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What are my private student loan options?

Discover Private Consolidation Loan

Discover Student Loans

Discover Private Consolidation Loan offers great rates and flexible terms.

  • Consolidate federal and private student loans
  • Zero Fees
  • Choice of fixed or variable interest rate
  • 0.25% interest rate reduction while enrolled in automatic payments1
  • The minimum consolidation loan amount is $5,000.
  • Subject to credit approval, borrowers can consolidate up to the aggregate amount of their education loan debt. Maximum limits may apply.


  • Payments can be made anytime to help reduce the overall cost of the loan and there is never a penalty for prepaying.
  • Applying online is quick and easy and our knowledgeable, US-based Student Loan Specialists are ready to help you anytime 24/7.

Interest Rates and Terms

  • Consolidation 10-Year
    • Variable interest rates from 1.74% APR to 5.74% APR2
    • Fixed interest rates from 3.49% APR to 6.74% APR2
  • Consolidation 20-Year
    • Variable interest rates from 2.24% APR to 5.74% APR for a 20-year term2
    • Fixed interest rates from 3.74% APR to 6.99% APR for a 20-year term2

Eligibility Requirements

To qualify, the borrower must:

  • Be a US citizen or permanent resident with a US-based address.
  • Be at least 18 years old at the time of loan application.
  • 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.


1Visit for terms and conditions.

2Lowest APRs shown for Discover private consolidation loans are available to the most creditworthy applicants who are approved and include a 0.25% interest rate reduction while enrolled in automatic payments.

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. For variable interest rate loans, the 3-Month LIBOR is 0.125% as of October 1, 2021. 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. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover Student Loans interest rates.

How much will my monthly payment be?

Private student loan payments are based on the amount borrowed, the interest rate and the length of the loan term.
What are my private student loan options?