College Loans
A Guide To Evaluating Student Loans
When evaluating student loan options you should consider a number of factors. Fees, interest rates, monthly payment, and total loan costs should be considered.
Fixed or variable interest rates, choice of repayment options and zero fees.
Multi-Year Option for eligible borrowers. Our private student loans can help fill the gap between federal student loans and other financial aid to help pay for college.
Our private student loans can help graduate, health professions, business and law students pay for graduate school.
Our parent loans can help parents or other creditworthy individuals borrow up to the full cost of college to pay for a student's undergraduate or graduate education.
Post-graduate professionals can get a private student loan to cover expenses while preparing for a medical residency or internship or studying for the bar exam.
You could save an average of $1,385 a year with a consolidation loan.2
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.
The average savings amount is based on customers that consolidated student loans with us from 2018 through November 2019. Your actual savings amount might vary depending on your interest rate, loan balances, loan term and other factors. Depending on your new loan APR and repayment term, consolidation could increase the total cost and length of your loan.
Choose from in-school and deferred repayment options.
Below is a list of frequently asked questions. If you need to look up a term or acronym, use our glossary.
Fixed interest rates stay the same throughout the life of the loan. They can provide a sense of stability because you know how much you'll pay each month.
Variable interest rates are based on either the Prime Index or the London Interbank Offered Rate (LIBOR) Index and will change periodically if the index changes. Similarly, your monthly payment will increase or decrease as the interest rate changes. Variable interest rates tend to start lower than fixed interest rates, but may increase over the life of the loan.
To qualify for an undergraduate or graduate private student loan, you must
Click here for Parent Loan eligibility requirements.
Click here for Residency Loan eligibility requirements.
Click here for Bar Exam Loan eligibility requirements.
Click here for Consolidation Loan eligibility requirements.
Open applications for all loan types expire after 150 days.
The application process has four steps.
For more Frequently Asked Questions check the FAQ page.