
Financial Aid
Types of Financial Aid
Take advantage of the various types of financial aid available to you such as scholarships and grants to help you pay for school.
Apply from your computer, smartphone or other mobile device, or call us at 1-800-STUDENT.
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.
Choose from a fixed or variable interest rate and an in-school or deferred repayment option to best fit your needs.
Sign your loan documents electronically and accept your loan terms.
Undergraduate Loan Features
To qualify, you must:
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.
Undergraduate Loan Repayment
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.
The table below compares federal and private student loans for undergraduate students.
Federal
Direct Loans for Students
Federal
Direct PLUS Loans for Parents
Discover Undergraduate Loan |
Federal Direct Loans for Students |
Federal Direct PLUS Loans for Parents |
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Borrower |
Student (may require a cosigner) |
Student |
Parent of dependent undergraduate student (may require an endorser) |
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Lender |
Discover Bank
|
Government
|
Government |
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Annual Loan Limits Loan amounts are certified and disbursed through the school. |
Up to 100% of your cost of attendance* minus other financial aid. Aggregate loan limits apply. |
Includes subsidized and unsubsidized loans up to:
|
Up to 100% of your cost of attendance* minus other financial aid. | |||||||||||||||
Interest Rate |
Fixed xxx - xxx APR Variable xxx - xxx APR (3-Month LIBOR + xxx to 3-Month LIBOR + xxx) Lowest APRs are available for the most creditworthy applicants and include an interest-only repayment discount and Auto Debit Reward.1 |
2.75% fixed (for subsidized and unsubsidized loans with a first disbursement between July 1, 2020 and June 30, 2021). |
5.30% fixed (for loans with a first disbursement between July 1, 2020 and June 30, 2021). |
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Origination Fee | Zero |
1.057% of loan amount for subsidized and unsubsidized loans with a first disbursement made on or after October 1, 2020 and before October 1, 2021. |
4.228% of loan amount for loans with a first disbursement made on or after October 1, 2020 and before October 1, 2021. |
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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. |
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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 |
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International Student Eligibility |
yes (with eligible cosigner) |
no | no | |||||||||||||||
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 |
The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is X as of X. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.