Discover Student Loans Review

Rating: 9.1 / 10 (Excellent)
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Discover Student Loans is the property of Discover Bank, a financial institution with half a century of experience in the industry. Discover Bank offers savings accounts, credit cards, personal loans, and private student loans insured by the FDIC. Their student loan products feature federal and private loan consolidation and fixed or variable interest rates.

Discover Student Loan - Overview

Discover Financial Services was founded in 1960 and operates direct banking and payment services in the United States. They are the third largest credit card brand in the country, but also offer other financial services such as student loans, personal loans, home equity loans, money market accounts, savings and checking accounts. Discover offers multiple types of student loans through its convenient online portal. They cover 100% of school associated costs, have no fees, offer cash back rewards for good grades, and have competitive rates. Discover also features US-based loan specialist support exclusively. 

Student Loans Offered

Discover offers many private student loan options for customers to choose from. The minimum loan amount is $1,000 and and there is no maximum.

  • Undergraduate Loan
  • Graduate Loan
  • Residency Loan
  • Health Profession Loan
  • Law Student Loan
  • MBA Loan
  • Bar Exam Loan
  • Consolidation Student Loan

Maximum Loan Limit

Minimum Loan Amount

$1,000

Maximum Loan Amount

No limit

Repayment Options / Loan Terms

Discover accepts payments online, and by phone, mail, or auto debit. All loans come with a grace period where you are not required to pay the full principal plus interest amount. The grace period and repayment period after depends on the type of Discover student loan.

Undergraduate Loan

6 months

Up to 15 years

Health Professions Loan

9 months

Up to 20 years

Residency Loan

Ends 9 months after graduation

Up to 20 years

Bar Exam Loan

Ends 9 months after graduation

Up to 20 years

MBA Loan

9 months

Up to 20 years

Graduate Loan

9 months Up to 20 years
Law Loan 9 months

Up to 20 years

 Student Loan Rates

Fixed Rate

Variable Rate

Rates

Variable rates: 3.37% APR - 9.49%

Fixed rates: 6.15% APR - 11.99%

Qualifying

For All Discover’s Student Loans

  • Must be enrolled at least half-time
  • Must be enrolled at an eligible school
  • Must be a U.S. citizen, primary resident, or international student with U.S. citizen or primary resident co-signer
  • Must be 18 years or older
  • Must pass a credit check
  • Must be seeking a degree

Application

Online Application

College Scholarship Search

Student Loan Calculator

Application Process Time

A few minutes

 

Help and Support

Live Chat

Email

Phone

FAQs

Rewards and Discounts

Discover has a reward for good grades program where they give 1% cash back on each student loan for students who receive a 3.0 GPA or higher. The company also covers up to 100% of school-certified costs and does not charge borrowers application, origination, or late fees.

Discover also has an accurate student loan calculator that can show borrowers how much their interest will be on a given loan type, as well as a free service which helps students find scholarships. Finally, the company also has a loan forgiveness policy in the event of the current borrower’s death or permanent disability.

Loan Related Fees

Origination Fee

Loan Application Fee

Late Fee

Student Loans at Discover

Discover is certainly a good choice for student loans. The company offers a variety of student loan programs that come with flexible interest rates and loan term payment periods. There are no fees, competitive rates, and payment forgiveness in the event of death or disability. 


Top Rated
9.5 / 10
  • Apply online in just 3 minutes
  • Undergrad rates 5.46% - 12.52% Fixed, 2.93% - 10.10% Variable
  • Grad rates 4.70% - 10.89% Fixed, 2.93% - 9.25% Variable
  • Instant credit decision
  • The most repayment options and flexible terms
  • No origination fees
  • BBB A+ Rating

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Discover Student Loans