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Home » Student Loans » Private » Discover Student Loans Review 2023

Discover Student Loans Review 2023

Updated: March 2, 2023 By Robert Farrington

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Discover Student Loans

Looking for a low interest loan to finance your higher education? Discover student loans may be the product you want.

With no fees, low interest rates, and forbearance options, Discover is a market leader in private student loans. But these loans aren’t for easy money.

Borrowers need an excellent credit score or a cosigner to get the loans. Think a private student loan from Discover makes sense for you? We’ll explain the loan features and scenarios where a private student loan from Discover makes sense.

Remember, you can easily compare how Discover student loans compare to other major lenders in 2 minutes or less on the Credible platform. Check out Credible and see how Discover compares here.


Discover Student Loans Review

Quick Summary

  • Discover offers a wide range of private student loans
  • No application or origination fees
  • 1% cash reward for getting good grades
  • 2% graduation reward
Table of Contents
Discover Undergraduate Loans
Discover Graduate Loans
Discover Parent Loans
Discover Residency Loans
Discover Bar Exam Loans
How Do Discover Student Loans Compare?
Discover Student Loan Refinancing
How Does Discover Student Loan Refinancing Compare?
What Borrower Protections Are Available?
Who Qualifies To Apply?
Are There Any Fees?
How Do I Contact Discover?
Is It Worth It?
Discover Student Loans FAQs
Discover Student Loans Features

Discover Undergraduate Loans

Cover up to 100% of school-certified costs with a Discover Undergraduate Loan at an eligible school for your bachelor's or associate's degree.

This loan is a great option for borrowers who need a little more than their federal loans to pay for school. You do not have to make payments while you're in school, and you get deferment for 6 months following graduation. You also have the option to make $25 per month payments while in school if you want to put a little towards your loans.

This loan has no fees (like all Discover student loans), and doesn't require a cosigner if you have great credit. However, most borrowers will still need a cosigner for their student loans.

Discover has an interest rate reduction program of 0.25% when you enroll in direct-debit to make payments for your loan. You can also earn a 2% graduation reward! That's a great deal. This program also applies to college freshmen, who can use their high school grades to get the reduction in year 1!

These loans have a 15 year repayment term, which is longer than the Federal standard plan, but lower than other options out there.

Discover undergraduate loans currently have the following interest rates:

Variable Rate: 5.87% - 15.12% APR

Fixed Rate: 5.49% - 14.99% APR

Rates are current as of April 01, 2023. While we strive to accurately reflect rates, they are subject to change without notice. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. Visit Discover's website for the latest rates and terms.

When Does This Loan Make Sense?

With variable rates as low as 1.24%, the undergraduate student loan from Discover sounds like a good deal. But most students should avoid private student loans for their undergraduate degree.. Typically, students can pay for an undergraduate degree with a combination of savings, federal loans, scholarships, and work.

Federal loans offer more flexible repayment terms, and your parents or grandparents won’t have to cosign on the loans. If you’re contemplating private loans for your undergraduate degree, you may need to find a less expensive school.

Need to know more about avoiding student loan debt? Check out these pieces:

  • Alternatives to Student Loan Debt
  • Students Share How They Graduated Debt Free
  • Don't Use Student Loans to Pay For Living Expenses

Discover Graduate Loans

Graduate Loans from Discover cover loans for Law School, Health Professional Schools (such as Medical or Dental school), MBA programs, and traditional Graduate and PhD programs. With loans from Discover, you can cover up to 100% of your school-certified costs.

Discover Graduate loans operate very similar to the undergraduate loans, with a few changes. They continue to offer in-school deferment, but graduate loans give you a 9 month grace period after graduation, versus a 6 month for undergraduate loans. You can also opt for the $25 per month student loan payment while in school if you prefer.

These loans also don't always require a cosigner, but strong credit scores and history will be required. These loans also have a 0.25% interest rate reduction when you sign up for direct debit, and a 2% loan principal reduction after you graduate.

Discover Graduate loans come with a 20-year repayment plan rather than the 15 years that you get with its undergraduate loans. Discover's graduate loans currently have the following interest rates:


Graduate Loans

MBA Loans

Health Professions Loans

Law School Loans

Variable APR

5.49% - 15.49%

5.74% - 12.49%

5.49% - 10.09%

5.49% - 14.09%

Fixed APR

5.49% - 14.99%

5.49% - 11.99%

5.49% - 9.99%

5.49% - 13.99%

Rates are current as of December 27, 2022. While we strive to accurately reflect rates, they are subject to change without notice. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. Visit Discover's website for the latest rates and terms.

When Does This Loan Make Sense?

Private graduate student loans make sense in some circumstances. If you expect to have a high salary and low unemployment following graduation, private loans are a reasonable way to finance your education. Of course, it’s easy to delude yourself about your job prospects following graduation.

