Discover Student Loans
Discover Student Loans

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Parent Student Loans

With our parent loans, parents or other creditworthy individuals can cover a student’s education with zero fees.

Why Choose Discover Student Loans

Zero Fees

That means no application, origination or late fees.

Auto Debit Reward

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

100% Covered

Cover up to 100% of school-certified college costs. Aggregate loan limits apply.

Your Parent Loan Simplified

Apply for a Parent Loan

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

Select Your Interest Rate Type

Choose from a fixed or variable interest rate to best fit your needs.

Sign and Accept your Loan

Sign your loan documents electronically and accept your loan terms.

Common Questions

Parent Loan Features

A private parent loan is a private student loan where a parent or other creditworthy individual accepts full responsibility for repayment of the loan on behalf of an undergraduate or graduate student.

To qualify, you must:

  • Be a US citizen or permanent resident.
  • Be 18 years or older at the time you apply.
  • Pass a credit check.
  • Be seeking funds for a qualifying student, who must:
    • Be enrolled at least half time in a Bachelor’s, Associate's, or graduate degree program at an eligible school.
    • Be seeking a degree.
    • Be making satisfactory academic progress as defined by the student’s school.

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. 

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 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 

Parent Loan Repayment

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 15 years after the final loan disbursement.
You are required to begin making payments of principal and interest after your loan’s final disbursement. You can make payments anytime to help reduce the overall cost of your loan and there is never a penalty for prepaying. If your loan has multiple disbursements, as determined by the school, and 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.
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 

Compare Parent Loans

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.


Parent Loan


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)

Discover Bank


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


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



Cosigner no Borrowers with adverse credit history may be required to apply with an endorser.

Learn More

*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 the school. FAFSA is a registered trademark of the US Department of Education and is not affiliated with Discover Student Loans.

Student loan resources for students and parents

Navigating Financial Aid - Financial Aid
Financial Aid

Navigating Financial Aid

Navigating the financial aid process can seem daunting whether it's your first time in college or you are a returning student. Use these step-by-step instructions to help guide you through the process.

  1. 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 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.