as of March 2018
Our private student loans can help fill the gap between federal student loans and other financial aid to help pay for college.
Our private student loans can help graduate, health professions, business and law students pay for graduate school.
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.
You could save an average of $1,385 a year with a consolidation loan.2
Cover up to 100% of school-certified college costs. Aggregate loan limits apply.
You will not be required to pay loan application, origination or late fees.
Choose from in-school and deferred repayment options.
A creditworthy cosigner may get you a lower interest rate.
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
Open applications for all loan types expire after 120 days.
The application process has four steps.
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 service mark of the US Department of Education.
For undergraduate and graduate student loans, you can borrow up to 100% of your 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 you need.
Use this student loan calculator to estimate how much you may need to borrow.
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.
Learn more about how private student loans can help cover the cost of college.