Discover Review

ByAshlyn JacksonJul. 05, 2020

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In a Nutshell

We understand the stress of dealing with student loans, so when it comes to consolidating your student loan debt you want a company that can make the refinance process simple. Discover offers an array of benefits including competitive interest rates, lower payments and no fees. This coupled with its quick and seamless online application puts it as a top choice for customers.


  • Zero loan application or origination fee
  • 0.25% interest rate reduction with auto pay
  • No cosigner needed


  • Cannot have more than $150K in student loan debt
  • Minimum consolidation amount is $5K
  • Only certain student loans are eligible for consolidation

Discover at a Glance

APR rates2.99%
3.99%- 7.74% fixed
Loan typesStudent loan refinance
Refinance amountMinimum of $5K up to the entirety of your Eligible Student Loan Debt
Repayment terms10 or 20 years
Minimum credit scoreNo minimum to apply
Best forStudents or graduates looking to lower their interest rate and monthly payments

Best For?

Students or Graduates who have more than $5K of undergraduate student loan debt would benefit most from Discovers student loan refinance. With the option of a low fixed or variable interest rate, customers can drop their interest rate to as low as 2.99%-6.74% variable on qualifying student loans. This is an ideal option for those looking to lower their monthly payments and consolidate all of their student debt into one low interest loan. 

Loan Features

Discover offers their refinance option with zero application fees, origination fees, and no cosigner. Those who choose to have a cosigner assume the added possibility of a lower interest rate and thus a lower loan term payment. In addition, customers can consolidate up to the entire aggregate amount of their student debt from both federal and private lenders. 

  • No application Fee
  • Interest Rates as Low as
    2.99%-6.74% variable
  • 10-20 year repayment terms 
  • 0.25% interest reduction when you opt for auto pay

The Application Process

The entire loan process can take up to 45 days to process including the credit check. However, the application process is made simple and can be done from your computer, smartphone or tablet. The Discover website boasts it’s timely “15 minutes or less” application time, with the option of reaching support anytime at 1-800-STUDENT 24/7. 

After you select whether you’d like to opt for a variable or a fixed interest rate you then verify the loans you want to refinance. Once you and your lenders have confirmed the loans you then sign your loan documents and accept your terms and conditions online. 

Loan Terms

While customers do have the choice of which loans they would like to consolidate, Discover does list explicitly which loans do not qualify for their refinancing option. In addition there are certain loan terms the borrower must comply with. 

  • Repayment Period can be 10 or 20 years
  • First Payment is due 30-45 days after consolidation
  • Loans from any schooling prior to your undergraduate degree are ineligible (K-12)
  • Postgraduate Loans are ineligible 
  • Loans borrowed while enrolled less than half time (6 credit hours) are ineligible 

Repayment Terms

Loan length can range from 10 or 20 years depending on your credit history and that of your co-signer, if you have one. There is also the option of having a fixed interest rate, which can range from 3.99%- 7.74% fixed or a variable interest rate which ranges from 2.99%. A fixed rate allows you to lock in your interest rate for your entire loan term. Depending on the market when you refinance you could lock in a high or low rate but would have full disclosure of your repayment amount. However, if you opt for a variable interest rate your loan amount can and will fluctuate depending on the cyclic market behavior. 

Customers also have the option of deferring payments if they are enrolled in school at least half time, on active military duty, serving in a public service organization or in a Medical residency. Discover does offer assistance to those who may be unable to make their payments. You can find out more about repayment assistance by calling 1-800-STUDENT to see if you qualify. 

How Safe Is It? 

Safety is a top priority whether your banking in person or online. Discover ensures it’s customers safety through extensive security with it’s online banking, complete with identity verification, fraud specialists and Secure Socket Layer Certification (SSL). Preventing fraud through diligent account monitoring and protecting your privacy through preventative safeguards. Discover is also FDIC insured. With $250,000 of deposits insurance per depositor all accounts are covered up to the maximum amount allowed by law. 

Help & Support

It looks as though Discover is committed to providing a seamless experience for all it’s customers. Seeing as how they have made their customer service team accessible day or night, 24/7. You can reach them at 1-800-STUDENT, by email through your login portal or by fax at 1-224-813-5195. 


Refinancing your student loans can be the key to a lower interest rate, quicker pay off and lower monthly payments over the term of your loan. Discover offers all of this plus no application or origination fee to get started. With a streamlined application process you can apply to have your loans refinanced in as little as 15 minutes through the online portal. If you have over $5,000 of high interest federal or private undergraduate student loans, Discover’s option stands as a top choice in overall process and affordability. 

Physical Address

Discover Student Loans

PO Box 6107

Carol Stream, IL 60197-6107

Overnight Payments Send to:

Attn: Lockbox Operations 6107

2012 Corporate Lane, Suite 108

Naperville, IL 60563

Application Documents:

Discover Student Loans

Customer Service

PO Box 30947

Salt Lake City, UT 84130-0947

General Correspondence:

Customer Service

PO Box 30948

Salt Lake City, UT 84130-0948

Special Delivery (FedEx, UPS, etc.):

Discover Student Loans

Customer Service

5420 W 1730 S

Salt Lake City, UT 84104