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Last Updated: 04/18/2025

Discover Bank Private Student Loans

in Private Student Loans from Discover® Bank

Last Updated: 04/18/2025

Discover® Bank logo
Rating not yet determined4 total votes
3 users recommend
1 users are unsure

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Highlights

Fixed APR

5.49% - 14.99%

Variable APR

5.87% - 15.12%

Amount Range

Starting at $1,000
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Discover Bank Private Student Loans Review

Discover Bank Private Student Loans is offered by Discover® Bank, a bank founded in 1985 and based in Riverwoods, IL. Discover Bank Private Student Loans are available in 50 states and Washington, DC.

Discover Bank Private Student Loans FAQ

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

Discover Bank Private Student Loans has a variable APR that ranges from 5.87% up to 15.12% .
It offers a fixed APR that ranges from 5.49% up to 14.99% .
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 Private Student Loans?

Available loan amounts may vary by applicant but Discover Bank Private Student Loans has a minimum loan amount of $1K

Does Discover Bank Private Student Loans charge an origination fee?

No, Discover Bank Private Student Loans 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 Private Student Loans charge prepayment fees?

No, Discover Bank Private Student Loans 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 Private Student Loans offer?

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

What type of borrowers will Discover Bank Private Student Loans consider?

Discover Bank Private Student Loans considers loans applications from:

    What do you need to qualify for Discover Bank Private Student Loans?

    Applicants with a credit score of at least 650 and up to 850 may be eligible for Discover Bank Private Student Loans. The minimum age to be eligible is 16 or the state minimum, whichever is higher.
    Discover Bank Private Student Loans does not have or does not disclose a minimum annual income eligibility requirement.
    U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Discover Bank Private Student Loans. An uncommon feature is for lenders to offer their services to non-residents. Discover® Bank is one of the few that does.
    To qualify, applicants may need to provide the following documentation:
    • Proof of citizenship or residence permit

    Is Discover® a legit company?

    Discover® was founded in 1985, it is a well-established company that has been in business for 41 years.
    Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.

    SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

    Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

    Contact

    Headquarters

    2500 Lake Cook Rd
    Riverwoods, IL 60015
    Visit Site
    Email Support

    Hours of Operation

    Sunday
    Closed
    Monday
    9:00AM - 6:00PM
    Tuesday
    9:00AM - 6:00PM
    Wednesday
    9:00AM - 6:00PM
    Thursday
    9:00AM - 6:00PM
    Friday
    9:00AM - 6:00PM
    Saturday
    8:30AM - 1:00PM

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    SuperMoney Net Recommendation Score

    Not enough SuperMoney users have reviewed this product to provide a recommendation score or rating.

    +75

    -1000+100
    No one recommends
    Everyone recommends
    The recommendation score reflects customer satisfaction with a provider. A score of +100 means every customer recommends the provider, while -100 means none of them do. These scores are based entirely on community member votes and are not influenced by partner compensation. SuperMoney removes fake reviews when detected.

    Discover Bank Private Student Loans Community Reviews

    Would you recommend Discover Bank Private Student Loans to your friends?

    Leonard G. avatar image

    Leonard G.

    Nov 30, 2023

    May or may not recommend

    Mayne this didny work worth a damn but who cares right
    AG

    Allyson G.

    Mar 5, 2021

    May or may not recommend

    Discover Student Loans have a graduation benefit and reward you with incentives to pay your loan on time. Their online portal is easy to use and customer service is excellent!
    PF

    Phil F.

    Dec 30, 2020

    May or may not recommend

    Discover Student Loans is an excellent service that has personally helped me with last-minute loan acquiring. I would suggest using their service as early as possible however, as, depending on the institution, it could take longer for disbursement than you may need. Otherwise, their customer support is amazing and quick, with a 24-7 live chat!
    U

    Anonymous

    Aug 3, 2015

    May or may not recommend

    Discover Bank offers fixed and variable APR loans and allows you to borrow up to the cost of attendance. There are good student rewards plus no origination fees. The only drawback is that there is no protection for borrowers who lose their jobs.

    Showing 4 of 4 reviews

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