Repaying Student Loans 101

Repaying Student Loans 101

From start to finish, here is what you need to know to repay your Discover Student Loans in four simple steps:

Step 1: Find Out When Your Payments Begin

All Discover Student Loans provide you with a grace period - a period of time when you are not required to make your full (principal + interest) monthly payments, which begin when you enter repayment. Depending on your loan type, full monthly payments are not due until 6 or 9 months after you graduate or your enrollment status drops below half-time.

For borrowers who opted to make $25 fixed monthly payments while in school, the $25 monthly payment is still required during the grace period.

The chart below provides information about your grace and repayment periods so you can project when your first payment begins and how long you will be making payments. For specific dates, call us or check your account online.

Loan Type Grace Period Repayment Period
Discover Undergraduate Loan 6 months Up to 15 years
Discover Health Professions Loan 9 months Up to 20 years
Discover Residency Loan Ends 9 months after graduation Up to 20 years
Discover Law Loan 9 months Up to 20 years
Discover Bar Exam Loan Ends 9 months after graduation Up to 20 years
Discover MBA Loan 9 months Up to 20 years
Discover Graduate Loan 9 months Up to 20 years

If you have more than one loan type, we may align your repayment start date and your repayment period so that all of your Discover Student Loans are on the same repayment schedule.

Step 2: Identify Your Monthly Payment Amount

To determine how much you owe, you can check your loan balance online or call us. We will calculate your payments so you can pay off your loan in equal installments every month. Payments will be applied toward your principal balance and interest for the duration of your repayment period. If you have a variable interest rate, your payments may rise or fall if there is a change in the index.

If your goal is to repay your loan sooner than scheduled, you can always pay more than the minimum amount due-without penalties-in order to further reduce your balance and overall interest cost.

Step 3: Select a Payment Method

We offer a variety of ways for you to submit your monthly student loan payments so you can choose the payment method that is most convenient for you. From choosing to pay online to setting up automatic payments, we offer a variety of payment options for all student loans serviced or originated by Discover.

If you are not sure which type of loan you have, please call us at .

Payment Methods Loans Purchased and Serviced by Discover
Student loans you obtained from another bank that are now serviced by Discover.
Loans Originated by Discover
Student loans you obtained directly from Discover Bank.
Online Log in to your account. Log in to your account at mygreatlakes.org. Great Lakes processes payments on our behalf.
Phone
Payments received after 5:00 p.m. ET (or anytime on weekends or holidays) will be submitted the next business day.
Mail
If you are mailing in your payment, include your payment coupon with your check.
Discover Student Loans
PO Box 6107
Carol Stream, IL 60197-6107
Great Lakes
PO Box 3059
Milwaukee, WI 53201-3059
Auto Debit
Set up monthly payments that are automatically deducted from your checking or savings account.

While enrolled, you will also get a 0.25% Auto Debit Reward.
Log in to your account or complete the Automatic Payment Application and mail it to us with a voided check. Complete the Auto Pay Authorization Form and mail it to Great Lakes (our payment processor) along with a voided check, or log in to mygreatlakes.org.

Electronic Bank Payments

If you prefer to use one financial institution to pay all of your bills, then you can add your student loan to the mix. By using your bank's online payment service, you can pay your student loan and control when the payment is made. When entering the payee online, use the mailing address for checks.

Step 4: Make Your Payments on Time

Making on-time payments is very important in building and maintaining your credit profile. If you are having difficulties repaying or are unable to make payments, we have options to help. To learn more and determine if you qualify, please call our Repayment Assistance Department at .

Did you Know icon

Did you know?

If you also have federal student loans, you can look them up by visiting the National Student Loan Data System (NSLDS) at nslds.ed.gov. Here you will find important details about your federal student loans such as which lender holds your loan, how much you owe and more.