Discover Student Loans
Discover Student Loans

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Consolidate Your Student Loans

When you refinance your student loans, you may be able to put more money back into your budget.

Why Choose Discover Student Loans

Zero Fees Required

That means you will not be required to pay loan application, origination or late fees.

Auto Debit Reward

Get a 0.25% interest rate reduction when you are enrolled in automatic payments.  More

Eligible Loans

Consolidate your federal and private student loans.

Your Student Loan Consolidation Simplified

Apply in 15 Minutes or Less

Apply from your computer, smartphone or other mobile device, or call us at 1-800-STUDENT anytime 24/7.

Select Your Interest Rate Type

Choose from a fixed or variable interest rate.

Verify the Loans You Want to Consolidate

We can verify your loan details with you and your current loan servicers at one time.

Sign and Accept Your Loan

Easily sign your loan documents and accept your loan terms online.

Common Questions

Student Loan Consolidation Features

A private consolidation loan is a private student loan that combines and refinances multiple education loans into one new loan with a new interest rate, repayment term and monthly payment amount. This could result in a lower interest rate and/or a lower monthly payment. If you are extending your repayment term, this could result in an increase in your total cost over the life of the loan.

To qualify, you must:

  • Be a US citizen or permanent resident with a US-based address.
  • Be 18 years or older at the time you apply.
  • Pass a credit check.
  • Have no more than $150,000 in aggregate student loan debt. Higher limits may apply for specific fields of study.
  • Have verifiable income sufficient to support your debts and show a positive repayment history.
  • Be the primary borrower on the loans you want to consolidate.

Subject to credit approval, you can consolidate up to the aggregate amount of your education loan debt. Maximum limits may apply. The minimum consolidation loan amount is $5,000.

You can choose to consolidate one, some or all of your eligible student loans. We recommend you compare your current loan terms against the consolidation loan terms. For example, you may not want to include loans with a lower interest rate than the consolidation loan. Find out if student loan consolidation is right for you.

Yes. The following student loans aren't eligible for consolidation:

  • Loans for K-12 education,
  • Post-graduate loans (e.g., bar exam loans, residency loans) and private parent loans,
  • Loans that weren't used for qualified education expenses,
  • Loans taken out while enrolled less than half-time,
  • Loans originated and/or serviced outside of the United States and
  • Loans that weren't used for qualified education expenses for yourself, your dependent or your spouse.

You will have 30 days, from Approval Disclosure, to accept the loan terms and a three-day right-to-cancel period, following Final Disclosure, before the consolidation is complete. However, once your loan is disbursed, and we pay off your existing loans, the process cannot be reversed.

Yes, you can include a prior consolidation loan if the loans you consolidated were used solely to pay off qualified higher education expenses and they meet the minimum loan amount of $5,000.

Once you've received the Approval Disclosure and accepted the loan terms, no additional loan(s) can be added. If you need to add a loan, you can cancel your existing application and reapply with the additional loan(s).

Once you apply, it can take from 30 to 45 days to process. During that time, we complete the credit review process, you (and your cosigner, if applicable) will sign the loan documents and we will ask you to obtain payoff statements from your current loan servicers. If you prefer, we can schedule a call with you and your current loan servicer(s) to verify the loans you want to consolidate.

Once these steps are complete, we will notify you when your loan(s) are consolidated and provide your new minimum monthly payment amount and due date. Please continue making your monthly payments until we notify you that your consolidation loan has disbursed.

Students may have the option to apply with a creditworthy cosigner. By applying with a creditworthy cosigner, you may receive a lower interest rate.

Your interest rate will be based on your credit history, your choice of a fixed or variable interest rate, and your cosigner's credit history (if applicable).

  • A fixed interest rate is set during the time of application and does not change during the life of the loan.
  • A variable interest rate may change quarterly during the life of the loan, if the 3-Month LIBOR changes. This may cause the monthly payment to increase, the number of payments to increase, or both.

What is an Auto Debit Reward?

Get a 0.25% interest rate reduction when you are enrolled in automatic payments. To enroll for automatic payments, complete the enrollment form online or call us at 1-800-STUDENT to request a copy of the enrollment form, complete it and mail it back to the address on the form.
Learn More 

Student Loan Consolidation Repayment

Yes. You can choose to consolidate while you are still in school, during your grace period or after your grace period expires. If you choose to consolidate while you are still in school or during your grace period, you will lose any remaining grace period on the loans that you are consolidating, and you will begin making payments approximately 30-45 days after your loan is disbursed.

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 can be 10 or 20 years, based on your creditworthiness.

Your first payment will be due approximately 30-45 days after your consolidation is complete and the loan is disbursed.

There is no pre-payment penalty. Making additional payments can help you lower the total cost of your loan.

If you go back to school and are enrolled at least half-time, you may be eligible for an in-school deferment. In addition, you can also defer payments while:

  • On active military duty (up to 3 years)
  • In public service with certain eligible organizations (up to 3 years)
  • In a health professions residency program (up to 5 years)

Learn More 

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 

Is student loan consolidation right for you?

Before deciding if consolidating your student loans is right for you, we recommend you consider the possible benefits and impacts of a
consolidation loan and how it may fit with your specific situation and needs.
Potential Benefits Other Considerations
A lower interest rate You'll have the option to choose between a fixed or variable interest rate.
If you have a fixed rate loan(s) and are considering refinancing your loan(s) into a variable rate consolidation loan, you may receive a lower interest rate, but your rate may change if the rate index changes.
A lower monthly payment When you consolidate your student loans, you may be able to lower your monthly payment if you qualify for a lower interest rate and/or extend your repayment term. If your repayment term is extended, it will take you longer to pay back your loan and you will increase your total loan cost.

To reduce the cost of borrowing, you can make additional payments without penalty.
Simplify monthly payments You have the option to consolidate your federal and private student loans into one loan and monthly payment.

If you choose to consolidate your federal student loan(s), the features and benefits associated with those loan(s) will not apply to your new consolidation loan. For example, certain repayment options, such as Income-based repayment, loan forgiveness for public service and other benefits will no longer apply to your new consolidation loan.

Once you have decided to consolidate your existing federal and/or private student loans, you will forego the features and benefits associated with those loans.
Apply on your own You need to qualify for the consolidation loan on your own. If you choose to apply with a creditworthy cosigner, you may receive a lower interest rate.

If you choose to consolidate loans that currently have a cosigner, your cosigner will no longer be responsible for the loans you include in your new consolidation loan.
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Student Loan Calculators

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  1. 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.