.4
Rates from (APR)	Fixed: 4.24%+ Variable: 1.24%+
Loan amounts	$5,000 to 100% cost of attendance
Loan terms	15, 20 years
Min. credit score	Does not disclose
Min. income	$18,000
Residency	Be a U.S. citizen, permanent resident or international student (international students require a cosigner who is a U.S. citizen or permanent resident)
Fees	No late fees
Key benefits	0.25% autopay discount Three repayment plans to choose from Rewards program for good grades Program specific loans, such as business, medical, and law
Enrollment	Be enrolled at least half-time in a Bachelor's or Associate's degree program at an eligible school Be making satisfactory academic progress as defined by your school
Repayment plans	Immediate full payment, interest only, full deferral, minimum payments
Cosigner info	Yes, after 24 months
Loan servicer	Discover Bank
Best for	Borrowers who need a cosigner Borrowers who might need access to payment assistance

What is Discover Student Loans?

When most people think of Discover, they think of the company’s banking, credit cards, and personal loan options. But Discover also offers student loans at competitive rates, called Discover Student Loans, which can be extremely helpful to borrowers who don’t receive enough funding by completing the FAFSA.

What kinds of student loans does Discover offer?

Discover offers a wide variety of student loans to both undergraduate, graduate, and professional students (business, medical, and law). The loan amount ranges from $1,000 to 100% of your school-certified cost of attendance (including tuition, housing, books, and other fees or expenses). Aggregate loan limits apply.

In addition to traditional student loans, Discover offers a number of program-specific loans. For example, medical students who are about to enter their residency may apply for a loan to cover their medical residency and relocation costs, and law students who are preparing for the bar exam may apply for a loan to cover the costs of Bar study classes and living expenses.

Discover has knowledgeable, U.S.-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, borrowers receive a 0.25% interest rate reduction.²

Eligibility requirements for Discover Student Loans

Generally speaking, in order to qualify for a Discover student loan, you’ll need to meet these eligibility requirements:

Be enrolled at least half-time in a Bachelor’s or Associate’s degree program at an eligible college or in a Masters and Doctoral degree program at an eligible graduate school
Be seeking a degree
Be making satisfactory academic progress as defined by your school
Be a U.S. citizen, permanent resident or international student (international students require a cosigner who is a U.S. citizen or permanent resident)
Be 16 years or older at the time you apply
Pass a credit check

Though Discover does not list its credit requirements, most student borrowers, especially for undergraduate studies, have a limited credit history that will make it difficult to qualify for a student loan on their own.

In these instances, applying with a cosigner who has good credit can be very helpful. The better your, and your cosigner’s, credit history, the lower your interest rate will ultimately be.

How to apply for a Discover student loan

The application process itself is fairly simple and only takes about 15 minutes from start to finish. That said, you’ll need to make sure you have some information handy before you begin your application:

Your permanent address
Your Social Security number
The name of the school you are applying to (or attending)
Employment information (if applicable)
Financial information (including any rent or mortgage payments you may have)

For borrowers who are applying with a cosigner, it doesn’t matter who begins the application. If the student has already submitted their application, the cosigner should ask the student for the Cosigner Key to complete the cosigner application. If the student has not submitted their application yet, the cosigner can start the application process as a cosigner for the student.

What repayment plans are available for Discover Student Loans?

When it comes time to repay your Discover Student Loans, it’s important to understand what options are available to you.

All of Discover’s student loan offerings come with three repayment plan options:

Deferred repayment: No need to make monthly payments until 6 months after graduation or enrollment drops below half-time status for undergraduate, or 9 months for graduate programs. Deferred repayment is likely to result in more interest charges, and can be the most expensive repayment plan.
In-school interest only repayment: Interest-only payments while you’re in school and during your grace period can help you avoid capitalization. You also receive an interest rate discount. This repayment plan can save you money over the life of your loan because interest charges won’t pile up while you’re still in school.
In-school fixed: You will make fixed monthly payments of $25 a month while enrolled in school and during your grace period. This repayment plan is designed to pay down at least a portion of any accrued interest (though possibly not all), which can reduce the amount of interest that capitalizes when you enter repayment.

