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Discover Private Consolidation Loan

Discover Student Loans




Discover Private Consolidation Loan offers great rates and flexible terms.

  • Consolidate federal and private student loans.
  • No fees. No application, origination or late fees.
  • Choice of fixed or variable interest rate.
  • 0.25% interest rate reduction while enrolled in automatic payments1


  • Payments can be made anytime to help reduce the overall cost of the loan and there is never a penalty for prepaying.
  • Applying online is quick and easy and our knowledgeable, US-based Student Loan Specialists are ready to help you anytime 24/7.

Interest Rates and Terms

  • Consolidation 10-Year
    • Variable interest rates from 1.99% APR to 5.74% APR2
    • Fixed interest rates from 2.99% APR to 6.49% APR2
  • Consolidation 20-Year
    • Variable interest rates from 2.49% APR to 5.74% APR for a 20-year term2
    • Fixed interest rates from 3.49% APR to 6.74% APR for a 20-year term2

Eligibility Requirements

To qualify, the borrower must:

  • Be a US citizen or permanent resident with a US-based address.
  • Be at least 18 years old at the time of loan application.
  • 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.


1Visit for terms and conditions.

2Lowest APRs are available for the most creditworthy applicants who are approved and choose a shorter repayment term, and include an Auto Debit Reward.

3The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3- Month CME Term SOFR index value for variable interest rate loans is 0.125% as of November 14, 2021. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website ( Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover Student Loans interest rates.

What are my private student loan options?