Discover Student Loan Refinance Review

Rating: 8.0 / 10 (Very good)
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Loan Limits/Terms
Customer Service
Additional Fees
Application Process


Direct Financial Services is a leading banking and payment services and is one of the largest card issuers in the country. Financial products include credit cards, banking, home equity loans, personal loans and student loans. Its student loan program covers 100% of school-certified college cost to give you access to graduate and undergraduate education.  


Loan Limits

Students could get full coverage of school certified costs.

  • Undergraduate School – No limits
  • Graduate School – No limits


Loan Terms

  • 15 years maximum loan term
  • Discovers has a maximum loan term of 15 years for its student loan programs. This is 5 years shorter compared to other student loan providers who offer loan terms of up to 20 years.



  • Fixed (Rates start at 6.24% APR)
  • Variable (Rates start at 3.62% APR)


Save with Auto Payments

Yes. Get 0.25% auto debit reward by enrolling in its auto payment program.


Good Grades Discount

Get a 3.0 GPA or better and get a full 1% cash reward on each new student loan.


Graduation Reward

Discover awards you with 2% of the principal loan when you graduate.


Loan Related Fees

  • Origination fees
  • None
  • Prepayment Penalties
  • None. Discover does not penalize you for paying your student loans early.


Student Loans at Discover

Discover student loans offers a good mix of reward programs and discount options for helping students bring down the cost of education. Discover also offers student loans for wide variety of graduate and undergraduate programs. Discover student loans covers 100 percent of school-certified costs which gives students the flexibility when choosing which course or college to enroll in.  


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julie L
The interest rate on the student loan constantly increases. They make a lot of money of the poor. Its a profitable business model for them. Its not solvent for the consumer. I am very sorry I took out a loan from them as I become deeper and deeper in debt. It is more like a credit card then a student loan and the company doesn't support the consumer until they are reported to CFPB. They misapplied payments multiple times. It took an unbelievable amount of effort to get them to fix that. If they can't apply payments correctly, they can't be trusted to handle money. I should have gone to a local credit union.