Discover Student Loans
Discover Student Loans

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Why Choose Discover Student Loans

Zero Fees Required

That means you will not be required to pay loan application, origination or late fees.

Auto Debit Reward

Get a 0.25% interest rate reduction when you are enrolled in automatic payments.  More

Rewards for Good Grades

Get a one-time cash reward on each new Discover student loan when you get at least a 3.0 GPA (or equivalent). More

Repayment Options

Choose from in-school or deferred repayment options and there is never a penalty for prepayment.  More

Your Student Loan Simplified

Apply in 15 minutes or less

Apply from your computer, smartphone or other mobile device, or call us at 1-800-STUDENT.

Add a Cosigner, if needed

Students may have the option to apply with a creditworthy cosigner. Adding a creditworthy cosigner may improve your likelihood for loan approval and you may receive a lower interest rate.

Select Your Interest Rate Type and Repayment Option

Choose from a fixed or variable interest rate and an in-school or deferred repayment option to best fit your needs.

Sign and Accept your Loan

Sign your loan documents electronically and accept your loan terms.

Common Questions

Graduate Loan Features

To qualify, you must:

  • Be enrolled at least half-time in a graduate 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.

  • Each year, you can borrow up to 100% of your 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 you need.

Private student loans are credit based. Students with no credit history or a low credit score may find it difficult to qualify for a private student loan on their own. Students may have the option to apply for a Discover student loan with a creditworthy cosigner. By applying with a creditworthy cosigner, you may improve your likelihood for loan approval and may receive a lower interest rate.

  • A fixed interest rate is set during the time of application and does not change during the life of the loan.
  • A variable interest rate may change quarterly during the life of the loan, if the 3-Month LIBOR changes. This may cause the monthly payment to increase, the number of payments to increase, or both.

What is the cash Rewards for Good Grades?

Doing your homework has its rewards. Get at least a 3.0 GPA (or equivalent) and receive a one-time cash reward for each new Discover student loan (applicable for eligible loan applications submitted on or after May 1, 2014). Reward redemption period is limited.
Learn More 

What is an Auto Debit Reward?

Get a 0.25% interest rate reduction when you are enrolled in automatic payments. To enroll for automatic payments, complete the enrollment form online or call us at 1-800-STUDENT to request a copy of the enrollment form, complete it and mail it back to the address on the form.
Learn More 

Graduate Loan Repayment

If you are in school at least half-time, on active military duty, serving a public service organization or in a medical residency, you may qualify for a deferment. A deferment period is a period of time when a borrower is not required to make any payments. During deferment, interest will continue to accrue. At the end of a deferment period, any unpaid interest will be added to your principal balance. This may increase the amount of your monthly payments and the total cost of your loan(s).
Learn More 

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 is 20 years after the deferment period ends.

What are my repayment options?

  • In-School Interest-Only - Required to make interest-only monthly payments while you are in school and during your grace period to lower your overall loan cost and receive a 0.35% interest rate discount.
  • In-School Fixed - Required to make $25 fixed, monthly payments while you are in school and during your grace period to lower your overall loan cost.
  • Deferred - Monthly payments are not required until 9 months after you graduate or your enrollment drops below half-time.

You can make payments anytime to help reduce the overall cost of your loan and there is never a penalty for prepaying. If you're not receiving monthly billing statements, we will send you quarterly statements showing you how much interest is accruing and how to make optional payments while you are in school.

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 

Compare Graduate Student Loans

The table below compares federal and private student loans for graduate students, including masters and doctoral candidates

Select Loan Type

DISCOVER

Graduate Loan

Federal

Direct Stafford Loan

Federal

Direct PLUS Loan
Borrower Student
(may require a cosigner) 		Student Student
(may require an endorser)
Lender

Discover Bank

 

Government

 

Government

 
Annual Loan Limit
Loan amounts are certified and disbursed through the school.		 Up to 100%
of your cost of attendance1 minus other financial aid. Aggregate loan limits apply. 		Up to $20,500
(certain health profession programs may be higher; contact your financial aid office for exact amounts).
 Up to 100%
of your cost of attendance1 minus other financial aid.
Interest Rate Fixed
xxx - xxx APR

Variable
xxx - xxx APR2
(3-Month LIBOR + xxx to 3-Month LIBOR + xxx)

Lowest rates shown include an interest-only repayment discount and Auto Debit Reward.

APRs reflect interest rates as of xxx.
 6.08% fixed
(for unsubsidized loans with a first disbursement between July 1, 2019 and June 30, 2020).
 7.08% fixed
(for loans with a first disbursement between July 1, 2019 and June 30, 2020).
Origination Fees No fee required 1.059%
of loan amount for subsidized and unsubsidized loans with a first disbursement made on or after October 1, 2019 and before October 1, 2020.
 4.236%
of loan amount for loans with a first disbursement made on or after October 1, 2019 and before October 1, 2020.
Rewards for Good Grades yes no no
0.25% Auto Debit Reward yes yes yes
Payment Deferment while in School No payments are due until 9 months after graduation or enrollment in school less than half-time unless the borrower has elected, during the application process, to make either interest-only or $25  fixed monthly payments while in school and during the grace period.
 No payments due until 6 months after graduation or enrollment in school less than half-time.
 No payments due until 6 months after graduation or enrollment in school less than half-time.
Eligible Academic Programs
Must be enrolled at least half-time		 Graduate degree programs. Degree, certificate, study-abroad or certain distance education programs. For more information, contact your school's financial aid office. Degree, certificate, study-abroad or certain distance education programs. For more information, contact your school's financial aid office.
Repayment Plans 20
years standard repayment.
 10
years standard with flexibility to extend up to
25  years. Multiple repayment options available.

Learn More
 10
years standard with flexibility to extend up to
25  years. Multiple repayment options available.

Learn More
International Student Eligibility yes (with eligible cosigner) no no
FAFSA® Required no yes yes
Credit Check Required yes no yes
Cosigner Depends on your credit evaluation. Applying with a creditworthy cosigner may improve your likelihood for loan approval and may lower your interest rate. no Borrowers with adverse credit history may be required to apply with an endorser.

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  1. Annual cost of attending a specific school, including tuition, fees, room and board, books and supplies, transportation and personal expenses. This amount is determined by your school.
  2. The Annual Percentage Rate (APR) for a variable rate loan may increase during the life of the loan if the 3-Month LIBOR increases. This may result in higher monthly payments, an increase in the number of scheduled payments or both.

    FAFSA is a registered service mark of the U.S. Department of Education.
See Full Comparison

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