What are my private student loan options?

Discover® Student Loans

We can help you cover 100% of school-certified college costs including tuition, housing, books and more. Apply today!

Discover Undergraduate Loan

This private student loan is for undergraduate students in Associate of Bachelor's degree programs at eligible schools and can cover up to 100% of your school-certified cost of attendance (including tuition, housing, books and more) minus other financial aid. Aggregate loan limits apply.

Benefits

  • Choice of great fixed or variable interest rates.
  • Zero fees - No loan application fees. No origination fees. No late fees.
  • Choose in-school or deferred repayment option, and there is never a penalty for pre-payment.
  • Get a one-time cash reward of 1% of the loan amount of each new Discover student loan when you get at least a 3.0 GPA (or equivalent). Reward redemption period is limited.2
  • 0.25% Auto Debit Reward (while enrolled in automatic payments during repayment)3
  • 6-month grace period
  • By adding a cosigner, you may improve your likelihood for loan approval and may receive a lower interest rate.

Services

  • Applying online is quick and easy and our knowledgeable, US-based Student Loan Specialists are ready to help you anytime 24/7. Tools and information at DiscoverStudentLoans.com can help students and parents through each step of the process — from exploring financial aid to repaying student loans.

We encourage you to borrow responsibly and maximize grants, scholarships and other free financial aid before taking student loans. If you need to borrow, compare federal and private student loans to find a loan that best fits your needs.

Eligibility

  • Be enrolled at least half-time in a Bachelor's or Associate's degree program at an eligible school.
  • Be seeking a degree.
  • Be making satisfactory academic progress as defined by your school.
  • Be a US citizen, permanent resident or international student (International students require a cosigner who is a US Citizen or permanent resident).
  • Be 16 years or older at the time you apply.
  • Pass a credit check.

Discover Graduate Loan

This private student loan is for graduate students, including masters and doctoral degree candidates, and can cover up to 100% of your school-certified cost of attendance (including tuition, housing, books and more) minus other financial aid. Aggregate loan limits apply.

Benefits 

  • Choice of great fixed or variable interest rates
  • Zero fees - No loan application fees. No origination fees. No late fees.
  • Choose in-school or deferred repayment option and there is never a penalty for pre-payment.
  • Get a one-time cash reward of 1% of the loan amount of each new Discover student loan when you get at least a 3.0 GPA (or equivalent)1
  • 0.25% Auto Debit Reward (while enrolled in automatic payments during repayment)2
  • 9-month grace period
  • By adding a cosigner, you may improve your likelihood for loan approval and may receive a lower interest rate.

Services

  • Applying online is quick and easy and our knowledgeable, US-based Student Loan Specialists are ready to help you anytime 24/7. Tools and information at DiscoverStudentLoans.com can help students and parents through each step of the process — from exploring financial aid to repaying student loans.

We encourage you to borrow responsibly and maximize grants, scholarships and other free financial aid before taking student loans. If you need to borrow, compare federal and private student loans to find a loan that best fits your needs.

Eligibility

  • Be enrolled at least half-time in a graduate program at an eligible school.
  • Be seeking a degree.
  • Be making satisfactory academic progress as defined by your school.
  • Be a US citizen, permanent resident or international student (International students require a cosigner who is a US Citizen or permanent resident).
  • Be 16 years or older at the time you apply.
  • Pass a credit check.

Apply for a Discover Private Student Loan


Disclaimers

1Aggregate loan limits apply.

2The Terms and Conditions have been updated effective January, 2017.
These Terms and Conditions describe the eligibility and redemption policy for the 1% cash reward for good grades. "You" refers to the borrower. "We" refers to Discover Bank.
Note: If you are eligible for both the Discover Student Loans Rewards for Good Grades and Discover it for Students credit card, you must apply separately for each reward.

