Discover Student Loans
Discover Student Loans

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Post-Graduate Students

Post-graduate professionals can get a private student loan to cover expenses while preparing for a medical residency or internship or studying for the bar exam.

Residency Loans

Medical students preparing for residency, internship, relocation and board exam review

Bar Exam Loans

Law school students taking the bar exam can cover prep classes and living expenses

  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.

  2. The average savings amount is based on customers who consolidated student loans with us from January 2018 through May 2021. Comparison based on customers’ self-disclosed monthly payment(s) versus their monthly payment with us. Your actual payment amount might vary depending on your interest rate, loan balances, loan term and other factors. Depending on your new loan APR and repayment term, consolidation could increase your monthly payment amount, the total cost or length of your loan.

Why A Discover Private Student Loan

100% Covered

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

Zero Fees

That includes no application, origination or late fees.

Repayment Options for Students

Choose from in-school and deferred repayment options.

Apply with a Cosigner

A creditworthy cosigner may lower your interest rate on a student loan or consolidation loan.

Common Private Student Loan Questions

Below is a list of frequently asked questions. If you need to look up a term or acronym, use our glossary.

Fixed interest rates stay the same throughout the life of the loan. They can provide a sense of stability because you know how much you'll pay each month.


Variable interest rates are based on either the Prime Index or the London Interbank Offered Rate (LIBOR) Index and will change periodically if the index changes. Similarly, your monthly payment will increase or decrease as the interest rate changes. Variable interest rates tend to start lower than fixed interest rates, but may increase over the life of the loan.

To qualify for an undergraduate or graduate private student loan, you must

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

Click here for Parent Loan eligibility requirements.
Click here for Residency Loan eligibility requirements.
Click here for Bar Exam Loan eligibility requirements.
Click here for Consolidation Loan eligibility requirements.

  • For Undergraduate, Graduate and Parent loans, you should apply at least 45 to 60 days before you need the student loan.
  • For Residency and Bar Exam loans, you should apply at least 45 to 60 days before you need the student loan.
  • For Consolidation Loans, you should apply at least 30 to 45 days before you need the student loan.

Open applications for all loan types expire after 150 days.

The application process has four steps.

  1. Apply online in 15 minutes or less and get a credit decision.
  2. Add a cosigner, if needed.
  3. Select your interest rate type and repayment option.
  4. Sign and accept your loan documents.
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.
Federal student loans, also known as Direct Loans, are funded by the government and may be awarded as part of your financial aid package if you completed the Free Application for Federal Student Aid (FAFSA®). They feature fixed interest rates and offer several repayment options. Private student loans are offered by banks or other lenders, are credit-based and have fixed or variable interest rates.

FAFSA® is a registered trademark of the US Department of Education and is not affiliated with Discover Student Loans.
For undergraduate and graduate student loans and parent loans, 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 your school so you do not borrow more than needed.

Use this student loan calculator to estimate how much you may need to borrow.

Click here for borrowing limits for Residency Loans.
Click here for borrowing limits for Bar Exam Loans.
Click here for borrowing limits for Consolidation Loans.
We encourage you to borrow responsibly and maximize grants, scholarships and other free financial aid before taking student loans. If you need to borrow, compare federal and private student loans and choose the loans that best fit your needs.

For more Frequently Asked Questions check the FAQ page.

Helpful Private Student Loan Resources

Learn more about how private student loans can help cover the cost of college.