
Financing College
What to Do if You Can't Afford to Put Your Child Through College
Find out about the options available if you can't afford college for your child. After scholarships and grants, learn how student loans can help.
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.
Choose from a fixed or variable interest rate to best fit your needs.
Sign your loan documents electronically and accept your loan terms.
Parent Loan Features
To qualify, you must:
Each year, you can borrow up to 100% of the 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 the school so you do not borrow more than needed.
Parent Loan 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:
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.
The table below compares federal and private parent loans for parents and other creditworthy individuals who choose to borrow money to fund an undergraduate or graduate student's education.
Discover Parent Loan |
Federal Direct PLUS Loans for Parents |
|
---|---|---|
Borrower |
Parent or other creditworthy individual on behalf of an undergraduate or graduate student |
Parent of dependent undergraduate student (may require an endorser) |
Lender |
Discover Bank
|
Government |
Annual Loan Limits Loan amounts are certified and disbursed through the school. |
Up to 100% of the cost of attendance* minus other financial aid. Aggregate loan limits apply. |
Up to 100% of the cost of attendance* minus other financial aid. |
Interest Rate |
Fixed xxx - xxx APR Variable xxx - xxx APR (3-Month LIBOR + xxx to 3-Month LIBOR + xxx) Lowest APRs are available for the most creditworthy applicants and include an Auto Debit Reward.1 |
5.30% fixed (for loans with a first disbursement between July 1, 2020 and June 30, 2021). |
Origination Fee | Zero |
4.228% of loan amount for loans with a first disbursement made on or after October 1, 2020 and before October 1, 2021. |
0.25% Auto Debit Reward | yes | yes |
Payment Due | No payments due until the final disbursement. | Payments typically begin within 2 months of final disbursement; you have the option to defer payments until 6 months after student's graduation or enrollment in school less than half-time. |
Eligible Academic Programs Must be enrolled at least half-time |
Bachelor's, Associate's or graduate degree program at an eligible school. |
Degree, certificate, study-abroad or certain distance education programs. For more information, contact the school's financial aid office. |
Repayment Plans |
15 years standard repayment. |
10 years standard with flexibility to extend up to 25 years. Multiple repayment options available. Learn More |
International Student Eligibility | yes | no |
FAFSA® Required | no | yes |
Credit Check Required |
yes
|
yes |
Cosigner | 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.