Get a 0.25% interest rate reduction when you are enrolled in automatic payments. More
Apply from your computer, smartphone or other mobile device, or call us at 1-800-STUDENT anytime 24/7.
Choose from a fixed or variable interest rate.
We can verify your loan details with you and your current loan servicers at one time.
Easily sign your loan documents and accept your loan terms online.
Student Loan Consolidation Features
To qualify, you must:
Yes. The following student loans aren't eligible for consolidation:
Once you apply, it can take from 30 to 45 days to process. During that time, we complete the credit review process, you (and your cosigner, if applicable) will sign the loan documents and we will ask you to obtain payoff statements from your current loan servicers. If you prefer, we can schedule a call with you and your current loan servicer(s) to verify the loans you want to consolidate.
Once these steps are complete, we will notify you when your loan(s) are consolidated and provide your new minimum monthly payment amount and due date. Please continue making your monthly payments until we notify you that your consolidation loan has disbursed.
Student Loan Consolidation Repayment
If you go back to school and are enrolled at least half-time, you may be eligible for an in-school deferment. In addition, you can also defer payments while:
Before deciding if consolidating your student loans is right for you, we recommend you consider the possible benefits and impacts of a
consolidation loan and how it may fit with your specific situation and needs.
|Potential Benefits||Other Considerations|
|A lower interest rate||
You'll have the option to choose between a fixed or variable interest rate.
If you have a fixed rate loan(s) and are considering refinancing your loan(s) into a variable rate consolidation loan, you may receive a lower interest rate, but your rate may change if the rate index changes.
|A lower monthly payment||
When you consolidate your student loans, you may be able to lower your monthly payment if you qualify for a lower interest rate and/or extend your repayment term. If your repayment term is extended, it will take you longer to pay back your loan and you will increase your total loan cost.
To reduce the cost of borrowing, you can make additional payments without penalty.
|Simplify monthly payments||
You have the option to consolidate your federal and private student loans into one loan and monthly payment.
If you choose to consolidate your federal student loan(s), the features and benefits associated with those loan(s) will not apply to your new consolidation loan. For example, certain repayment options, such as Income-based repayment, loan forgiveness for public service and other benefits will no longer apply to your new consolidation loan.
Currently, federal loans are not charging interest and loan payments are not required through 1/31/22. Please consider this information as you evaluate what loans you wish to consolidate.
Once you have decided to consolidate your existing federal and/or private student loans, you will forego the features and benefits associated with those loans.
|Apply on your own||
You need to qualify for the consolidation loan on your own. If you choose to apply with a creditworthy cosigner, you may receive a lower interest rate.
If you choose to consolidate loans that currently have a cosigner, your cosigner will no longer be responsible for the loans you include in your new consolidation loan.
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 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.