About Discover Student Loans
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Discover Student Loans is a private lender that offers fixed- and variable-rate student loans. The company provides student loans for undergraduate students, graduate students, parents and postgraduate students, including people doing their residencies or studying for the bar exam. Discover Student Loans also offers student loan consolidation.
- No fees
- Flexible terms
- Multiple loan options
- Cash rewards available
- Unclear requirements
- No pre-qualification
Discover Student Loans offers a lot of benefits, like relatively low rates, flexible terms and zero fees. However, it’s hard to know if you’ll qualify, and there’s no option for pre-qualification.
What is Discover Student Loans?
Discover Student Loans is the loan department of the Discover credit card company, and its loans are offered through Discover Bank. Backed by years of financial experience, it offers a wide variety of loan options and support, plus a rewards program. Available products include:
- Undergraduate student loans
- Graduate student loans
- Parent loans
- Postgraduate loans
- Student consolidation loans
How does Discover Student Loans work?
Discover Student Loans offers many different types of loans personalized to each student’s specific situation. Its loan products include undergraduate, graduate, medical school, MBA, law school, bar exam and residency loans. Discover Student Loans also offers consolidation and parent loans. Customers can find up to 100% coverage through Discover, with $0 fees and customized rates.
Discover also offers many other benefits, like its cash-back program. This program benefits students who get good grades by providing a one-time cash reward for students with a 3.0 GPA (or equivalent) in college or graduate school. This reward is for up to 1% of the school-certified loan amount.
How to apply for a Discover student loan
Discover Student Loans has an application process that’s completely online. You’ll need some personal information to complete it, like your Social Security number and info on your school.
Discover Student Loans’ website gives you the flexibility to personalize your loan in a few ways, including options for:
- Multiyear programs
- Fixed or variable interest rates
- In-school or deferred repayment options
Once the process is finished, you can sign the application online. If you can’t finish your application in one sitting, you can pause it and return later, though.
Discover Student Loans rates
Discover Student Loans rates vary:
- Variable rates range from 1.24% to 12.99%.
- Fixed rates range from 3.49% to 13.99%.
Discover Student Loans provides a more comprehensive breakdown of interest rates by loan type on its website.
To get the lowest rates in these ranges, you must have a high credit score, choose an interest-only repayment discount and sign up for automatic payments so you get a 0.25% interest rate reduction. Discover Student Loans does not charge any fees, including application, origination or late fees.
Discover Student Loans FAQ
- Do Discover student loans go directly to the school?
- Yes, Discover’s loans are certified and disbursed by your school.
- How long does it take to get a student loan from Discover?
- You can apply online in 15 minutes or less, but getting certification from your school often takes three to five weeks. Your disbursement date is then set by your school.
- How do I earn Discover rewards for good grades?
- To get cash back, you must have a GPA of 3.0 or higher and submit your GPA to Discover. If approved, the money is sent to you.
- Can Discover Student Loans be forgiven?
- No, private loans are rarely forgiven because they are through a private company, not a federal program.
Is Discover Student Loans good?
Discover Student Loans offers relatively flexible terms and loan options that can fit most needs. However, because it doesn’t offer pre-qualification, it’s not very helpful if you’re just trying to understand your options and shop around. If you’re confident that you’ll be approved, the cash rewards and lack of fees might make it worth applying, though.
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Discover Student Loans Company Information
- Company Name:
- Discover Student Loans
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