Discover student loans can make particular sense for students with established credit histories who can qualify for great interest rates without a cosigner. The graduate school loans from Discover aren’t as flexible as federal student loans, but they carry low interest rates.

If you need to borrow for graduate school, weigh the flexible repayment terms of the Federal Student Loans against the low interest rates of private loans. It’s up to you to decide what’s best.

Discover Parent Loans

Discover also offers parent loans to pay for college. These are loans that a parent will take out to cover their child's education costs. You can learn more about Parent Loans To Pay For College here.

The Discover Parent loan allows you to borrow 100% of the cost of attendance as provided by the college or university. These loans don't have any origination fees or pre-payment penalties. This loan does have an auto-debit discount as well.

The loan is set for a 15 year repayment plan.

Discover parent loans currently have the following interest rates:

Variable Rate: 9.49% to 14.99% APR

Fixed Rate: 9.49% to 14.99% APR

Rates are current as of December 27, 2022. While we strive to accurately reflect rates, they are subject to change without notice. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. Visit Discover's website for the latest rates and terms.

When Does This Loan Make Sense?

Honestly, we are against parents borrowing to pay for their children's education. It rarely makes sense. 

However, there could be some situations where the parents can afford to pay, but may have illiquid assets and prefer to borrower. There may be better rates and terms in this scenario.

Discover Residency Loans

Following medical school, most doctors move into a residency program. While most residency programs pay doctors, doctors must pay for housing and moving costs. Plus, residents often experience the high costs of starting a family during residency.

With the Discover Residency loan, you can cover the cost of your residency, internship, relocation and board exam review.

There are different loan limits for residency loans compared to other lending products. Currently, you can borrow:

  • $18,000 for Allopathy, Dentistry, Optometry, Osteopathy, Pharmacy, Podiatry and Veterinary Medicine. 
  • $5,000 for Nursing, Occupational Therapy, Physical Therapy and Physician Assistant

Discover residency loans don't require a cosigner if you have an established credit history. Otherwise, you'll need to find a cosigner for your loan.

While you're in residency, you can defer your payments for up to 5 years. You can also choose to make a $25 per month payment during this time. The repayment term for residency loans is 20 years. 

Discover graduate loans currently have the following interest rates:

Variable Rate: 5.99% to 8.74% APR

Fixed Rate: 5.99% to 8.99% APR

Rates are current as of December 27, 2022. While we strive to accurately reflect rates, they are subject to change without notice. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. Visit Discover's website for the latest rates and terms.

When Does This Loan Make Sense?

If possible, avoid taking out loans during residency. A resident’s salary is small, but it should cover the expenses associated with residency. Consider negotiating for a relocation package if moving costs will drive you into debt.

If you can’t qualify for a relocation package, don’t turn to loans just yet. First consider opening a 0% APR credit card.

Use the 0% credit card to finance expenses for a few months, and then work on aggressively repaying the credit card.

Residents should also consider refinancing their student loans at lenders like Laurel Road or Splash Financial. Both offer great perks to residents and doctors who refinance with them. And it can save you a lot of money.

Discover Bar Exam Loans

Law students can cover their living expenses and bar exam costs with a low interest loan from Bar Exam Loan from Discover.

This loan has a limit of $16,000 for bar exam prep. It's available for current law school students, and has a grace period that extends for 6 months after graduation. If you're already a graduate, repayment begins immediately.

This loan doesn't require a cosigner if you have an established credit history. But many law school students will likely find themselves needing a cosigner.  Also, make sure you understand what loans are eligible for loan forgiveness for lawyers before you sign up.

This loan has a 20-year repayment term. Discover Bar Exam loans currently have the following interest rates:

Variable Rate: 6.49% to 14.49% APR

Fixed Rate: 6.49% to 13.99% APR

Rates are current as of December 27, 2022. While we strive to accurately reflect rates, they are subject to change without notice. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. Visit Discover's website for the latest rates and terms.

When Does This Loan Make Sense?

Ideally, a young J.D. can find a job with a firm who will pay their salary while they study for the Bar Exam. Increasingly, such an arrangement is fairy tale. Many law school graduates need a loan just to become firm legal. If you cannot cover living expenses in between graduation and the bar, consider a few options. First, cut costs to the bare minimum.

You’re practically living in the library anyways, so renting a bedroom in a house is fine. Next, try to cover your costs using any remaining savings a 0% APR credit card. If that fails, go on to a private student loan.

Discover Student Loans Details

Product Name

Discover Student Loans

Min Loan Amount

$1,000

Max Loan Amount

Total Cost of Attendance

Rate Type

Variable And Fixed

APR

As Low As 4.49%

Promotions

None

How Do Discover Student Loans Compare?

