Discover Reviews: Student Loan Refinancing and Private Student Loans

• Soft credit check to qualify and see what rate you’ll get: No.

• Loan terms: 15 years.

• Loan amounts: $1,000 minimum. Maximum: Your total cost of attendance, minus other financial aid.

• Application or origination fee: No.

• Prepayment penalty: No.

• Late fees: No.

Compare Discover's range of interest rates with other private student loan lenders. Your actual rate will depend on factors including your — or your co-signer's — credit history and financial situation. To see what rate Discover will offer you, apply on its website.

Financial

Discover doesn’t disclose specific details about what it takes to qualify for its student loans, but there’s a good chance you’ll qualify if you have good credit or apply with a co-signer who does. Discover also considers other factors, such as area of study and potential income.

• Minimum credit score: Did not disclose.

• Minimum income: Did not disclose.

• Typical credit score of approved borrowers or co-signers: 750+.

• Typical income of approved borrowers: Did not disclose.

• Maximum debt-to-income ratio: Did not disclose.

• Can qualify if you’ve filed for bankruptcy: Yes; you’re more likely to qualify if the bankruptcy isn’t recent.

Other

In-school repayment options

• Immediate: Begin making full monthly payments as soon as the loan is disbursed. This option will save you the most in interest.

• Interest-only: Make monthly interest payments while you're in school and during your grace period. You'll get a 0.35% interest rate discount for choosing this option.

• Fixed: Make fixed, $25 payments while you’re in school and during your grace period.

• Deferred: You won’t be required to make any payments until your grace period ends, but you can choose to make payments if you’d like. Interest will accrue while you’re in school and will capitalize, or get added to your principal balance, at the end of your grace period.

Post-school repayment options

• Grace period: 6 months.

• Academic deferment: Postpone payments if you return to school at least half-time.

• Military deferment: Postpone payments if you're on active military duty.

• Public service deferment: Postpone payments if you're serving in a qualified public service organization.

• Medical residency deferment: Postpone payments during your medical residency.

• Grace period extension: Discover offers an Early Repayment Assistance Program that can extend your grace period. This program lets borrowers postpone payments for three months, but you must be in the first three months of repayment to be eligible.

• Forbearance: Postpone payments for up to 12 months if you're experiencing unemployment, economic hardship, an excessive student loan burden or a medical disability. Borrowers cannot receive 12 months of forbearance consecutively.

• Temporary interest rate reduction: Get a lower interest rate, resulting in a lower monthly payment, for up to 12 months. Payments are subject to a $50 minimum per month.

• Temporary payment reduction: Pay just the interest on their loan, subject to a $50 minimum, for up to six months. The loan must be fewer than 60 days late to qualify.

• Co-signer release available: No.

• Death or disability discharge: Yes.

Repayment preferences