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Discover
Undergraduate Loan
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Federal
Direct Loans for Students
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Federal
Direct PLUS Loans for Parents
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Borrower |
Student
(may require a cosigner)
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Student
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Parent of dependent undergraduate student (may require an endorser)
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Lender |
Discover Bank®
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Government
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Government
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Annual Loan Limits
Loan amounts are certified and disbursed through the school. |
Cover up to 100%
of school-certified college costs, minus other financial aid.* Aggregate loan limits apply.
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Yr.
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Dep.
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Indep.
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---|
1 |
$5.5K
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$9.5K
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2 |
$6.5K
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$10.5K
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3 |
$7.5K
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$12.5K
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4 |
$7.5K
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$12.5K
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Note: A dependent student whose parent is denied for a PLUS loan may borrow up to the independent student limit.
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Up to 100%
of your cost of attendance minus other financial aid.*
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Interest Rate |
Fixed
xxx - xxx APR
Variable
xxx - xxx APR
(3-Month CME Term SOFR + xxx to 3-Month CME Term SOFR + xxx)
Lowest APRs are available for the most creditworthy applicants, and include an interest-only repayment discount and Auto Debit Reward.1
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Fixed 4.99%
(for subsidized and unsubsidized loans with a first disbursement between July 1, 2022 and June 30, 2023).
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Fixed 7.54%
(for loans with a first disbursement between July 1, 2022 and June 30, 2023).
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Origination Fee |
Zero
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1.057%
of loan amount for subsidized and unsubsidized loans with a first disbursement made on or after October 1, 2021 and before October 1, 2022.
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4.228%
of loan amount for loans with a first disbursement made on or after October 1, 2021 and before October 1, 2022.
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Rewards for Good Grades |
yes
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no
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no
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0.25% Auto Debit Reward |
yes
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yes
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yes
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Payment Deferment while in School |
No payments are due until 6 months after graduation or enrollment in school less than half-time unless the borrower has elected, during the application process, to make either interest-only or $25 fixed monthly payments while in school and during the grace period.
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No payments due until 6 months after graduation or enrollment in school less than half-time.
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Payments typically begin within 2 months of final disbursement; you have the option to defer payments until 6 months after student's graduation or enrollment in school less than half-time.
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Eligible Academic Programs
Must be enrolled at least half-time. |
Bachelor's or Associate's degree program at an eligible school.
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Degree, certificate, study-abroad or certain distance education programs. For more information, contact your school's financial aid office.
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Degree, certificate, study-abroad or certain distance education programs. For more information, contact your school's financial aid office.
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Repayment Plans |
standard repayment.
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10 years
standard with flexibility to extend up to 25 years. Multiple repayment options available.
Learn more
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10 years
standard with flexibility to extend up to 25 years. Multiple repayment options available.
Learn more
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International Student Eligibility |
yes
(with eligible cosigner)
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no
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no
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Free Application for Federal Student Aid (FAFSA®) Required
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no
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yes
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yes
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Credit Check Required |
yes
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no
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yes
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Cosigner |
Depends on your credit evaluation. Applying with a creditworthy cosigner may improve your likelihood for loan approval and may lower your interest rate.
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no
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Borrowers with adverse credit history may be required to apply with an endorser.
Learn more
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