Best Reviews Best Student Loans Best Reviews
Best Reviews
      June 5, 2020

Home  >  Student Loans  >  Discover Student Loans Review


Student Loans

  1. College Ave
  2. Credible
  3. iHelp
  4. LendingTree
  5. Discover
  6. Sallie Mae
  7. Wells Fargo

Your Information Is Secure
Personal Loan Tips Newsletter

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!

Latest Reviews

Bad Credit Loans

Buying Gold

College Textbooks

GMAT Test Prep

Investment Newsletters

MCAT Test Prep

Photo Books



Structured Settlement Buyers


Individual Reviews


College Ave




Discover Student Loans

Sallie Mae

Wells Fargo


Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

Discover Student Loans Review

To help you find the Best Student Loans, provides you with an in-depth Discover Student Loans Review.

To see ALL of our reviews for the Best Student Loans, please Click Here

Apply for Your Student Loan at SunTrust Today As the costs of higher education rise, so does the need for student loans. While some individuals are eligible for federal loans, those loans don't always cover the full cost of getting an education - not just tuition and room/board, but books, laptops, transportation and other expenses. And, people who are ineligible for federal loans don't necessarily have overflowing savings accounts to match their college or university costs.

Private student loans are the way that many students close that gap. On average, students have nearly $40,000 in student loan debt at the time of graduation; without those funds, their aspirations of being a teacher, engineer, or social worker may have been put on hold indefinitely.

Continue reading below reviews

Best Reviews


Student Loan Reviews

3.5 stars
Discover Student Loans


Visit Site


  • No application or origination fees
  • No prepayment penalties
  • No late fees
  • No payments required until 6 months after leaving school
  • Variable interest rates starting at 3.49% APR
  • Fixed interest rates starting at 6.24%
  • Several rewards programs, including good grades and auto debit
  • Customer service: 800-STUDENT (788-3368)

If you think "credit cards" when you hear the name Discover, you'd be right - but they are also one of the nation's largest lenders when it comes to private student loans. Whether you're studying as an undergraduate, heading to graduate school, or need a loan to cover your residency, MBA, or period of study for the bar exam, Discover has a student loan for you.

Undergraduate loan eligibility terms

While eligibility terms depend on the loan you're seeking, here's what you need for a Discover Undergraduate Loan:

  • Enrollment at least half-time in a Bachelor's or Associate's program, seeking a degree
  • Satisfactory academic progress (defined by your school)
  • U.S. citizenship or permanent resident status (or a cosigner who is)
  • Credit check
  • 16 years or older

You can borrow up to 100% of the cost of attendance at your school, including books, housing, tuition and more; the amount will be certified by your school, ensuring that you don't borrow more than you'll actually need.

Unique rewards

It's also no surprise that Discover has rewards that will remind you of their Cashback Bonuses offered with their credit cards. Like many lenders, Discover will give you a .025% interest rate reduction if you enroll in automatic payments during your repayment term. Also, if you get a minimum GPA of 3.0, you can qualify for a one-time cash reward of 1% of your total disbursed loan principal amount. Depending on the size of your loan, that could cover quite a few textbooks!

Low monthly payments

Other benefits of student loans through Discover are low monthly payments ($25/month) if you choose an in-school repayment option, deferment periods if you're on active military duty or serving in a public service organization or medical residency, and an assistant department if you're having financial difficulties that are impacting your ability to repay your student loans.

Loan servicing issues (in the past)

Although Discover Student Loans' perks are attractive, it's important to be aware of their history in the student loans market. Back in 2015, Discover Bank was ordered to pay a fine of $2.5 million dollars to a penalty fund established by the Consumer Financial Protection Bureau, along with returning $16 million to over 100,000 borrowers. The reasons for the fine included illegal debt collection tactics, such as early-morning and late-night calls to borrowers, illegal servicing practices, and other issues. While it appears that Discover has cleaned up its act in the meanwhile, we can't ignore that their loan servicing has had significant issues in the past.

Overall, Discover Student Loans offer significant discounts and cash bonuses to borrowers with competitive terms and rates on their student loans. We give them a good rating that could easily improve as Discover continues to show improvement in honesty and ethics when servicing student loans.