Reward Eligibility

You will be eligible to receive a 1% cash reward if:

  • You submitted an application for a Discover Undergraduate, Health Professions, Law, MBA or Graduate Loan on or after May 1, 2014 and received the loan.
  • Your Grade Point Average (GPA) for any academic term covered by the loan is at least a 3.0 (or equivalent).
  • You have not already redeemed the reward for the eligible student loan.
  • You log in to your secure account to redeem your reward within 6 months after the academic term covered by the loan has ended, or six months after the loan's final disbursement; whichever is later. Please note: If the loan covers multiple academic terms, you may only redeem your reward after the end of the final academic term covered by the loan.
  • There are no pending disbursements on your eligible student loan.

You will be eligible for only one reward for each new Discover student loan.

Reward Amount

The reward amount is a 1% cash reward of the disbursed principal balance on your student loan.
It is your responsibility to notify us if you do not receive an expected 1% cash reward, once you complete and submit the redemption form.
A reward may be considered taxable income. We recommend you consult a tax professional for tax advice.

Reward Redemption

To redeem the reward for an eligible loan, you must log in and submit the redemption form within 6 months after the academic term covered by the loan has ended, or six months after the loan's final disbursement; whichever is later. You must provide your GPA (or equivalent). We may request additional documentation to verify the GPA (or equivalent) you provide on the redemption form.
If an academic term accounts for multiple semesters, you can provide your GPA (or equivalent) for any semester during the academic term covered by the loan or the combined GPA (or equivalent) for the academic term.
You must redeem your reward in full in a single redemption transaction. A check will be mailed to the existing US permanent or temporary address we have on file within two to three weeks after you complete and submit the redemption form.

Changes to These Terms and Conditions

These Terms and Conditions are subject to change without notice. We may change them at any time including, but not limited to, changing the redemption methods or imposing additional conditions.

3The Terms and Conditions have been updated effective January, 2017.
These Terms and Conditions describe the eligibility and policies for the Auto Debit Reward. "You" refers to the borrower. "We" refers to Discover Bank.

Auto Debit Reward Eligibility

You will be eligible to receive the Auto Debit Reward if you meet all of the following conditions:

  • You are the borrower of a student loan originated or purchased by Discover Bank
  • Your loan is in repayment (the Auto Debit Reward does not apply during any deferment when no payments are required)
  • Your loan is not in default
  • You are enrolled for recurring automatic payments from a bank account

Automatic Payment Enrollment

You must be enrolled for automatic payments to receive the Auto Debit Reward. To enroll for automatic payments:

  • Call us at 1-800-STUDENT to request a copy of the enrollment form, complete it and mail it back to the address on the form.
  • Visit DiscoverStudentLoans.com/AutoDebitReward and complete the enrollment form.
  • If you have loans originated by Discover Bank and loans purchased by Discover Bank, you will need to complete separate enrollment forms.
  • If you have more than one loan originated by Discover Bank, your single enrollment will cover all loans originated by Discover Bank.

Enrollment usually begins 4 to 6 weeks after we receive your completed enrollment form. You should continue to send us monthly payments until you receive written confirmation that your enrollment was successful.     

If your loans are past due at the time you enroll, you must make separate arrangements to send the past due payments. You will earn the Auto Debit Reward only if you send in all past due payments and meet the Auto Debit Reward Eligibility requirements above.

Call us at 1-800-STUDENT to:

  • Increase the amount of your monthly automatic payment
  • Unenroll from automatic payments (you will no longer receive the Auto Debit Reward)

Auto Debit Reward Amount

We will apply the Auto Debit Reward by reducing your interest rate by 0.25% (0.0025). This may change the amount of your minimum monthly payment, may change the total number of payments necessary to pay off your loan and may change the amount of your final payment. It is your responsibility to notify us if you believe the Auto Debit Reward has not been applied correctly.

Changes to These Terms and Conditions

These Terms and Conditions are subject to change without notice. We may change them at any time including, but not limited to, changing the eligibility criteria or imposing additional conditions.

What are my private student loan options?