Variable Interest Rates

3.87% APR - 10.12% APR1
(3-Month LIBOR + 2.49% to 3-Month LIBOR + 8.74%)

Fixed Interest Rates

6.24% APR - 12.49% APR1

Rewards

Get a one-time cash reward on each new Discover student loan when you get at least a 3.0 GPA (or equivalent).8

Get a 0.25% interest rate reduction when you enroll in auto debit payments during repayment.9

ZERO FEES

No loan application fees.
No origination fees.
No late fees.

Repayment Options

Choose in-school or deferred repayment option and there is never a penalty for prepayment.

Details

Eligible Schools

You must attend an eligible school.

Interest Rates

You have a choice of fixed or variable interest rate.

  • Variable interest rates range from 3.87% APR to 10.12% APR1 (3-Month LIBOR + 2.49% to 3-Month LIBOR + 8.74%).
  • Fixed interest rates range from 6.24% APR to 12.49% APR1.

Private student loans are credit based. Students with no credit history or a low credit score may find it difficult to qualify for a private student loan on their own. Students have the option to apply for a Discover student loan with a cosigner. By applying with a creditworthy cosigner, you may improve your likelihood for loan approval and may receive a lower interest rate.

Loan Limits

  • Minimum loan amount: $1,000
  • Maximum student loan limit: Up to 100% of your school-certified cost of attendance (including tuition, housing, books, and more) minus other financial aid. Aggregate loan limits apply.

Rewards

  • Get a one-time 1% cash reward on each new Discover student loan when you get at least a 3.0 GPA (or equivalent).8
  • 0.25% interest rate reduction while enrolled in auto debit payments during repayment.9

Repayment Options

Discover Student Loans offers two different repayment options to help you manage your payments.

  • In-School: Required to make $25 fixed, monthly payments while you are in-school and during your grace period to lower your overall cost.
  • Deferred: Monthly payments are not required until 6 months after you graduate or your enrollment drops below half-time.

Payments can be made anytime to help reduce the overall cost of the loan and there is never a penalty for prepaying.

Repayment Term

  • 15 years standard repayment

Payments can be made anytime to help reduce the overall cost of the loan and there is never a penalty for prepaying.

Eligibility Requirements

To qualify, you must:

  • 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.

Apply for an Undergraduate Loan

Financial Aid Tip: U-fi recommends that you take advantage of all scholarship, grants, and federal aid options before applying for a private student loan.