Discover Logo

Our Rating (88%)

Discover Student Loan Review

Who is a  Discover Student Loan Good For?

Discover student loans are a solid option for those who have maximized grants, scholarships and other free financial aid and want a lender that offers a number of loan types and a loan consolidation option. It’s also a good choice for those interested in earning cash-back rewards for maintaining good grades.

Discover Student Loan Eligibility Requirement

Qualification requirements for a student loan from Discover vary by loan type.

For undergraduate and private student loans, you must be:

  • Enrolled at least half-time and seeking a degree at an eligible school
  • A U.S. citizen, permanent resident or international student
  • 16 or older when you apply
  • Making satisfactory academic progress, according to your school
  • Pass a credit check

For consolidation student loans, you must be:

  • 18 or older at the time you apply
  • A U.S. citizen or permanent resident
  • Pass a credit check
  • Have no more than $150,000 in aggregate student loan debt
  • Have verifiable income and be the primary borrower on the loans

For bar exam loans, you must be:

  • A graduate from law school within the past six months, or be enrolled in your final year of study in a graduate law degree program
  • A U.S. citizen, permanent resident or international student
  • Be 16 or older at the time you apply
  • Pass a credit check

For residency loans, you must be:

  • A graduate from medical school within the past 12 months or be enrolled in your final year of study in a graduate health professions program
  • A U.S. citizen, permanent resident or international student
  • Be 16 or older at the time you apply
  • Pass a credit check

Interest Rates and Terms

Discover offers both variable and fixed-rate options across its student loan products. Although interest rates vary by loan product, they are fairly consistent across the board, with variable rates ranging from 1.24 percent to 10.99 percent and fixed rates ranging from 4.49 percent to 12.39 percent. The interest rate you receive varies based on creditworthiness.

Here are the rate ranges for each loan product at Discover:

Loan productVariable rateFixed rate
Undergraduate1.24% – 10.99% APR4.24% – 12.39% APR
Graduate1.99% – 12.49% APR4.49% – 12.99% APR
MBA1.99% – 9.99% APR4.99% – 10.74% APR
Health professions1.99% – 7.14% APR4.49% – 7.09% APR
Law1.99% – 8.37% APR4.49% – 9.49% APR
Residency5.24% – 7.99% APR6.74% – 8.74% APR
Bar exam6.24% – 11.99% APR7.24% – 12.74% APR
Consolidation10-year: 2.37% – 6.12% APR
20-year: 2.37% – 6.12% APR
10-year: 3.99% – 7.49% APR
20-year: 4.24% – 7.74% APR



One major upside to getting a loan through Discover is that it charges no fees. There’s no loan application fee, origination fee or late fee. It also doesn’t charge a prepayment penalty.

Repayment terms and grace period:

The type of loan you receive from Discover determines your repayment period and grace period. Undergraduate loans from Discover come with a repayment period of up to 15-years and a six-month grace period. That means that full monthly payments aren’t due until six months after you graduate, or your enrollment status drops below half-time.

All other student loans from Discover, including graduate loans, have a repayment period of up to 20 years and a grace period of nine months. The grace period for bar exam and residency loans ends nine months after graduation.

All loans except for consolidation loans have two repayment options: in-school and deferred. The in-school option requires you to pay at least $25 per month while you’re in school. With the deferred option, you make no payments while you’re in school.

Payments are still required for any borrowers who elect for interest-only or $25 fixed monthly payments.

How to Get a Student Loan

You can start the application process for a Discover student loan online, with a result in as little as 15 minutes.

Before getting started, students will need their Social Security number, school information (including the field of study and period of enrollment), desired loan amount, any financial aid you’ll receive, financial information, and address.

Cosigners will need to supply their Social Security number, loan amount desired, employment information, financial information, and permanent address.

Here are four main steps to apply for a loan through Discover:

  1. Start the online application process
  2. Include a cosigner, if desired
  3. Choose either fixed or variable interest rate and a repayment option
  4. Once approved, sign and accept loan documents