Undergraduate Student Loans

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.

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• 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.

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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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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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.

• 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.
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