Discover student loans have competitive rates and low fees. But they won't be right for everyone. Check out this quick comparison:

Header
Discover Private Student Loans Comparison
Discover Private Student Loans Comparison: Ascent Student Loans
Discover Private Student Loans Comparison: Sallie Mae Student Loans

Rating

Minimum Loan

$1,000

$1,000

$1,000

APR Type

Variable and Fixed

Variable and Fixed

Variable and Fixed

Cosigner

Not Required

Not Required

Not Required

Soonest Cosigner Release Eligibility

N/A

24 Months

12 Months

Cell
Cell
READ THE REVIEW
READ THE REVIEW

Discover Student Loan Refinancing

Discover also offers student loan refinancing. They call it a consolidation loan, but it's really refinancing. They allow you to refinance both federal loans and your existing private student loans.

Discover student loan refinancing has zero fees - which is awesome for borrowers. They may require a cosigner if you don't have a strong credit history, but it's not required for all borrowers.

To refinance student loans, you must have at least $5,000 in loans but under $150,000. If you have more than $150,000, you might need to look at alternatives like Citizens Bank or LendKey.

Discover consolidation loans have two repayment terms - 10 years and 20 years. And the rates you'll be eligible for reflect that term.

Discover consolidation loans currently have the following interest rates:

Variable Rate: 5.49% to 9.24% APR

Fixed Rate: 5.99% to 10.49% APR

Rates are current as of December 27, 2022. While we strive to accurately reflect rates, they are subject to change without notice. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. Visit Discover's website for the latest rates and terms.

When Does This Loan Make Sense?

If you graduated from school with debt, and you’ve got a steady job with a decent salary, it might make sense to consolidate your debt and lower your interest rate. Consolidating to a private loan means you lose income based repayment options.

But with Discover, you’ll retain the ability to defer loans if you return to school. If you want to refinance your student loan, be sure your credit is in great shape and shop around for the best interest rates and terms that fit your life.

Make sure you always shop around when it comes to student loan refinancing. We recommend Credible to refinance your student loans, and if you do, you can get up to a $1,000 gift card bonus. Check out Credible here.

Discover Student Loan Refinancing Details

Product Name

Discover Student Loan Refinancing

Min Loan Amount

$5,000

Max Loan Amount

$150,000

Rate Type

Variable And Fixed

APR

As Low As 5.49%

Promotions

None

How Does Discover Student Loan Refinancing Compare?

Discover's student loan refinancing product is pretty vanilla. There are only two repayment term options and there aren't a lot of extra perks bundled in. However, Discover could still offer you a great interest rate on refinancing, especially if you have a strong credit score. Here's a quick comparison:

Header
Discover Student Loan Refinancing Comparison
Discover Student Loan Refinancing Comparison: Splash Financial
Discover Student Loan Refinancing Comparison: ELFI

Rating

Variable APR

5.49% to 9.24%

4.74% - 8.99%

4.78% - 8.49%

Fixed APR

5.99% to 10.49%

4.49% - 8.99%

5.08% - 8.04%

Bonus Offer

N/A

Up to $500

Up to $1,100

Cell
Cell
READ THE REVIEW
READ THE REVIEW

What Borrower Protections Are Available?

Discover wants their borrowers to succeed and repay their student loans. As a result they’ve created several programs to help borrowers avoid delinquency.  In addition to offering a 6-9 month in school deferment program (when you don’t have to make payments), these are the plans Discover offers.

  • Early Repayment Assistance - A 3-month extension of your grace period.
  • Payment Extension - If you fell into delinquency, Discover will revive your loans if you make 3 consecutive payments in 90 days. 
  • Reduced Payments - Reduce your payments to just the interest amount for six months
  • Forbearance - Payments stop for up to 12 months, but interest continues to accrue
  • Hardship - Discover reduces your interest rate for six months

To find out if you qualify for one of these programs call the Discover Repayment Assistance team at 1-800-STUDENT. These are some of the most borrower protections that you'll find on private student loans.

Still, you won't be eligible to join income-driven repayment plans as you can when you have federal student loans. Also, Discover's maximum forbearance period is quite as long as some other private lenders offer. For example, CommonBond offers 24 months of hardship forbearance.

Who Qualifies To Apply?

Unfortunately, Discover doesn't disclose its minimum credit score requirements. It also doesn't offer a tool that allows borrowers to check their pre-qualified rates before filling out a full application and submitting to a hard credit inquiry.

At a minimum, borrowers typically need to have a credit score in the "Good" range (670 and above) to qualify for a student loan without a cosigner. But to receive Discover's lowest rates, your credit score will probably need to be at least in the mid-700s.

Are There Any Fees?

No, you won't pay any application fees, origination fees, or prepayment penalties with Discover student loans. And unlike most lenders, Discover doesn't charge late fees either.

