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
Undergraduate Students
Our private student loans can help fill the gap between federal student loans and other financial aid.
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 Students
Our private student loans can help graduate, health professions, business, and law students pay for graduate school.
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
When you have your monthly payments automatically deducted from your checking or savings account, you receive a 0.25% interest rate reduction. Learn more
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.
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
Our parent loans can help parents or other creditworthy individuals pay for a student's undergraduate or graduate education.
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
When you have your monthly payments automatically deducted from your checking or savings account, you receive a 0.25% interest rate reduction. Learn more
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
Cover up to 100% of the school-certified college costs. Aggregate loan limits apply.
Zero Fees
That means no application, origination, or late fees.
Repayment Options
Choose from in-school or deferred repayment options, and there is never a penalty for prepayment.
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.
Parent Loan eligibility requirements
Residency Loan eligibility requirements
Bar Exam Loan eligibility requirements
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.
- Apply in minutes and get a credit decision.
- Add a cosigner, if applicable.
- Select your interest rate type and repayment option.
- 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.
FAFSA® is a registered trademark of the US Department of Education and is not affiliated with Discover Student Loans.
For undergraduate loans, 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.
Borrowing limits for Residency Loans
Borrowing limits for Bar Exam Loans
Borrowing limits for Consolidation Loans
Use this student loan calculator to estimate how much you may need to borrow.
Borrowing limits for Residency Loans
Borrowing limits for Bar Exam Loans
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.
