Updated: September 22, 2021

Discover Parent Student Loan Review

Discover Parent Loans

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Parents
Student Loan Rating
4.5 of 5
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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.
5.49% - 13.99%
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.
3.99% - 12.99%
Repayment Terms
15 years
Important Information

Rewards: Autopay Discount

Yearly Loan Limits: 100% Cost of Attendance

Overall Loan Limits: $1,000 (minimum)

Cosigner Terms: Cosigner optional, does not offer Cosigner Release

The bottom line:

Discover’s Parent Loans will offer you some of the lowest interest rates in the market coupled with great customer service. We rate them as one of the best lenders overall for parents, though beware that they do not offer cosigner release on their cosigned private student loans.

Pros

  • Covers 100% of the cost of yearly attendance
  • Does not charge fees (not even for late payments)
  • Does not restrict this loan only to parents (anyone can borrow on behalf of the student)

Cons

  • Offers only one repayment term of 15 years
  • Requires that the student maintain Satisfactory Academic Progress
  • Performs a hard credit inquiry even for an interest rate check (pre-application)
View full rankings of the best student loans for parents
Discover Student Loans Alaska Commission on Postsecondary Education (ACPE) College Ave
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:
5.49% - 13.99%
Variable:
3.99% - 12.99%
Fixed:
5.75% - 6.00%
Variable:
Not Available
Fixed:
3.59% - 13.24%
Variable:
1.29% - 12.23%
Loan repayment terms (Years) 15 years 10 years, 15 years 5 years to 15 years
Cosigner release? None None Not specified
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A well-known lender for college students and grad students, Discover also provides a top-notch parent loan. We rate them as one of the lowest-cost loan options. Discover’s rates are below average, they don’t charge any fees and they even provide an autopay discount. 

 

They’re also remarkably flexible when it comes to qualifying. Discover Parent Loans cover up to 100% of your student’s yearly cost of attendance, you don’t have to be the student’s parent to borrow, and these loans are available in all 50 states. If you run into hardship during repayment or need to request a deferment, Discover has some of the most lenient policies in the market.

 

The downside with Discover is their repayment term inflexibility. They offer only one option: 15 years. You can always prepay the loan in full without any penalty, but they otherwise won’t set you up on a shorter or longer repayment plan. Discover also requires that the student maintains Satisfactory Academic Progress, so make sure those grades stay up. And if you go on their site just to check your interest rate before applying, beware that they will perform a hard credit inquiry.

Discover Student Loans - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Hard
  • Repayment Terms: 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 Annual Income: Not specified by lender
  • Citizenship Restriction: Citizens or Residents
  • Minimum Enrollment Restriction: Half-Time
  • List of States where Loan is Not Available: None
  • Approved Schools Include: All
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: None
  • Interest-Only Repayment: Yes
  • Full Deferment: None
Repayment Details
  • Length of Grace Period: None
  • Maximum Deferment Period: 60 months
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: None
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: None
  • Hours of Operation (in addition to weekdays): 24/7
Extras
  • Scholarship Search Tool: Yes
  • Sponsors a Scholarship: Not specified by lender
  • Job and Career Assistance: Yes
  • Financial Literacy Training: Not specified by lender
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