Consolidate your student loans

When you refinance your student loans, you may be able to put more money back into your budget.

Variable Rates xxx - xxx APR

Fixed Rates  xxx - xxx APR

By consolidating federal and private student loans, you may be able to:

  • Lower your interest rate
  • Lower your monthly student loan payments
  • Simplify with one loan and one monthly payment

See if student loan consolidation is right for you

Discover® Student Loans has you covered

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Zero Fees

That means no application, origination or late fees.

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Eligible Loans

Eligible Loans

Consolidate your federal and private student loans.

Relax, we make student loan consolidation simple

1

Apply in minutes

Start your application on a computer, smartphone or other device, or call us at 1-800-STUDENT.

2

Set your own terms

Choose from a fixed or variable interest rate.

3

Verify the loans to consolidate

We can verify your loan details with you and your current loan servicers at one time.

4

Sign and accept

Easily sign your loan documents and accept your loan terms online.

Common Questions

Student Loan Consolidation Features

A private consolidation loan is a private student loan that combines and refinances multiple education loans into one new loan with a new interest rate, repayment term and monthly payment amount. This could result in a lower interest rate and/or a lower monthly payment. If you are extending your repayment term, this could result in an increase in your total cost over the life of the loan.

To qualify, you must:

  • Be a US citizen or permanent resident with a US-based address.
  • Be 18 years or older at the time you apply.
  • Pass a credit check.
  • Have no more than $150,000 in aggregate student loan debt. Higher limits may apply for specific fields of study.
  • Have verifiable income sufficient to support your debts and show a positive repayment history.
  • Be the primary borrower on the loans you want to consolidate.
Subject to credit approval, you can consolidate up to the aggregate amount of your education loan debt. Maximum limits may apply. The minimum consolidation loan amount is $5,000.
You can choose to consolidate one, some or all of your eligible student loans. We recommend you compare your current loan terms against the consolidation loan terms. For example, you may not want to include loans with a lower interest rate than the consolidation loan. Find out if student loan consolidation is right for you.

Yes. The following student loans aren't eligible for consolidation:

  • Loans for K-12 education,
  • Post-graduate loans (e.g., bar exam loans, residency loans) and private parent loans,
  • Loans that weren't used for qualified education expenses,
  • Loans taken out while enrolled less than half-time,
  • Loans originated and/or serviced outside of the United States and
  • Loans that weren't used for qualified education expenses for yourself, your dependent or your spouse.
You will have 30 days, from Approval Disclosure, to accept the loan terms and a three-day right-to-cancel period, following Final Disclosure, before the consolidation is complete. However, once your loan is disbursed, and we pay off your existing loans, the process cannot be reversed.
Yes, you can include a prior consolidation loan if the loans you consolidated were used solely to pay off qualified higher education expenses and they meet the minimum loan amount of $5,000.
Once you've received the Approval Disclosure and accepted the loan terms, no additional loan(s) can be added. If you need to add a loan, you can cancel your existing application and reapply with the additional loan(s).

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.

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.

Your interest rate will be based on your credit history, your choice of a fixed or variable interest rate, and your cosigner's credit history (if applicable).
  • A 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.
  • A variable interest rate may change quarterly during the life of the loan if the rate index changes. This may cause the monthly payment to increase, the number of payments to increase, or both.
The variable rate for student loan applications received on or after November 14, 2021 is based on 3-Month CME Term SOFR index. 3-Month CME Term SOFR (Secured Overnight Financing Rate) is a rate index based on what the market expects rates to be over the next three-month time period. You can find more information on 3-Month CME Term SOFR at CME Group.

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Get a 0.25% interest rate reduction while enrolled in automatic payments. To enroll, log in to your secure account or call us at 1‑800‑STUDENT.
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Student Loan Consolidation Repayment

Yes. You can choose to consolidate while you are still in school, during your grace period or after your grace period expires. If you choose to consolidate while you are still in school or during your grace period, you will lose any remaining grace period on the loans that you are consolidating, and you will begin making payments approximately 30-45 days after your loan is disbursed.
A repayment period is the period of time during which scheduled payments are required to be made to repay the principal balance and interest on a loan. Your repayment period can be 10 or 20 years, based on your creditworthiness.
Your first payment will be due approximately 30-45 days after your consolidation is complete and the loan is disbursed.
There is no pre-payment penalty. Making additional payments can help you lower the total cost of your loan.

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:

  • On active military duty (up to 3 years)
  • In public service with certain eligible organizations (up to 3 years)
  • In a health professions residency program (up to 5 years)

Learn more 

If you are experiencing financial difficulties and you are unable to make your student loan payments, we have options to help. To learn more and determine if you qualify, please call our Repayment Assistance Department at 1-800-STUDENT.
Learn more 

Is student loan consolidation right for you?

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.
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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.

Consolidation resources for students and parents

  1. 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 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.