Discover Reviews: Student Loan Refinancing and Private Student Loans
Discover stands out for its generous options for borrowers who are struggling to make payments.
Student loan ratings

Student loan refinancing
Private student loan
The bottom line: Discover Bank, known primarily for its credit cards business, launched Discover Student Loans in 2007. Its refinancing loan is best for borrowers who may need wiggle room on payments, or those who didn’t graduate. Its private loan is best for students who may need wiggle room on payments.
Student loan refinancing review

on Discover's website
Discover Student Loan Refinance
4.5
NerdWallet ratingon Discover's website
Fixed APR
3.49 - 6.99%
Variable APR
1.87 - 5.87%
Min. Credit Score
Does not disclose
Pros
- No late fees.
- More flexible repayment options for struggling borrowers than other lenders.
- Can refinance without a degree.
Cons
- Only 10- and 20-year repayment terms available.
- No co-signer release available.
- You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Best for borrowers who may need wiggle room on payments, or those who didn't graduate.
Full Review
Refinancing student loans through Discover is a good option for financially strong borrowers who may need wiggle room in the future. Discover offers a wider range of repayment assistance programs compared with other student loan refinance lenders, including the option to temporarily reduce payments.
Discover student loan refinancing at a glance
Generous repayment flexibility for struggling borrowers.
No late fees.
Only 10- and 20-year repayment terms available.
How Discover could improve
Discover could improve its student loan refinance product by:
Conducting soft credit checks to give personalized rate estimates.
Providing a greater number of repayment schedules.
Offering a co-signer release program.
Discover student loan refinancing details
Before refinancing with Discover
Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.
If you aren’t eligible to refinance with Discover
If Discover denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.
NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.
How does this loan compare?
Fixed APR3.49 - 6.99% | Fixed APR2.98 - 5.79% |
Variable APR1.87 - 5.87% | Variable APR1.99 - 5.61% |
Min. Credit ScoreDoes not disclose | Min. Credit Score680 |
Private student loan review

on Discover's website
Discover Private Student Loan
4.5
NerdWallet ratingon Discover's website
Fixed APR
4.59 - 12.99%
Variable APR
1.59 - 11.99%
Min. Credit Score
Does not disclose
Pros
- More flexible repayment options for struggling borrowers than other lenders.
- No late fees.
Cons
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
Best for students who may need wiggle room on payments.
Full Review
Discover's private student loans are a good option for borrowers who want flexible repayment options in case they need wiggle room in the future. Discover offers a wider range of repayment assistance programs compared with other student loan lenders, including the option to temporarily reduce payments.
Discover private student loan at a glance
Generous repayment flexibility for struggling borrowers.
International students can qualify with a co-signer.
Only one repayment term option.
How Discover could improve
Discover could improve its private student loans by:
Conducting soft credit checks to give personalized rate estimates.
Providing a greater number of repayment schedules.
Offering a co-signer release program.
Discover private student loan details
Before applying for a Discover student loan
Before taking out a Discover student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you aren’t eligible for a Discover student loan
If Discover denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.
If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans.
STUDENT LOANS RATINGS METHODOLOGY
NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That's why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines
Find the Right Student Loan
Frequently asked questions
Discover has a 4.5 rating out of a possible score of 5 from NerdWallet for its refinancing and private student loan products.
The typical time from completed application to approval for a Discover student loan is 15 minutes. For a consolidation loan, it can take from 30 to 45 days from approval to payoff.
A co-signer is not required for approval, but you must meet eligibility requirements based on your credit score income and other factors.