Undergraduate Student Loans

Cover up to 100% of your school-certified college costs with our no required fees undergraduate loans.

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Loans for Undergraduate Students

Our no required fees private student loans for students seeking undergraduate degrees complement federal student loans and other financial aid to help you pay for college.

Variable Interest Rates

APR - APR

(3-Month LIBOR + to 3-Month LIBOR + )

Fixed Interest Rates

APR - APR

View APR Examples APRs reflect interest rates as of

Lowest rates shown include an interest-only repayment discount and Auto Debit Reward.

Your Student Loan Simplified

  • Step 1

    Apply in 15 minutes or less

    Apply from your computer, smartphone or other mobile device, or call us at 1-800-STUDENT.

  • Step 2

    Add a Cosigner, if needed

    Students may have the option to apply with a creditworthy cosigner. Adding a creditworthy cosigner may improve your likelihood for loan approval and you may receive a lower interest rate.

  • Step 3

    Select Your Interest Rate Type and Repayment Option

    Choose from a fixed or variable interest rate and an in-school or deferred repayment option to best fit your needs.

  • Step 4

    Sign and Accept your Loan

    Sign your loan documents electronically and accept your loan terms.

Compare Undergraduate Student Loans

Common Questions

Undergraduate Loan Features

1. Am I eligible for a Discover Undergraduate Loan?

To qualify, you must:

  • Be enrolled at least half-time in a Bachelor's or Associate's 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.

2. How much can I borrow?

  • Each year, 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.

3. Do I need a cosigner?

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 cosignercreditworthy cosigner. By applying with a creditworthy cosigner, you may improve your likelihood for loan approval and may receive a lower interest rate.

4. What is the difference between a fixed interest rate and variable interest rate?

  • A fixed interest rate is set during the time of application and does not change during the life of the loan.
  • A variable interest rate may change quarterly during the life of the loan, if the 3-Month LIBOR changes. This may cause the monthly payment to increase, the number of payments to increase, or both.

5. What is the 1% cash Rewards for Good Grades?

Doing your homework has its rewards. Get at least a 3.0 GPA (or equivalent) and receive a one-time 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). Reward redemption period is limited.

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6. What is an Auto Debit Reward?

Get a 0.25% interest rate reduction when you are enrolled in automatic payments during repayment. To enroll for automatic payments, complete the enrollment form online or call us at 1-800-STUDENT to request a copy of the enrollment form, complete it and mail it back to the address on the form.

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Undergraduate Loan Repayment

1. What is a deferment period?

If you are in school at least half-time, on active military duty, serving a public service organization or in a medical residency, you may qualify for a deferment. A deferment period is a period of time when a borrower is not required to make any payments. During deferment, interest will continue to accrue. At the end of a deferment period, any unpaid interest will be added to your principal balance. This may increase the amount of your monthly payments and the total cost of your loan(s).

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2. What is my repayment period?

A repayment period is the period of time during which scheduled payments are required to be made to repay the principal balance and interest on a loan. Your repayment period is 15 years after the deferment period ends.

3. What are my repayment options?

  • In-School Interest-Only - Required to make interest only monthly payments while you are in school and during your grace period to lower your overall loan cost and receive a 0.35% interest rate discount.
  • In-School Fixed - Required to make $25 fixed, monthly payments while you are in school and during your grace period to lower your overall loan cost.
  • Deferred - Monthly payments are not required 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.

4. What if I need help making my monthly payments?

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 1-800-STUDENT.

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Student loan resources for students and parents