Savanna Hoffman
Discover no longer offers or services student loans, having exited the student loan business as of January 31, 2024. Existing customers can still log in to track the status of their payments, and billing statements and tax documents will be available until April 2025. Discover student loan borrowers can decide whether to make payments while in school, with repayment options including interest-only payments, flat monthly payments, or deferred payment. For those seeking alternative student loan options, there are several lenders that offer similar rates, terms, and benefits, such as Sallie Mae and SoFi.
| Characteristics | Values |
|---|---|
| Student loan applications | Discover is no longer accepting new applications |
| Existing customers | Can log in to track the status of their payments through the lender’s servicing portal |
| Billing statements and tax documents | Available in the Discover Student Loans Account Center until April 2025 |
| Alternative lenders | Sallie Mae, SoFi |
| Repayment options | Interest-only payments while in school, flat $25 monthly payments while in school, deferred payment |
| Loan forgiveness | If the primary borrower dies or is permanently disabled, the loan is forgiven for both borrowers and co-signers |
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What You'll Learn
Discover no longer offers student loans
Discover no longer offers or services student loans as of January 31, 2024. The company has decided to focus on its core banking products and other business priorities. Existing customers can still log in to track their payments through the lender’s servicing portal, and billing statements and tax documents will be available in the Discover Student Loans Account Center until April 2025.
Discover student loan borrowers can choose from various repayment options, including interest-only payments while in school, flat $25 monthly payments while in school, and deferred payment, with no in-school payments required. The lender also offers options for borrowers experiencing financial difficulties.
If you have a Discover student loan, your loans and payments won't be affected for now. All current loans will eventually be serviced by a third-party provider, which has yet to be announced. Discover recommends that customers exhaust all other options before seeking another private student loan lender.
Students seeking alternative lenders can find several other student loan providers that offer a simple application process, rewards for good grades, and flexible repayment options. Sallie Mae, for example, provides loans up to the full cost of attendance at competitive rates. Undergraduate borrowers can choose repayment terms of up to 15 years, while graduate degree borrowers can choose terms of up to 20 years. SoFi is another alternative, offering flexible repayment terms and competitive rates, as well as perks like autopayment discounts and cash bonuses for good grades.
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Existing customers can track payments through the lender's portal
Discover Bank no longer offers or services student loans. The company stopped accepting new student loan applications as of January 31, 2024. However, existing customers can still log in to the lender's servicing portal to track the status of their payments.
To access your account, visit Firstmark Services. Here, you can access billing statements and tax documents, which will be available in the Discover Student Loans Account Center until April 2025. If you have any questions regarding payments, tax documents, or other loan-related documents, you can call 1-888-295-0910.
If your loan was transferred to Firstmark in 2024, you should contact Firstmark directly. For paid off, charged off, or written off loans that did not transfer to Firstmark, contact Discover for your statements and tax forms. Discover and Capital One accounts should continue to be managed separately. Discover benefits do not transfer to Capital One accounts, and Capital One benefits do not transfer to Discover accounts.
Discover student loan borrowers have several repayment options, including interest-only payments while in school, flat $25 monthly payments while in school, and deferred payment with no in-school payments required.
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Discover student loan repayment options
Discover no longer offers or services student loans. The company stopped accepting new student loan applications as of January 31, 2024. However, existing customers can still log in to track the status of their payments through the lender's servicing portal. Billing statements and tax documents will be available in the Discover Student Loans Account Center until April 2025.
Discover student loan borrowers could previously decide whether to make payments while still in school. The repayment options included interest-only payments while in school, flat $25 monthly payments while in school, or deferred payment with no in-school payments required. Discover also offered options for borrowers experiencing financial difficulties, but did not disclose specific requirements or policies regarding forbearance or deferment in these cases.
Discover also offers payment assistance programs for personal loans. These programs are intended to provide relief with monthly payments so that borrowers can pay off their debt. Borrowers can become current after making three consecutive standard monthly payments or their equivalent within three consecutive months. Alternatively, borrowers can temporarily make lower payments that will gradually increase over the program period.
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Alternative student loan lenders
Discover Student Loans no longer offers or services student loans. Existing customers can still log in to track the status of their payments through the lender’s servicing portal. Billing statements and tax documents will also be available in the Discover Student Loans Account Center until April 2025.
- Sallie Mae: Provides qualified students pursuing undergraduate and graduate degrees with loans up to the full cost of attendance at competitive rates. Undergraduate borrowers can choose repayment terms of up to 15 years, while graduate degree borrowers can choose terms as long as 20 years.
- SoFi: Offers a wide variety of online graduate and undergraduate financing options, including refinance options. It provides flexible repayment terms and competitive rates, along with perks like autopayment discounts and cash bonuses for good grades.
- Abe: Covers up to 100% of college expenses, including tuition, housing, books, supplies, and even a laptop. Abe offers flexible repayment options, including the ability to delay payments while in school, and the option to add a cosigner.
- Ascent Funding: Offers loan options for undergraduates, graduate students, and parents, with no fees and the ability to wait up to 9 months after graduation before starting repayment.
- Credible: Provides a "kayak-style" experience, allowing borrowers to complete a single form and receive prequalified rates from multiple lenders. Borrowers can choose between personalized prequalified rates and various repayment options, including deferred and interest-only plans.
When considering alternative student loan lenders, it is important to compare interest rates, fees, and terms to find the best loan for your needs. Additionally, keep in mind that federal student loans are generally based on financial situation and federal guidelines, while private loans are credit-based and require a creditworthy co-signer if you have low scores or no credit history.
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Applying for a Discover student loan
Discover no longer offers or services student loans. The company sold its private student loan portfolio in July 2024 and is no longer accepting new loan applications. The online portal is still active for borrowers with existing student loans, and billing statements and tax documents will be available in the Discover Student Loans Account Center until April 2025.
Students looking for alternative lenders can find several that offer a simple application process, rewards for good grades, and flexible repayment options. For example, Sallie Mae provides loans up to the full cost of attendance at competitive rates, with repayment terms of up to 15 years for undergraduates and 20 years for graduate degree borrowers. SoFi is another option that offers flexible repayment terms and competitive rates, as well as perks like autopayment discounts and cash bonuses for good grades.
To qualify for a student loan from alternative lenders, you will typically need to fill out an application and submit to a hard credit check. If you don't have enough credit history, you may need to apply with a co-signer. You may borrow from $1,000 up to the amount your school certifies for that school year. Some lenders offer an option to prequalify for loans for future school years to simplify the application process.
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Frequently asked questions
No, Discover is no longer accepting new student loan applications as of 1st February 2024.
Yes, Discover student loan borrowers can decide whether to make payments while in school. Repayment options include interest-only payments, flat $25 monthly payments, or deferred payment.
There are several other student loan lenders that offer similar rates, terms and benefits to Discover. Sallie Mae, for example, provides qualified students with loans up to the full cost of attendance at competitive rates.
Existing customers can log in to track the status of their payments through the lender’s servicing portal. Billing statements and tax documents will be available in the Discover Student Loans Account Center until April 2025.
