Get a 0.25% interest rate reduction when you are enrolled in automatic payments. More
Get a one-time cash reward on each new Discover student loan when you get at least a 3.0 GPA (or equivalent). More
Choose from in-school or deferred repayment options and there is never a penalty for prepayment. More
Apply from your computer, smartphone or other mobile device, or call us at 1-800-STUDENT.
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.
Choose from a fixed or variable interest rate and an in-school or deferred repayment option to best fit your needs.
Sign your loan documents electronically and accept your loan terms.
Graduate Loan Features
To qualify, you must:
Graduate Loan Repayment
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.
The table below compares federal and private student loans for graduate students, including masters and doctoral candidates
Federal
Direct Loans for Students
Federal
Direct PLUS Loans for Graduate / Professional Students
DISCOVER Graduate Loan |
Federal Direct Loans for Students |
Federal Direct PLUS Loans for Graduate / Professional Students |
|
---|---|---|---|
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 attendance* 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 attendance* minus other financial aid. |
Interest Rate |
Fixed
|
4.30% fixed (for unsubsidized loans with a first disbursement between July 1, 2020 and June 30, 2021). |
5.30% fixed (for loans with a first disbursement between July 1, 2020 and June 30, 2021). |
Origination Fee | Zero |
1.057% of loan amount for subsidized and unsubsidized loans with a first disbursement made on or after October 1, 2020 and before October 1, 2021. |
4.228% of loan amount for loans with a first disbursement made on or after October 1, 2020 and before October 1, 2021. |
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. Learn More |
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.