Our private student loans can help fill the gap between federal student loans and other financial aid.
Rewards for Good Grades
Students who get at least a 3.0 GPA (or equivalent) may qualify for a one-time cash reward of 1% of the loan amount on each new Discover undergraduate and graduate student loan. Reward redemption period is limited.
Rewards for Good Grades Policy
Auto Debit Reward
When you have your monthly payments automatically deducted from your checking or savings account, you receive a 0.25% interest rate reduction.
Auto Debit Reward Policy
Our private student loans can help graduate, health professions, business, and law students pay for graduate school.
Rewards for Good Grades
Students who get at least a 3.0 GPA (or equivalent) may qualify for a one-time cash reward of 1% of the loan amount on each new Discover undergraduate and graduate student loan. Reward redemption period is limited.
Rewards for Good Grades Policy
Auto Debit Reward
When you have your monthly payments automatically deducted from your checking or savings account, you receive a 0.25% interest rate reduction.
Auto Debit Reward Policy
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.
Auto Debit Reward
When you have your monthly payments automatically deducted from your checking or savings account, you receive a 0.25% interest rate reduction.
Auto Debit Reward Policy
Our parent loans can help parents or other creditworthy individuals pay for a student's undergraduate or graduate education.
Auto Debit Reward
When you have your monthly payments automatically deducted from your checking or savings account, you receive a 0.25% interest rate reduction.
Auto Debit Reward Policy
Auto Debit Reward
When you have your monthly payments automatically deducted from your checking or savings account, you receive a 0.25% interest rate reduction.
Auto Debit Reward Policy
The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate and corresponding APR may increase over the life of the loan. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is X as of X. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. 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.
Borrow responsibly. 1. Maximize grants, scholarships, and other free financial aid. 2. Compare federal and private student loans. 3. Choose the loans that best fit your needs.
Cover up to 100% of the school-certified college costs. Aggregate loan limits apply.
That means no application, origination, or late fees.
Choose from in-school or deferred repayment options, and there is never a penalty for prepayment.
A creditworthy cosigner may lower your interest rate.
The variable rate for student loan applications received on or after November 14, 2021, is based on the 3-Month CME Term SOFR index. 3-Month CME Term SOFR (Secured Overnight Financing Rate) is a rate index based on what the market expects rates to be over the next three-month time period. You can find more information on 3-Month CME Term SOFR at CME Group.
To qualify for an undergraduate or graduate private student loan, you must
Parent Loan eligibility requirements
Residency Loan eligibility requirements
Bar Exam Loan eligibility requirements
Consolidation Loan eligibility requirements
Open applications for all loan types expire after 150 days.
The application process for a private student loan generally has four steps.
For more Frequently Asked Questions check the FAQ page.
Learn more about how private student loans can help cover the cost of college.
Planning to live off campus? You can use student loans to pay for rent and cover other off-campus housing expenses such as utilities, transportation, and more.
Learn how to compare private student loans, from interest rates to customer service. Find out how to make the best choice with Discover Student Loans.
Follow easy steps to determine your student loan limits and how much you can borrow in student loans from Discover Student Loans.
