Updated: July 14, 2020

Discover Student Loans: Private Student Loan

Undergraduate Loans

Undergraduate
Student Loan Rating
4 of 5
Fixed APR
5.09% - 12.39%
Variable APR
2.47% - 11.62%
Repayment Terms
Up to 15 years
Important Information

Rewards: Autopay Discount, Good Grades Reward, Interest-only Repayment Discount, and Multi-Year Option

Yearly Loan Limits: Covers up to 100% of your Cost of Attendance

Overall Loan Limits: $1,000 (minimum)

Cosigner Terms: Cosigner is optional, does not allow for Cosigner Release

The bottom line:

We rate Discover Student Loans as one of the best private student loans for college students. Their rewards program is unparalleled and they are a remarkably flexible lender. But if you’re thinking about getting a cosigner, make sure they know there’s no cosigner release.

Pros

  • Offers partial forbearance option
  • No fees (not even on late payments)
  • Provides an auto-debit discount, graduation reward and a good grades reward (even for incoming college freshmen)

Cons

  • Does not offer cosigner release
  • Does not publish minimum credit requirements
  • Requires borrowers to maintain Satisfactory Academic Progress
Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
Input your loan terms and we’ll tell you how much you can expect to pay monthly and in total

Discover has one of the best student loan options out there for college students. Why? First off, they offer a slew of unique rewards: a good grades cash reward (even for incoming freshmen), a graduation reward, and an interest-only repayment discount. That, combined with their better-than-average interest rates and no fees (not even for late payments), means Discover Student Loans is one of the lowest-cost options out there. 

 

When it comes to repayment flexibility, Discover also stands out. They offer a partial forbearance option in addition to a full forbearance. A forbearance allows financially distressed borrowers to suspend repayment on their student loans. A partial forbearance involves interest-only payments, which will keep the loan from getting larger and snowballing out of control. When you graduate, they’ll give you 9 months of a grace period until you start repaying your loan (3 months more than average). And, if you’re stressing out about re-applying for financing every year, Discover has a multi-year option, eliminating the need to do so.

 

So, in sum, they offer a lot of great things. Where’s the downside? Their cosigner policy. Having a cosigner is optional; but if you wind up getting one, they should know that Discover does not offer cosigner release. Additionally, if you decide to check your rates, Discover will perform a hard inquiry (not a soft one, like other lenders).

Discover Student Loans - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Hard
  • Repayment Terms: Up to 15 years
  • Minimum Borrowing Limit: $1,000
  • Yearly Borrowing Limit: 100% of Cost of Attendance
  • Aggregate Borrowing Limit: Not specified by lender
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: None
Requirements to Qualify
  • Minimum Credit Score: Not specified by lender
  • Minimum Yearly Income: Not specified by lender
  • Citizenship Restriction: Available to Citizens, Permanent Residents, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
  • List of States where Loan is Not Available: None
  • Minimum Enrollment Restriction: Half-Time
  • Approved Schools Include: Not specified by lender
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: Yes, 25
  • Interest-Only Repayment: Yes
  • Full Deferment: Yes
Repayment Details
  • Length of Grace Period: 9 months
  • Maximum Deferment Period: 36 months
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: None
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Yes
  • Hours of Operation (in addition to weekdays): 24/7
  • Application Timeline: 15 minutes to submit, 30 to 45 days to process
Extras
  • Scholarship Search Tool: Yes
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: Yes
  • Financial Literacy Training: Yes
Discover Student Loans Commonbond College Ave
Rates from (APR)
Fixed:
5.09% - 12.39%
Variable:
2.47% - 11.62%
Fixed:
5.70% - 9.99%
Variable:
1.68% - 7.66%
Fixed:
4.24% - 13.24%
Variable:
1.49% - 12.23%
Loan repayment terms (Years) Up to 15 years 5 years, 10 years, 15 years 5 years, 8 years, 10 years, 15 years
Cosigner release? None Yes, after 24 months on-time payments Yes, after 24 months on-time payments