The student loan process: Your guide to applying for federal and private loans
Learn how to apply for federal and private student loans. Discover Student Loans explains how the two application processes differ.
Awarded Best for Undergraduate Students
2022 Bankrate Awards for Best Student Loans
Select a student loan to help pay for college
See how we calculate our ratings
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
Consolidation
Student Loans
Opens in same windowFor consolidating your federal and private student loans
Parent
Student Loans
Opens in same windowFor Parents or other creditworthy individuals
See All 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
That means no 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.
See how we compare
| Discover® | Sallie Mae | Citizens Bank | |
|---|---|---|---|
| Celebrates hard work with a cash reward for good grades1 | yes | no | no |
| Zero fees | yes | no | no |
| Customize your loan with rate and repayment options | yes | yes | yes |
| Offers a free search tool to find scholarships | yes | yes | no |
| Apply in minutes | 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 November 2022.
Common student loans FAQ
We offer the following types of private student loans to help you cover up to 100% of tuition, housing, books and more. Aggregate loan limits apply.
- Discover Undergraduate Loan
- Discover Health Professions Loan
- Discover Residency Loans
- Discover Law Loan
- Discover Bar Exam Loans
- Discover MBA Loan
- Discover Graduate Loan
- Discover Parent Loan
To qualify for an undergraduate or graduate private student loan, you must
- Be enrolled at least half-time in a degree program at an eligible school.
- Be seeking a degree.
- Be making satisfactory academic progress as defined by your school.
- Be a US citizen, permanent resident or international student (International students require a cosigner who is a US Citizen or permanent resident).
- Be 16 years or older at the time you apply.
- Pass a credit check.
Click here for Parent Loan eligibility requirements.
Click here for Residency Loan eligibility requirements.
Click here for Bar Exam Loan eligibility requirements.
Click here for Consolidation Loan eligibility requirements.
For undergraduate and graduate student loans and parent loans, you can borrow up to 100% of the school-certified cost of attendance (including tuition, housing, books and more) minus other financial aid. Aggregate loan limits apply. The minimum amount is $1,000 for each loan. We certify and disburse loan amounts through your school so you do not borrow more than needed.
Use this student loan calculator to estimate how much you may need to borrow.
Click here for borrowing limits for Residency Loans.
Click here for borrowing limits for Bar Exam Loans.
Click here for borrowing limits for Consolidation Loans.
Use this student loan calculator to estimate how much you may need to borrow.
Click here for borrowing limits for Residency Loans.
Click here for borrowing limits for Bar Exam Loans.
Click here for borrowing limits for Consolidation Loans.
Federal student loans are available through the US Department of Education, feature fixed interest rates, and offer several repayment options. Private student loans are education loans offered by banks or other lenders, are credit-based and have fixed or variable interest rates.
A certified private student loan requires the school to verify the amount you are borrowing and tells the lender when to disburse the funds. This helps ensure you borrow only what is needed. Non school-certified loans do not require the school to verify the amount you are borrowing. These loans typically have higher interest rates.
While you may apply on your own, most undergraduate students will need to apply with a creditworthy cosigner to meet our eligibility requirements, which include but are not limited to an established and satisfactory credit history. Even if you meet our requirements, you may still want to consider applying with a cosigner who has a stronger credit history and income to help you qualify for a lower interest rate.
We encourage you to borrow responsibly and maximize grants, scholarships and other free financial aid before taking student loans. If you need to borrow, compare federal and private student loans and choose the loans that best fit your needs.
Student loan resources for students and parents
Previous Slide
Next Slide
FAFSA® mistakes to avoid when applying for financial aid
Avoid common FAFSA mistakes with Discover Student Loans. Learn how many schools you can list, whether to include Social Security, and more to help you fill out the FAFSA correctly.
Your student loan guide: how to evaluate student loans
When evaluating student loans, look at a number of factors such as fees, interest rates, repayment plans, and borrower benefits.
Your ultimate guide to the FAFSA®
Learn what the FAFSA is and how filling it out early can benefit you and your finances as you prepare for college financial aid and student loans.
Ten ways to lower tuition costs
These tips from Discover Student Loans can help you reduce tuition costs. After maximizing free financial aid, learn how to lower college tuition costs.
7 tips on how to choose a school for undecided majors
Getting ready for college but haven't decided your major yet? Read these tips on starting school with an undecided major, from Discover Student Loans.
Everything you need to know about athletic scholarship requirements
Congratulations on getting an athletic scholarship! Now make sure you meet the requirements and have all the info you need with Discover Student Loans.
Can you enroll in two colleges at once?
Learn how enrolling in two colleges at once can save you money and time. Dual enrolling in community college and a four-year university may be right for you. Discover Student Loans outlines the benefits.
Subsidized vs. unsubsidized loans: What’s the difference?
Learn the difference between Subsidized and Unsubsidized Federal Direct Loans with Discover Student Loans. Direct Loans were previously known as Direct Stafford Loans.
What’s the difference between private and federal student loans?
How are federal and private student loans different? Read how interest rates, origination fees, and other factors differ with Discover Student Loans.
Compare Federal and Private Student Loans
Students who get at least a 3.0 GPA (or equivalent) may qualify for a one-time cash reward of 1% of the loan amount on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Visit DiscoverStudentLoans.com/Reward for reward and redemption terms and conditions.
The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate and corresponding APR may increase over the life of the loan. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is X as of X. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover Student Loans interest rates.
Borrow responsibly. 1. Maximize grants, scholarships and other free financial aid. 2. Compare federal and private student loans. 3. Choose the loans that best fit your needs.