Follow us:
  1. Home
  2. Education
  3. Student Loans
Discover Student Loans

Discover Student Loans

Are you this business?
Saved

About Discover Student Loans

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

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.

Pros

  • No fees
  • Flexible terms
  • Multiple loan options
  • Cash rewards available

Cons

  • Unclear requirements
  • No pre-qualification

Bottom Line

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.

Discover Student Loans Reviews

Sort: Recent
Filter by: Any

A link has directed you to this review. Its location on this page may change next time you visit.

How do I know I can trust these reviews about Discover Student Loans?
How do I know I can trust these reviews about Discover Student Loans?
  • 3,394,562 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 30
Rated with 1 star
Verified Reviewer
Original review: Sept. 16, 2021

They failed to support me take advantage of my Student Loan Repayment Program with the military. I sent instructions for them to retrieve my student loan repayment from the military, but they changed my contact accordingly which is outdated without notice. Then, they emailed me through the email I no longer have access, and mailed the paperwork to the address I no longer live. As a result, I got no annual payment from the military which I have earned through my service. I called them, they transferred me around and couldn't figure out what was going on multiple times in a row until 2 months later.

Failed to keep each other in the loop of communication with customers on record. I applied for SCRA benefit from my active duty service, which they responded their plan to give adjustments for 6 months, except that it never happened. After the following month, when I called them about the issue and they had no idea that I actually got that 6 month response at the first place. I asked them why there was the miscommunication, and they repeatedly went off the tangent without addressing the issue at all, wasting my time and patience on the call, showing disrespect. Regarding the the SCRA benefit, they kept saying they applied the SCRA credit to my account but FAILED to give me any evidence or record of those actions on my account. It did not even reflect on my statement.

Be the first one to find this review helpful
Loading more reviews...

Discover Student Loans Company Information

Company Name:
Discover Student Loans
Website:
www.discover.com