Visit Site

Continued from above

Fortunately, there are many lenders who want to make it as affordable and simple as possible to complete undergraduate and graduate-level studies. Some represent well-known, established financial institutions, while others work directly with networks of community banks to get much-needed cash into the hands of eager learners.

Comparing offers from lenders can be as easy as going online; in a matter of minutes and mouse clicks, you can see a variety of interest rates, repayment terms, and other details of each program for which you are eligible. This saves you significant time compared with going hat in hand to your local bank or other lending institution, hoping that they will say yes to your loan application.

When deciding on which lender to use for your student loan, you should consider the following factors:

  • Interest rates. The higher your interest rates, the more you pay over the life of the loan. Does the lender have rates that are competitive? Does the lender offer you the choice between fixed and variable rates?
  • Loan terms. What is the repayment term? Does it give you enough time to get a good job and pay it back? Can you pay it off in advance with no penalty?
  • Discounts. Can you get your interest rates lowered by setting up automatic payments from your checking account? Will you get any perks for having a relationship with the lender in other ways, such as a checking account or credit card?
  • Reputation. Some lenders have a solid history of working with borrowers, while others have a not-so-great track record when it comes to customer service after the loan has been disbursed. How does this lender measure up? has reviewed and ranked the best Student Loan providers available today. We hope this information helps you to get the money you need for your studies right away!

Judge Rejects Major Student Loan Settlement

A federal judge in Delaware rejected a proposed settlement that could have helped hundreds of thousands of student loan borrowers receive financial relief. The settlement relates to a 2017 lawsuit ...

Published:  Thu, 04 Jun 2020 07:03:00 GMT

Should you continue paying private student loans if payments are suspended?

Your best approach will depend on what your lender is offering and your financial situation during the COVID-19 outbreak.

Published:  Thu, 04 Jun 2020 12:48:00 GMT

Wall Street halts massive student-loan relief deal in court

A federal judge sided with a coalition of financial firms, rejecting an agreement between U.S. regulators and a money manager that could have brought student-debt relief to hundreds of thousands of ...

Published:  Wed, 03 Jun 2020 16:20:13 GMT

Student Loan Debt Holds Back Professional And Market Growth

Follow the financial development and migration trends of the younger generations to find lucrative opportunities for investment.

Published:  Thu, 04 Jun 2020 04:33:00 GMT

California sues Education Secretary DeVos, saying she has failed to implement student loan forgiveness program

Ninety-nine percent of loan forgiveness applications under a congressionally mandated program were rejected between May 2018 and May 2019.

Published:  Wed, 03 Jun 2020 14:36:00 GMT

How to find the best student loans (and get the lowest rates)

Shopping for the right student loans can help you save money on your education. Here are three key factors to look for when selecting a student loan lender.

Published:  Thu, 04 Jun 2020 05:38:00 GMT

Summer Tips for Undergrads With Student Loans

Despite all the upheaval, summer is still the best time to start planning for next year - and that means making sure to stay on top of your student loans and other financial aid. Here are five things ...

Published:  Wed, 03 Jun 2020 09:00:00 GMT

Here's why 2020 will be a good year to take out student loans

Interest rates for federal student loans will hit an all-time low in July 2020. The new terms only apply to future borrowers, but there are still ways for people with existing loans to benefit. Watch ...

Published:  Wed, 03 Jun 2020 07:15:00 GMT

Student loan expert on mass debt cancellation: "We don't need these blunt solutions'

The coronavirus pandemic and accompanying financial crisis is putting particular pressure on the finances of student loan borrowers and on Congress to do something about a "broken" system.

Published:  Wed, 03 Jun 2020 04:48:00 GMT

3 Ways to Pay Off Student Loans and Save for Retirement at the Same Time

The average student carries about $32,000 in student debt, according to a 2019 survey by ValuePenguin. Facing a job market that has been decimated by the COVID-19 pandemic, those dealing with student ...

Published:  Wed, 03 Jun 2020 05:59:00 GMT

Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure