Updated: October 10, 2020

Discover Student Loans: Private Student Loan

Consolidation

Other Loans that Discover Student Loans Offers:

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Refinance
Student Loan Rating
4.5 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.49% - 6.99%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.87% - 5.87%
Repayment Terms
10 years, 20 years
Important Information

Repayment Options: 10 or 20-year repayment terms

Important Information:
• Cosigner release not available
• 0.25% interest rate reduction with autopay
• No degree required

The bottom line:

Discover Student Loans is one of the most popular private lenders out there, but is it one of the best lenders to go to for loan refinancing? If you’re looking for flexibility and like the idea of choosing a lender that offers many different perks including great access to customer support and financial planning tools, then Discover Student Loans is going to be a strong choice for you. This lender has many types of assistance for struggling borrowers and fairly generous borrowing policies.

Pros

● 0.25% interest rate reduction with autopay
● Can consolidate all loans into one
● Multiple types of repayment assistance for borrowers facing financial hardship
● No origination, application or prepayment fees

Cons

● Cosigner release not available
● Hard credit pull required to obtain rates
● Few repayment terms to choose from
● Several types of loans are not eligible for refinancing

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

You must borrow a minimum of $5,000 and can refinance up to $150,000 (more for certain fields of study). Discover Student Loans does not disclose its credit requirements, but you may apply with a cosigner if you do not qualify on your own or you just want to get the best rates. However, just know that cosigner release is not offered through this lender. Discover Student Loans has fairly competitive rates, but there are a few lenders that beat it.

You do not actually need to have a degree to qualify for refinancing through Discover Student Loans. You just need to meet income and credit requirements, eligibility criteria pertaining to your citizenship, and have the minimum required loan balance. You can refinance while still in school as long as you can verify that you have an income. Certain types of loans including post-graduate loans, private parent loans and loans taken out while enrolled less than half-time are not eligible for refinancing with this lender.

Discover Student Loans does offer in-school deferment to active-duty U.S. military members as well as certain students — in public service organizations or health professions residencies — that return to school. If you feel that your financial situation qualifies you for additional repayment flexibility, you can apply for up to 12 months of forbearance. However, Discover Student Loans also offers reduced payment assistance and payment extension programs, so you might look into those first.

Discover Student Loans - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Hard
  • Repayment Terms: 10 years, 20 years
  • Minimum Borrowing Limit: $5,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: None
Requirements to Qualify
  • Minimum Credit Score: Not specified by lender
  • Minimum Anual Income: Not specified by lender
  • Citizenship Restriction: Citizens or Residents
  • List of States where Loan is Not Available: None
  • Approved Schools Include: Not specified by lender
Repayment Options
    Repayment Details
    • 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 LoansEarnestLendKey
    Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
    Fixed:
    3.49% - 6.99%
    Variable:
    1.87% - 5.87%
    Fixed:
    2.98% - 5.49%
    Variable:
    1.99% - 5.34%
    Fixed:
    2.99% - 8.77%
    Variable:
    1.98% - 8.55%
    Loan repayment terms (Years)10 years, 20 years5 years, 10 years, 15 years, 20 years5 years, 7 years, 10 years, 15 years, 20 years
    Cosigner release?NoneNot specifiedYes, after 12 months on-time payments