As is always the case with student loans, you have the right to pay down principal anytime you’re able — there are no penalties for prepayment. So borrowers who want to begin making full payments of interest and principal while they’re still in school have that option.

Unfortunately, Discover does not offer different loan terms. Undergraduate loans are 15-year loans, while graduate and professional loans are all 20-year loans.

Discover Student Loans review

There are some areas in which Discover stands out from the pack and other areas where they may fall a little short. Prospective borrowers and those looking for private student loans should be sure to consider both before submitting an application.

Reviews for Discover Student Loans are generally positive and focus on the fact that the company has great private loan rates with no application, origination, or late fees. You can read some reviews from Discover customers on their website, where the company maintains a record of 4.5 out of 5 stars.

Discover borrower benefits

Easy application: The company says that applying for a student loan takes as little as 15 minutes.
A U.S.-based loan specialist: All of Discover’s loan specialists are based in the United States and are available 24/7 by phone to help you navigate customer support issues.
Zero fees: Discover does not charge loan origination, application, or late fees.
Multiple repayment plans: Borrowers can choose from three repayment plans to select the option that works best for their own unique financial situation.
Full tuition coverage: Borrowers can borrow a total of up to 100% the cost of attending their school, including tuition, room and board, other school-certified expenses. Aggregate loan limits apply.
Options for undergraduate, graduate, and professional students: No matter the level of education you are looking to fund, Discover likely has options for you, including loans for those seeking professional degrees (law, medical, MBA), and loans for law and medical students looking to cover living expenses during residency or bar exam prep.
Competitive rates: Though higher interest rates than federal student loans, Discover’s student loans carry competitive interest rates and are offered as both fixed and variable-rate loans.
Interest rate reduction: Borrowers who sign up for autopay may qualify to reduce their interest rate by up to 0.25%, saving hundreds of dollars over the life of a loan.
Rewards for good grades: Students with a GPA of at least a 3.0 or equivalent can receive a one-time cash reward on each new Discover undergraduate and graduate student loan.
Helpful Tools: Discover has a wide library of helpful information and articles that borrowers can use to learn more about navigating financial aid.
Scholarship opportunities: Borrowers can also enter to win a $5,000 scholarship through Discover to help afford college.

Consider the following before taking out a Discover student loan

Higher interest rates compared to federal student loans: Though competitive amongst private lenders, Discover Student Loans may carry higher interest rates compared to federal student loans for some borrowers.
Interest begins accruing immediately: Whereas subsidized federal student loans don’t begin accruing interest while a borrower is enrolled as a student, during their grace period, or during periods of qualified deferment, interest will begin accruing on student loans borrowed from Discover as soon as they are disbursed, as is common for most private student loan providers.
Lack other benefits common to federal student loans: Federal student loans are preferable to private student loans for a number of reasons. In addition to low interest rates, federal loans offer borrowers benefits including student loan forgiveness possibilities and options for income-based repayment, which you won’t find with Discover (or most other private lenders).
Students without a cosigner may be denied: If you’ve got a limited credit history (as is typical of most first-time borrowers) and no cosigner to help you apply, Discover may not approve you for a student loan. If you are approved, be prepared to pay a higher interest rate due to the increased risk you present to the company.

Scholarships

Like other lenders and loan servicers, Discover chooses to give back to students in various ways. Recently, the company launched a scholarship sweepstake that will give away $60,000 in scholarships between February 1, 2019 and January 31, 2020 to current, eligible high school seniors, undergraduate students, and their parents.

Overall, Discover stands out as a student loan lender with no fees required and great interest rates that offer more rewards and discounts that many of their competitors.

The bottom line

In addition to offering competitive rates and a number of repayment plans for undergraduate, graduate, and professional students, Discover offers benefits like rewards for good grades which are unique amongst lenders.

