Loans for Undergraduate Students

Loans for Undergraduate Students

Our zero fee private student loans for students seeking undergraduate degrees complement federal student loans and other financial aid to help you pay for college. Applying online is quick and easy and our knowledgeable Student Loan Specialists are ready to help you 24/7.

Undergraduate Loan Features

1-) To qualify, you must:
Be enrolled at least half-time in a Bachelor's or Associate's degree program at an eligible school.
Be seeking a degree.
Be making satisfactory academic progress as defined by your school.
Be a US citizen, permanent resident or international student (International students require a cosigner who is a US Citizen or permanent resident).
Be 16 years or older at the time you apply.
Pass a credit check.

2-) Each year, you can borrow up to 100% of your school-certified cost of attendance (including tuition, housing, books and more) minus other financial aid.
The minimum amount is $1,000 for each loan.
We certify and disburse loan amounts through your school so you do not borrow more than you need.

3-) Private student loans are credit based. Students with no credit history or a low credit score may find it difficult to qualify for a private student loan on their own. Students have the option to apply for a Discover student loan with a cosigner. By applying with a creditworthy cosigner, you may improve your likelihood for loan approval and may receive a lower interest rate.

4-) A fixed interest rate is set during the time of application and does not change during the life of the loan.
A variable interest rate may change quarterly during the life of the loan, if the 3-Month LIBOR changes. This may cause the monthly payment to increase, the number of payments to increase, or both.

5-) Doing your homework has its rewards. Get at least a 3.0 GPA (or equivalent) and receive a one-time cash reward of 1% of the loan amount of each new Discover student loan (applicable for eligible loan applications submitted on or after May 1, 2014). Reward redemption period is limited.

6-)Get a 0.25% interest rate reduction when you are enrolled in automatic payments during repayment. To enroll for automatic payments, complete the enrollment form online or call us at 1-800-STUDENT to request a copy of the enrollment form, complete it and mail it back to the address on the form.