How Do I Contact Discover?

Discover services each of its private student loans itself. So if you have any issues or questions, you can reach out to them directly for assistance.

If you'd like to speak to someone over the phone, you can call 1-800-STUDENT (1-800-788-3368) anytime, 24/7. Or if you'd like to send an email message, you can do so after you've logged into your account online.

Is It Worth It?

Discover student loans have a lot going for them. They provide in-school payment flexibility, 6-9 month grace periods, and a high level of borrower protections after repayment begins. Plus, students with good grades can qualify for a 1% cash back reward.

However, Discover doesn't offer as many repayment terms as other lenders. And you'll have to submit to a full loan application before you can check your rates. If you'd like to see pre-qualified rate offers from multiple lenders in minutes without impacting your credit score, we recommend using Credible.

Currently, Credible is running a special promotion for The College Investor readers. Simply use our link and you could earn up to $1,000 cash bonus when you refinance with one of Credible's partner lenders.

Discover Student Loans FAQs

Let's answer a few common questions about Discover student loans and student loan refinancing.

Are Discover student loans hard to get?

Discover doesn't reveal its minimum credit score requirement. However, if you aren't able to qualify for a loan on your own, you can add a creditworthy cosigner to your application.

Does Discover offer a cosigner release program?

No, there's no way to release a cosigner with Discover other than by refinancing into a new loan.

Is Discover a good student loan lender?

Yes, Discover offers more borrower protections than most student loan companies and provides solid 24/7 customer service. However, you'll still want to compare Discover's interest rates without other private lenders to make sure that you're getting the best deal.

Does Discover have a graduation requirement for student loan refinancing?

No, unlike many other private lenders, you can apply for Discover student loan refinancing even if you never obtained a college degree.

Discover Student Loans Features

Min Loan Amount

  • Private student loans: $1,000
  • Refinance loans: $5,000

Max Loan Amount

  • Private student loans: Cost of attendance
  • Refinance loans: $150,000

Pre-Qualified Rates (Soft Credit Check)

No

Autopay Discount

0.25%

Good Grades Reward

1%

Loan Terms

  • Private student loans: 15 or 20 years
  • Refinance loans: 10 or 20 years

Origination Fees

None

Prepayment Penalty

None

In-School Payments

  • Full payments
  • Interest-only payments
  • Full deferment

Late Payment Fee

None

Cosigners Allowed

Yes

Cosigner Release

No

Grace Period

Yes, 6 to 9 months

Eligible Schools

Title-IV accredited schools

Enrollment Status (For Student Loans)

Full-time or half-time

Graduation Requirement (For Refinancing)

No

Customer Service Phone Number

1-800-STUDENT (1-800-788-3368)

Customer Service Hours

24/7

Loan Servicer

Discover

Address For Sending Payments

Discover Student Loans
PO Box 6107
Carol Stream, IL 60197-6107

Promotions

None

Discover Student Loans Review
  • Loan Options
  • Rates & Fees
  • Customer Service
  • Ease Of Use
  • Rewards & Perks
Overall
4.2

Summary

Discover student loans is an online private student loan lender that has one of the largest amounts of loan options available to borrowers. They have decent rates and some perks for borrowers as well.

Pros

  • Wide variety of loans
  • 1% good grades reward
  • In-school payment flexibility
  • Several hardship assistance options

Cons

  • Limited number of repayment terms
  • No cosigner release program
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Editor: Clint Proctor Reviewed by: Claire Tak

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
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  • How To Get A Student Loan With Bad Credit

Navigating Repayment

  • How To Select The Best Student Loan Repayment Plan
  • 5 Legal Ways To Lower Your Student Loan Payment
  • How To Use A 529 Plan For Student Loan Repayment
  • These Companies Offer Student Loan Repayment Assistance

Student Loan Forgiveness

  • Student Loan Forgiveness Programs (The Complete List)
  • Student Loan Forgiveness Programs By State
  • President Biden’s Student Loan Forgiveness Plan
  • Public Service Loan Forgiveness
  • Borrower Defense To Repayment
  • For-Profit College Student Loan Forgiveness List
  • Private Student Loan Forgiveness
  • Trade School Loan Forgiveness Programs

Student Loan Refinance

  • Best Student Loan Refinance Companies
  • Best Student Loan Refinancing Bonuses And Promotional Offers
  • Lenders That Offer Student Loan Refinancing Without A Degree
  • How To Refinance An International Student Loan
  • Best Medical School Student Loan Refinancing

More On Student Loans

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  • Does The Government Profit Off Of Student Loans?
  • Statue Of Limitations Laws For Student Loans
  • What Should You Do With Your Old FFELP Loans?
  • How To Get A Refund Of Your Federal Student Loan Payments

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