College Loans
4 Smart Tips for Comparing Student Loan Interest Rates
The advertised interest rate for student loans can be confusing. Here are four tips that can help you compare interest rates.
Variable Rates xxx - xxx APR
Fixed Rates xxx - xxx APR
Select a student loan to help pay for college
UNDERGRADUATE
Student Loans
Opens in same windowFor college students seeking undergraduate degrees
GRADUATE
Student Loans
Opens in same windowFor graduate students in master's and doctoral programs
HEALTH PROFESSIONS
Student Loans
Opens in same windowFor graduate students in health profession programs
MBA
Student Loans
Opens in same windowFor graduate students seeking master's degree in business school
LAW
Student Loans
Opens in same windowFor graduate students attending law school
RESIDENCY
Student Loans
Opens in same windowFor health profession students preparing for residency or internship
BAR EXAM
Student Loans
Opens in same windowFor law students preparing for bar exam
PARENT
Student Loans
Opens in same windowFor parents or other creditworthy individuals
CONSOLIDATION
Student Loans
Opens in same windowFor consolidating your federal and private student loans
See all loans
Opens in same windowSee all loans
Why Choose Discover Student Loans
Up to 100% Covered
Up to 100% of school-certified college costs are covered. Aggregate loan limits apply.
Zero Fees Required
That means you will not be required to pay loan application, origination or late fees.
Valuable Rewards
Get cash rewards for good grades. Plus a 0.25% rate reduction when you're enrolled in automatic payments.
US-Based Loan Specialist
All of our Student Loan Specialists are US-based. We're here anytime day or night to help you.
Not all student loans are created equal
| DISCOVER | Sallie Mae | Wells Fargo | |
|---|---|---|---|
| Rewards for good grades2 | yes | no | no |
| Cover up to 100% of school-certified costs – aggregate loan limits apply | yes | yes | yes |
| Zero fees | yes | no | yes |
| Choose between in-school or deferred repayment options | yes | yes | no |
| Student Loan Specialists available anytime 24/7 | yes | no | no |
| Apply in as little as 15 minutes or less | yes | yes | yes |
Comparisons based on information obtained on lenders' websites or from customer service representatives and are based on student loans where students are the primary borrower as of October 2020.
Student loan resources for students and parents
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Compare Federal and Private Student Loans
Discover Student Loans believes in responsible borrowing and encourages students to maximize scholarships, grants and other free financial aid before taking private loans. For students who need to borrow, we advise them to compare federal and private student loans to find the loans that best fit their needs.
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. For variable interest rate loans, the 3-Month LIBOR is X as of X. 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. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.
Students who get at least a 3.0 GPA (or equivalent) may qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Plus, undergraduate freshman borrowers who received at least a 3.0 GPA (or equivalent) during high school may qualify for an additional cash reward on their first undergraduate student loan. Limitations apply. See Terms and Conditions for complete details.