Updated: August 21, 2022

Discover Graduate Student Loan Review

Graduate Loans

Advertising disclosure
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.
5.49% - 14.99%
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% - 13.99%
Repayment Terms
Up to 20 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 graduate 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.


  • 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)


  • Does not offer cosigner release
  • Does not publish minimum credit requirements
  • Requires borrowers to maintain Satisfactory Academic Progress
Discover Student Loans College Ave Earnest
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.
5.49% - 14.99%
3.99% - 13.99%
3.99% - 11.98% 1
2.49% - 10.97% 1
3.74% - 11.98%
2.55% - 9.89%
Loan repayment terms (Years) Up to 20 years 5, 8, 10, 15 years Up to 15 years
Cosigner release? None Yes, after 24 months on-time payments None

Discover has one of the best student loan options out there for graduate students. Why? First off, they offer a slew of unique rewards: a good grades cash reward, 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 20 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: Available to Citizens, Permanent Residents, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
  • Minimum Enrollment Restriction: Half-Time
  • List of States where Loan is Not Available: None
  • 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
  • Scholarship Search Tool: Yes
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: Yes
  • Financial Literacy Training: Yes

Other Loans that Discover Student Loans Offers:

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