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Discover Review
Discover’s variable rates are among the lowest on offer in the competitive student loan refinance market.
Discover Review
Discover’s variable rates are among the lowest on offer in the competitive student loan refinance market.
September 02, 2021 / Nadav Shemer
Discover Review
Discover’s variable rates are among the lowest on offer in the competitive student loan refinance market.
September 02, 2021 / Nadav Shemer


Discover Financial Services is more than just a major credit card provider, offering a range of financial services including student loan refinancing. Discover is rigid on repayment terms but more flexible than rival lenders in other ways, including the three-day right-to-cancel period following acceptance of your loan terms.


  • Quick and simple application process
  • 3-day right-to-cancel period
  • Cosigners permitted


  • No co-signer release option
  • Only two repayment term options (10 or 20 years)

Discover at a Glance

Loan types: Refinance federal and private loans

APRs: Variable rates start from 1.74%, fixed rates start from 3.49%

Repayment terms: 10 or 20 years

Loan amount: $5,000 to $150,000

Origination fees: No

Refinance Rates and Fees

Discover has highly competitive variable rates, although its fixed rates are significantly higher than the competition. As with other lenders, the lowest rates are reserved for borrowers and co-signers with excellent credit. An automatic 0.25% rate discount applies when using autopay to make monthly payments.

The following rates include autopay:

  • Variable: 1.74% - 5.74% APR
  • Fixed: 3.49% - 6.99% APR

Repayment Options

Discover offers a choice of two repayment terms: 10 or 20 years. Your first payment will be due approximately 30-45 days after your consolidation is complete and the loan is disbursed.

If you return to school and are enrolled at least half-time, you may be eligible for an in-school deferment. In addition, you can also defer payments while:

  • On active military duty (up to 3 years)
  • In public service with certain eligible organizations (up to 3 years)
  • In a health professions residency program (up to 5 years)

Discounts and Rewards

If you’re looking to return to school, you can use Discover’s free online search tool to find college scholarships.

Application Process

It only takes around 15 minutes to apply to Discover and receive a credit decision. You can apply from your computer, mobile device, or by calling Discover at 1-800-STUDENT at any time. Following initial approval, simply select your interest rate type (fixed or variable), verify which loans you wish to refinance, and submit your application.

Your application can take 30 to 45 days to process. During that time, Discover will complete a credit review, send the loan documents to you (and your cosigner) and ask for payoff statements from your current loan servicers.

Discover offers a three-day right-to-cancel period following final approval.

To qualify for student loan refinance, you must:

  • Be a US citizen or permanent resident with a US-based address.
  • Be 18 years or older at the time you 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.

Cosigner Options

If you have no credit history or a low credit score, Discover recommends applying with a credit-worthy co-signer. According to Discover, applying with a creditworthy co-signer “may improve your likelihood for loan approval and may receive a lower interest rate.” Unfortunately, Discover doesn’t offer a cosigner release.

Your cosigner accepts equal responsibility for the repayment of your loan. They must be a U.S. citizen or permanent resident, be at least 18 years old, and pass a credit check.

Contact Discover

Discover’s website has everything you need to apply for a student loan refinance. To speak to customer support, call 1-800-STUDENT (1-800-347-2683).

About Discover

Founded in 1985, Discover Financial Services is a publicly traded financial services company and the owner of Discover Bank, which offers checking and savings accounts, personal loans, home equity loans, student loans and credit cards. Discover began offering private student loans and student loan refinancing in 2010 after the acquisition of Citigroup’s Student Loan Corporation and its rebranding as Discover Student Loans.


Discover offers lower variable rates on student loan refinancing than most of its competitors. Moreover, its digital application process is quick and straightforward, and can be completed with just a few clicks. Some borrowers may see the repayment terms as a little inflexible. However, if you don’t mind being locked into a 10-year or 20-year repayment term, then Discover is worth your consideration.

By Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. Nadav writes for He enjoys writing about the latest innovations in financial services and products.
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