Discover Student Loans Consolidation Loan
With Discover Student Loans, you can consolidate federal and private student loans. You may be able to:
- Lower your interest rate
- Lower your monthly student loan payments
- Simplify with one loan and one monthly payment
- Obtain a loan without a cosigner
Discover Student Loans offers great rates and flexible terms.
Get a 0.25% interest rate reduction while you are enrolled in automatic payments
Interest Rates, Fees, and Terms
- Choose a variable or fixed interest rate
- $0 fees required. That means you will not be required to pay any fees, including application, origination or late fees
- Consolidate your federal and private loans
- Apply in 15 minutes or less from your computer, smartphone or other mobile device
- No prepayment penalty if you pay your loan off early
To qualify, your must:
- Be a US citizen or permanent resident with a US-based address.
- Be 18 years or older at the time your apply.
- Pass a credit check.
- Have no more than $150,000 in aggregate student loan debt. Higher limits may apply for specific fields of study.
- Have verifiable income sufficient to support your debts and show a positive repayment history.
- Be the primary borrower on the loans you want to consolidate.
1Get a variable interest rate from 4.99% APR to 7.99% APR (3-Month LIBOR + 2.12% to 3-Month LIBOR + 5.12%) for either a 10-year or 20-year repayment term. Or lock in a fixed interest rate from 5.74% APR to 8.49% APR for a 10-year repayment term or from 5.99% APR to 8.49% APR for a 20-year repayment term. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.88% as of January 1, 2019. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. The lowest APRs include a 0.25% rate reduction for automatic payments. Visit https://www.discover.com/student-loans/consolidation.html for more information, including up-to-date interest rates and APRs.