Choose the right private student loan for you

Fixed interest rates stay the same throughout the life of the loan. They can provide a sense of stability because you know how much you'll pay each month.

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Variable interest rates are based on either the Prime Index or the London Interbank Offered Rate (LIBOR) Index and will change periodically if the index changes. Similarly, your monthly payment will increase or decrease as the interest rate changes. Variable interest rates tend to start lower than fixed interest rates, but may increase over the life of the loan.

To qualify for an undergraduate or graduate private student loan, you must

• Be enrolled at least half-time in a 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.

Click here for Residency Loan eligibility requirements.
Click here for Bar Exam Loan eligibility requirements.
Click here for Consolidation Loan eligiblity requirements.

• For undergraduate and graduate loans, you should apply at least 45 to 60 days before you need the student loan.
• For Residency and Bar Exam loans, you should apply at least 45 to 60 days before you need the student loan.
• For Consolidation Loans, you should apply at least 30 to 45 days before you need the student loan.

Open applications for all loan types expire after 120 days.

The application process has four steps.

1. Apply online in 15 minutes or less and get a credit decision.
2. Add a cosigner, if needed.
   
3. Select your interest rate type and repayment option.
   
4. Sign and accept your loan documents.
   

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 may have the option to apply for a Discover student loan with a creditworthy cosigner. By applying with a creditworthy cosigner, you may improve your likelihood for loan approval and may receive a lower interest rate.

Federal student loans, also known as Direct Loans, are funded by the government and may be awarded as part of your financial aid package if you completed the Free Application for Federal Student Aid (FAFSA?). They feature fixed interest rates and offer several repayment options. Private student loans are offered by banks or other lenders, are credit-based and have fixed or variable interest rates.

FAFSA is a registered service mark of the US Department of Education.

For undergraduate and graduate student loans, you can borrow up to 100% of your school-certified cost of attendance (including tuition, housing, books and more) minus other financial aid. Aggregate loan limits apply. 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.

Use this student loan calculator to estimate how much you may need to borrow.

Click here for borrowing limits for Residency Loans.
Click here for borrowing limits for Bar Exam Loans.
Click here for borrowing limits for Consolidation Loans.

We encourage you to borrow responsibly and maximize grants, scholarships and other free financial aid before taking student loans. If you need to borrow, compare federal and private student loans and choose the loans that best fit your needs.