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Could student loan refinancing save you money?

Discover Student Loans Consolidation Loan

Discover Student Loans

With Discover Student Loans, you can consolidate federal and private student loans. You may be able to:

  • Lower your interest rate
  • Lower your monthly student loan payments
  • Simplify with one loan and one monthly payment
  • Obtain a loan without a cosigner

Discover Student Loans offers great rates and flexible terms.

Borrower Benefits

Get a 0.25% interest rate reduction while you are enrolled in automatic payments

Interest Rates, Fees, and Terms

  • Choose a variable or fixed interest rate
    • Variable interest rates from 1.87% APR to 5.87% APR1
    • Fixed interest rates from 3.49% APR to 6.74% APR for a 10-year term1
    • Fixed interest rates from 3.74% APR to 6.99% APR for a 20-year term1
  • $0 fees required. That means you will not be required to pay any fees, including application, origination or late fees
  • Consolidate your federal and private loans
  • Apply in 15 minutes or less from your computer, smartphone or other mobile device
  • No prepayment penalty if you pay your loan off early


To qualify, your must:

  • Be a US citizen or permanent resident with a US-based address.
  • Be 18 years or older at the time your apply.
  • Pass a credit check.
  • Have no more than $150,000 in aggregate student loan debt. Higher limits may apply for specific fields of study.
  • Have verifiable income sufficient to support your debts and show a positive repayment history.
  • Be the primary borrower on the loans you want to consolidate.


1Lowest APRs shown for the Discover Private Consolidation Loan are available for the most creditworthy applicants and include a 0.25% interest rate reduction while enrolled in automatic payments. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of January 1, 2021. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Visit for more information, including up-to-date interest rates and APRs.

Could student loan refinancing save you money?