Because each student loan lender determines the rate they’ll offer you on a case-by-case basis, it’s impossible to find your best rate without comparing multiple lenders first. Credible makes this easy — although Discover isn’t a Credible partner, you can request your rates from other top lenders in two minutes.

Lender	Fixed Rates From (APR)	Variable Rates From (APR)	Get Rates Through Credible
View details	2.91%+	1.48%+	Get Rates Ascent review
Fixed rates from (APR): 2.91%+ Variable rates from (APR): 1.48%+ Loan terms (years): 5, 7, 10, 12, 15, 20 (depending on loan type) Loan amount: $2,001 - $200,000 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program Customer service: Email, phone Soft credit check: Yes Min. credit score: 540 Cosigner release: After 24 months Loan servicer: Launch Servicing, LLC Ascent student loans review
View details	3.23%+¹	1.03%+¹	Get Rates Citizens Bank review
Fixed rates from (APR): 3.23%+¹ Variable rates from (APR): 1.03%+¹ Loan terms (years): 5, 10, 15 Loan amount: $1,000 - $350,000 (depending on degree) Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Min. credit score: 720 Cosigner release: After 36 months Loan servicer: Firstmark Services Citizens Bank student loans review
View details	2.94%+^2,3	0.99%+^2,3	Get Rates College Ave review
Fixed rates from (APR): 2.94%+^2,3 Variable rates from (APR): 0.99%+^2,3 Loan terms (years): 5, 8, 10, 15 Loan amount: $1,000 up to 100% of the school-certified cost of attendance Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Min. credit score: Does not disclose Cosigner release: After 24 months Loan servicer: University Accounting Service LLC College Ave student loans review
View details	3.0%+	2.17%+	Get Rates EDvestinU review
Fixed rates from (APR): 3.0%+ Variable rates from (APR): 2.17%+ Loan terms (years): 7, 10, 15 Loan amount: $1,000 - $200,000 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000. Customer service: Email, phone Soft credit check: Yes Min. credit score: 750 Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R) EDvestinU student loans review
View details	3.83%+⁸	1.69%+⁸	Get Rates INvested review
Fixed rates from (APR): 3.83%+⁸ Variable rates from (APR): 1.69%+⁸ Loan terms (years): 5, 10, 15 Loan amount: $1,001 up to 100% of school certified cost of attendance Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school Customer service: Email, phone, chat Soft credit check: Yes Min. credit score: 670 Cosigner release: After 48 months Loan servicer: American Education Services INvestEd student loans review
View details	3.75%+	n/a	Get Rates INvested review
Fixed rates from (APR): 3.75%+ Variable rates from (APR): N/A Loan terms (years): 10, 15 Loan amount: $1,500 or $2,000 up to school’s certified cost of attendance (depending on school type and minus other aid received) Repayment options: Full deferral, interest only, immediate repayment Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Min. credit score: 670 Cosigner release: After 48 months Loan servicer: American Education Services (AES) MEFA student loans review
View details	3.5% - 12.6% APR⁹	1.13% - 11.23% APR⁹	Get Rates Sallie Mae review
Fixed rates from (APR): 3.5% - 12.6% APR⁹ Variable rates from (APR): 1.13% - 11.23% APR⁹ Loan terms (years): 5, 15 Loan amount: Up to 100% of the school-certified cost of attendance Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner. Customer service: Phone Soft credit check: Yes Min. credit score: Does not disclose Cosigner release: After 12 months Loan servicer: Sallie Mae Sallie Mae student loans review
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available \| ¹Citizens Disclosures \| ^2,3College Ave Disclosures \| ⁷EDvestinU Disclosures \| ⁸INvestEd Disclosures \| ⁹Sallie Mae Disclosures

About the author

Taylor Medine

Taylor Medine is a Credible authority on personal finance. Her work has been featured on Bankrate, Experian, The Balance, Business Insider, Credit Karma, and more. She’s also the author of The 60-Minute Money Plan, a self-published intro to budgeting guide for people who hate budgeting.

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