Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Who Is Discover Best For?
Discover is a great option for borrowers looking to avoid fees — you won't pay any with the company. Additionally, the lender has 24/7 support if you have any questions about your loans.
However, borrowers with excellent credit may find better rates elsewhere.
Types of Student Loans Offered by Discover
Discover offers student loans for a variety of different types of degrees, including:
- Undergraduate
- Graduate
- Law school
- MBAs
- Health professions
Discover Student Loans Details
To qualify for a loan, you must meet the following qualifications:
- Be enrolled at least half-time in a program (undergraduate, graduate, law school, MBA, health program) at an eligible school
- Be pursuing a degree
- Be making adequate academic progress as determined by your school
- Be a US citizen, permanent resident, or international student (international students need to have a cosigner who is a US citizen or permanent resident)
- Be 16 years or older when you apply
- Pass a credit check
Before applying for any private student loan, including with Discover, make sure to consider your federal student loan options, as you can often find more favorable terms and better protections through the government.
To contact customer support, call the lender 24 hours a day, seven days a week. The company has both a US number and an international number. If calling isn't the best work for you, you can also send mail to Discover's Utah address.
Discover has a well-reviewed app that has received 4.8 out of 5 stars on the Apple store and 4.6 out of 5 stars on the Google Play store. If you want to manage your loan on the go, this could be helpful.
Discover Undergraduate Student Loans
You may like Discover's undergraduate student loans if you want to avoid fees, as the lender doesn't have any prepayment penalties, origination fees, or late charges. However, you may be able to find lower fixed rates with competitors.
You might be eligible for Discover's one-time 1% cash reward on its student loans if you get a GPA of 3.0 or higher for any academic term covered by the loan. You'll need to redeem your reward within six months after the loan's disbursement or six months after the academic term has ended, whichever is later.
Discover Graduate Student Loans
Discover's graduate student loans function similarly to the lender's undergraduate loans. The major difference between the two is the repayment term length; the graduate loans are for 20 years, while the undergraduate loans are for 15 years. You'll still get a loan with no fees and will be eligible for Discover's one-time 1% cash reward on its student loans.
Pros and Cons of Discover Student Loans
How to Apply For Discover Student Loans
1. Gather required information. This includes your Social Security number, your school of enrollment, the loan amount you need, your address, and certain financial documents.
2. Fill out the online application. You're apply to complete the application in just several minutes, and after doing so you'll get your rates.
3. Submit required supplementary documents. Discover may need to see financial documents including proof of income and residency.
4. Sign your loan agreement. After you get all your documents in order, Discover will send you a formal loan agreement. Discover will fund your loan after you sign on the dotted line.
Discover Student Loans Frequently Asked Questions
Yes, Discover offers student loans at competitive rates and has around the clock customer service for any questions you have.
You can borrow up to 100% of the cost of attendance.
While there is always a possibility the company could decide to forgive student loans, the chances are extremely slim. No private loans will likely be forgiven.
The Better Business Bureau rates Discover with an A+ grade, indicating that the BBB has determined that the is company honest in how it handles business, responds effectively to consumer complaints, and is truthful in its advertising.
Discover Student Loans Competitors
Compare Discover Student Loans against the competition.
Discover Student Loans vs. College Ave Student Loans
You can get a lower minimum APR on your loan with College Ave than with Discover, so if your credit is in good shape, College Ave might be the better choice.
College Ave has a quicker application process than Discover, as you can get a rate in a few minutes with College Ave, and it will take roughly 15 minutes with Discover. This may not be a dealbreaker, but if you want to speedily compare multiple rates, College Ave could be a better place to start.
Discover offers a unique perk that College Ave does not. Discover has a one-time 1% cash reward on its student loans if you achieve a GPA of 3.0 or higher during any academic term covered by the loan. You have to redeem your reward within six months after your loan is disbursed or six months after your academic term is over, whichever is later.
You won't pay any origination fees, prepayment penalties, or late fees with either company.
Discover Student Loans vs. Ascent Student Loans
Discover has a better APR range on graduate loans than Ascent Undergraduate Student Loans. The minimum rate is about 1% lower with Discover than with Ascent, though the maximum rate is nearly the same. Ascent has a better range on undergraduate loans with a minimum rate roughly .75% lower than with Discover. The maximum rate with both companies is about the same.
Ascent has five repayment terms available with co-signed loans, five, seven, 10, 12, or 15 years. Discover has only one standard term available, 15 years.
You may be eligible for a 1% cash reward with Ascent and Discover. Neither company charges origination fees or prepayment penalties, but Ascent may charge a late fee while Discover does not.
Why you should trust us: How we rated Discover student loans
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.
When considering whether or not Discover is right for you, consider its additional product lines:
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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