These private student loans complement federal student loans and other financial aid to help you pay for college. Applying online is easy and our knowledgeable Student Loan Specialists are ready 24/7 to help you every step of the way.
The Annual Percentage Rate (APR) for a variable rate loan may increase during the life of the loan if the 3-Month LIBOR increases. This may result in higher monthly payments, an increase in the number of scheduled payments or both.
Doing your homework has its rewards. Get at least a 3.0 GPA (or equivalent) and receive a cash reward of 1% of the loan amount of each new Discover student loan (applicable for eligible loan applications submitted on or after May 1, 2014.)
Whether or not you will need a cosigner depends on your credit evaluation. By applying with a creditworthy cosigner, you may improve your likelihood for loan approval and may receive a lower interest rate.
The repayment period is 15 years after the deferment period ends.
You can elect, during the application process, to make $25 fixed, monthly payments while you are in-school and during your grace period to lower your overall loan cost.
You can choose to have your payments deferred, which means no payments are due until 6 months after you graduate or your enrollment drops below half-time.
You can make payments anytime to help reduce the overall cost of your loan and there is never a penalty for prepaying. If you're not receiving monthly billing statements, we will send you quarterly statements showing you how much interest is accruing and how to make optional payments while you are in school.
If you are experiencing financial difficulties and you are unable to make your student loan payments, we have options to help. To learn more and determine if you qualify, please call our Repayment Assistance Department at 1-877-321-50171-877-321-5017.