Discover Bank

in Private Student Loans from Discover Bank

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Discover Bank


in Private Student Loans from Discover Bank

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Community Rating Mostly recommended
Fixed APR 6.49% - 11.99%
Variable APR 4.62% - 10.62%
Loan Amount Starting at $1,000


Where does Discover Bank do business?

Discover Bank is a bank based in Greenwood, DE. It was founded in 1985 and offers student loans in 50 states (and Washington, DC).

What rates does Discover Bank offer for in-school private student loan?

Discover Bank has a variable APR that ranges from 4.62% up to 10.62%.

It offers a fixed APR that ranges from 6.49% up to 11.99%.

Many students have little or no credit history when they start college. By having a parent or other creditworthy individual cosign the loan, the student may improve their chance of approval or qualify for lower interest rates.

How much can you borrow from Discover Bank?

Available loan amounts may vary by applicant but Discover Bank has a minimum loan amount of $1,000.

Does Discover Bank charge an origination fee?

No, Discover Bank does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees..

Does Discover Bank charge prepayment fees?

No, Discover Bank does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

What terms does Discover Bank offer?

Discover Bank provides repayment terms ranging from 10 to 20 years.

What type of borrowers will Discover Bank consider?

Discover Bank considers loans applications from:

  • undergraduate students
  • graduate students
  • parents of students

What do you need to qualify for a loan with Discover Bank?

Applicants with a credit score of at least 650 can apply for a loan via Discover Bank. The minimum age to apply for a loan is 16 or the state minimum, whichever is higher.

Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.

Discover Bank only considers borrowers who are employed

U.S. citizens, permanent residents, and non-residents can all apply for a Discover Bank loan.

To qualify, applicants may need to provide the following documentation:

  • Proof of citizenship or residence permit
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    Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
      Available in 50 states and Washington, D.C.
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Washington, DC
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Vermont
    • Virginia
    • Washington
    • West Virginia
    • Wisconsin
    • Wyoming

    Feature Breakdown

    Grace Period for Late Payment (Days) 6
    No Origination Fee  
    No Prepayment Fee  
    Minimum Age 16
    Cosigner Optional  
    Credit Score Range 650 - 850
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    • Non-Resident
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    Verification Documents Required
    • Proof of citizenship/residence (Green Card)
    Funding Time Range (in days) 1 - 7
    Good Student Rewards  
    Variable APR 4.62% - 10.62%
    Loan Amount Starting at $1K
    Loan Term (Years) 10 - 20
    Fixed APR 6.49% - 11.99%
    Up to Cost of Attendance  



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