Private student loans for college

Fixed or variable interest rates, choice of repayment options and zero fees.

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Undergraduate Students

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.  Learn more

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. Learn more

Undergraduate Loans

Students in a Bachelor's or Associate's degree program at eligible schoolsClose

Variable Rates xxx - xxx APR

Fixed Rates  xxx - xxx APR

Graduate Students

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. Learn more

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. Learn more

Graduate Loans

Masters or doctoral students at eligible schoolsClose

Variable Rates xxx - xxx APR

Fixed Rates  xxx - xxx APR

MBA Loans

Students in MBA and business school programs at eligible schoolsClose

Variable Rates xxx - xxx APR

Fixed Rates  xxx - xxx APR

Health Professions Loans

Graduate students at eligible medical schools in any of the following programs: Allopathy, Dentistry, Nursing, Occupational Therapy, Optometry, Osteopathy, Pharmacy, Physical Therapy, Physician Assistant, Podiatry, Veterinary MedicineClose

Variable Rates xxx - xxx APR

Fixed Rates  xxx - xxx APR

Law Loans

Students attending eligible law schoolsClose

Variable Rates xxx - xxx APR

Fixed Rates  xxx - xxx APR

Parent Loans

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. Learn more

Parent Loans

Parents or other creditworthy individuals looking to take sole responsibility on a loan for their studentClose

Variable Rates xxx - xxx APR

Fixed Rates xxx - APR

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.

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. Learn more

Residency Loans

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

Variable Rates xxx - xxx APR

Fixed Rates  xxx - xxx APR

Bar Exam Loans

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

Variable Rates xxx - xxx APR

Fixed Rates  xxx - xxx APR

Consolidation Loans

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. Learn more

Consolidation Loans

Combine and refinance multiple student loans into one new loan and interest rateClose

Variable Rates xxx - xxx APR

Fixed Rates  xxx - xxx APR

  1. 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.

Discover® Student Loans has you covered

100% Covered

100% Covered

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

Zero Fees

Zero Fees

That means no application, origination or late fees.

Repayment Options

Repayment Options

Choose from in-school or deferred repayment options, and there is never a penalty for prepayment.

Add a Cosigner

Add a Cosigner

A creditworthy cosigner may lower your interest rate.

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.

  • A 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.
  • A variable interest rate may change quarterly during the life of the loan if the rate index changes. This may cause the monthly payment to increase, the number of payments to increase, or both.
The variable rate for student loan applications received on or after November 14, 2021 is based on 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

  • 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 generally has four steps.

  1. Apply online in 15 minutes or less and get a credit decision.
  2. Add a cosigner, if applicable.
  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.