Undergraduate Student Loans

Cover up to 100% of your school-certified college expenses with our undergraduate loans. Aggregate loan limits apply.

Variable Rates xxx - xxx APR

Fixed Rates  xxx - xxx APR

Discover® Student Loans has you covered

Zero Fees

Zero Fees

That means no application, origination or late fees.

Multi-Year Option

Multi-Year Option

Eligible borrowers get the loan they need today and may also be pre-qualified for future loans.
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Valuable Rewards

Valuable Rewards

Get cash rewards for good grades. Plus a 0.25% rate reduction while enrolled in automatic payments.
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U.S.Based Loan

Repayment Options

Choose from in-school or deferred repayment options, and there is never a penalty for prepayment.
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Common Questions

Undergraduate Loan Features

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.

Figuring out how to pay for a college degree can be overwhelming. With our Multi-Year Option, we're able to pre-qualify eligible borrowers for student loans to help cover future academic periods.

 

When it's time to apply for another student loan, if eligible, you'll experience a hassle-free process and no impact on your credit.

  • 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.
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.
  • A fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts.
  • A variable interest rate may change quarterly during the life of the loan if the rate index changes. This may cause the monthly payment to increase, the number of payments to increase, or both.
The variable rate for student loan applications received on or after November 14, 2021 is based on 3-Month CME Term SOFR index. 3-Month CME Term SOFR (Secured Overnight Financing Rate) is a rate index based on what the market expects rates to be over the next three-month time period. You can find more information on 3-Month CME Term SOFR at CME Group.

What are Rewards for Good Grades?

Doing your homework has its rewards.

  • Students who get at least a 3.0 GPA (or equivalent) may qualify for a one-time cash reward of 1% of the loan amount on each new Discover Undergraduate Loan. Reward redemption period is limited.
  • If you're an undergraduate freshman student, you also may qualify for an additional cash reward of 1% of the school-certified loan amount on your first Discover Undergraduate Loan. Reward redemption period is limited.

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What is an Auto Debit Reward?

Get a 0.25% interest rate reduction while enrolled in automatic payments. To enroll, log in to your secure account or call us at 1‑800‑STUDENT.
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Undergraduate Loan Repayment

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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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.

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.

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.
Learn more

Compare Undergraduate Student Loans

The table below compares federal and private student loans for undergraduate students.

Select Loan Type

Discover

Undergraduate Loan

Federal

Direct Loans for Students

Federal

Direct PLUS Loans for Parents

Borrower Student
(may require a cosigner)
Student Parent of dependent undergraduate student (may require an endorser)
Lender Discover Bank® Government Government
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.

Includes subsidized and unsubsidized loans up to:

Yr.
Dep.
Indep.
1 $5.5K
$9.5K
2 $6.5K
$10.5K
3 $7.5K
$12.5K
4 $7.5K
$12.5K


Note: A dependent student whose parent is denied for a PLUS loan may borrow up to the independent student limit.

Up to 100%
of your cost of attendance minus other financial aid.*
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
Fixed 3.73%
(for subsidized and unsubsidized loans with a first disbursement between July 1, 2021 and June 30, 2022).
Fixed 6.28%
(for loans with a first disbursement between July 1, 2021 and June 30, 2022).
Origination Fee Zero 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.
4.228%
of loan amount for loans with a first disbursement made on or after October 1, 2021 and before October 1, 2022.
Rewards for Good Grades yes no no
0.25% Auto Debit Reward yes yes yes
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. No payments due until 6 months after graduation or enrollment in school less than half-time. 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.
Eligible Academic Programs
Must be enrolled at least half-time.
Bachelor's or Associate's degree program at an eligible school. Degree, certificate, study-abroad or certain distance education programs. For more information, contact your school's financial aid office.
Degree, certificate, study-abroad or certain distance education programs. For more information, contact your school's financial aid office.
Repayment Plans 15 years
standard repayment.
10 years
standard with flexibility to extend up to 25 years. Multiple repayment options available.

Learn more
10 years
standard with flexibility to extend up to 25 years. Multiple repayment options available.

Learn more
International Student Eligibility yes
(with eligible cosigner)
no no
Free Application for Federal Student Aid (FAFSA®) Required
no yes yes
Credit Check Required

yes

 

no yes
Cosigner Depends on your credit evaluation. Applying with a creditworthy cosigner may improve your likelihood for loan approval and may lower your interest rate.
no Borrowers with adverse credit history may be required to apply with an endorser.

Learn more

*Annual cost of attending a specific school, including tuition, fees, room and board, books and supplies, transportation and personal expenses. This amount is determined by your school.
FAFSA® is a registered trademark of the US Department of Education and is not affiliated with Discover Student Loans.

Resources for students and parents

Navigating Financial Aid


Navigating the financial aid process can seem daunting whether it's your first time in college or you are a returning student. Use these step-by-step instructions to help guide you through the process.

  1. The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is X as of X. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover Student Loans interest rates.

Borrow responsibly. 1. Maximize grants, scholarships and other free financial aid. 2. Compare federal and private student loans. 3. Choose the loans that best fit your needs.