We provide the choice of fixed or variable interest rates. Interest rates for private student loans are credit based. Unlike federal student loans, the interest rate is not the same for every borrower. Students with better credit or students applying with a creditworthy cosigner may receive a better interest rate. Learn more about interest rates.
When evaluating student loan options, there are lots of factors to consider. We encourage you to consider fees, interest rate, monthly payment and total loan cost. Learn more about evaluating student loans.
If your application was submitted prior to June 1, 2014, your interest rate is based on the Prime Index. Applications submitted on or after June 1, 2014, will have an interest rate based on the 3-Month LIBOR.
Variable interest rates for new Discover Student Loans are calculated as the 3-Month LIBOR plus the applicable Margin percentage. The interest rate will never be higher than 18% per year, regardless of the 3-Month LIBOR.
For questions about the interest rates for your existing Discover Student Loans, call us at 1-800-STUDENT. Our knowledgeable Student Loan Specialists are ready to help you anytime 24/7.
For new loans, the 3-Month LIBOR will change quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), as 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). In the event that more than one 3-month LIBOR Index rate is published, the rate will be the highest rate published. If the 3-month LIBOR is temporarily unavailable and not published fifteen days prior to the interest rate change date, then we will use the immediately preceding published 3-month LIBOR Index rate. The 3-Month LIBOR is a pricing index and does not represent the lowest or best interest rate available to a borrower at any bank at any given time.
Quarter | 3-Month LIBOR | Set as WSJ 3-Month LIBOR on |
---|---|---|
Apr 1 - Jun 30, 2021 | 0.25% | Mar 17, 2021 |
Jan 1 - Mar 31, 2021 | 0.25% | Dec 17, 2020 |
Oct 1 - Dec 31, 2020 | 0.25% | Sep 16, 2020 |
Jul 1 - Sep 30, 2020 | 0.375% | Jun 16, 2020 |
Apr 1 - Jun 30, 2020 | 1.00% | Mar 17, 2020 |
Jan 1 - Mar 31, 2020 | 2.00% | Dec 17, 2019 |
Oct 1 - Dec 31, 2019 | 2.250% | Sep 16, 2019 |
Jul 1 - Sep 30, 2019 | 2.500% | Jun 14, 2019 |
Apr 1 - Jun 30, 2019 | 2.625% | Mar 15, 2019 |
Jan 1 - Mar 31, 2019 | 2.875% | Dec 17, 2018 |
Oct 1 - Dec 31, 2018 | 2.375% | Sep 14, 2018 |
Jul 1 - Sep 30, 2018 | 2.375% | Jun 15, 2018 |
Apr 1 - Jun 30, 2018 | 2.250% | Mar 16, 2018 |
Jan 1 - Mar 31, 2018 | 1.625% | Dec 15, 2017 |
Oct 1 - Dec 31, 2017 | 1.375% | Sep 15, 2017 |
July 1 - Sep 30, 2017 | 1.375% | Jun 16, 2017 |
Apr 1 - Jun 30, 2017 | 1.25% | Mar 17, 2017 |
Jan 1 - Mar 31, 2017 | 1.00% | Dec 16, 2016 |
Oct 1 - Dec 31, 2016 | 0.875% | Sep 16, 2016 |
July 1 - Sep 30, 2016 | 0.75% | June 16, 2016 |
Apr 1 - Jun 30, 2016 | 0.75% | Mar 17, 2016 |
Jan 1 - Mar 31, 2016 | 0.625% | Dec 17, 2015 |
Oct 1 - Dec 31, 2015 | 0.375% | Sep 16, 2015 |
July 1 - Sep 30, 2015 | 0.375% | June 16, 2015 |
Apr 1 - Jun 30, 2015 | 0.375% | Mar 17, 2015 |
Jan 1 - Mar 31, 2015 | 0.25% | Dec 17, 2014 |
Oct 1 - Dec 31, 2014 | 0.25% | Sep 16, 2014 |
July 1 - Sep 30, 2014 | 0.25% | June 16, 2014 |
Apr 1 - Jun 30, 2014 | 0.25% | Mar 17, 2014 |
3-Month LIBOR is the current Index and is subject to change with notice.