Lori Meadows
Discover® no longer offers or services student loans. following its merger with Capital One N.A. in 2025. If you have a Discover student loan that was paid off, charged off, or written off before the merger and did not get transferred to Firstmark, you can contact Discover for your statements and tax forms. You can also contact Discover if you need historic tax documents, payment histories, or other related loan documents.
| Characteristics | Values |
|---|---|
| Company | Discover |
| Contact Number | 1-888-295-0910 |
| Website | Firstmark Services |
| Merger | On May 18, 2025, Discover Bank merged into Capital One N.A. |
| Loan Payment Options | Payment Extension Program, Hardship Forbearance Program, Hardship Assistance Program, Loan Refinancing, Loan Forgiveness, Negotiate a Settlement |
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What You'll Learn
Refinancing your student loan
Discover no longer offers or services student loans. The company merged with Capital One N.A. in May 2025, and any existing loans were transferred to Firstmark Services.
If you're looking to refinance your student loan, there are several options available. Firstly, it's important to understand the difference between student loan refinancing and consolidation. Student loan refinancing involves taking out a new private loan to pay off your existing loans, and it can be done with a different lender. On the other hand, consolidation combines multiple federal loans into a single Direct Consolidation Loan through the federal government.
When refinancing, you can choose to refinance all or just a portion of your student loans. Refinancing can help you secure a lower interest rate, simplify your payments by combining multiple loans, and remove a cosigner. It can also extend your loan term, resulting in lower monthly payments, or you can choose a shorter loan term to pay off your loan faster and with less interest overall.
However, there are some potential downsides to refinancing. Refinancing federal loans turns them into private loans, causing you to lose access to federal repayment programs and protections. Additionally, refinancing may result in losing valuable benefits and discounts offered by your original lender. Furthermore, a longer repayment term may lead to paying more overall.
Before deciding to refinance, it's essential to research and compare lenders, including banks, credit unions, and online lenders. Consider interest rates, repayment terms, and monthly payments. Evaluate the pros and cons carefully, as refinancing may not be the best choice for everyone.
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Payment extension program
Discover® no longer offers or services student loans. The company merged with Capital One in 2025, and loans were transferred to Firstmark in 2024. If your loan was not transferred to Firstmark, you can contact Discover for your statements and tax forms.
If your loan was transferred to Firstmark, you can contact them directly with any queries about your account. You can also access your account through Firstmark Services.
If your loan was with Discover before these changes, there were several repayment assistance options to help manage loans, including the Payment Extension Program. This program could help you become current by making three monthly payments or the equivalent amount within three months.
Discover also offered a Hardship Assistance Program, which provided a temporary reduction in interest rates for those who couldn't afford their monthly payments. Eligibility for this program varied based on the borrower's need for payment assistance.
Loan refinancing was another option to reduce monthly payments, by replacing the current loan with a new one with a lower interest rate and a longer repayment term.
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Hardship Forbearance Program
Discover no longer offers or services student loans. The company merged with Capital One in 2025, and any loans that were transferred to Firstmark in 2024 should now be handled by contacting Firstmark directly.
If you are struggling to make your student loan payments, you may be able to ask your loan servicer for a forbearance. A forbearance allows you to temporarily pause your student loan payments and can be helpful if your financial hardship is not going to last very long.
There are two types of forbearance: general or discretionary forbearance, and mandatory forbearance. General or discretionary forbearance is granted at the discretion of the loan servicer and is usually limited to 12 months at a time, for a maximum of three years total. On the other hand, mandatory forbearance is granted by law to borrowers who meet certain criteria, such as those working or volunteering in specific programs like AmeriCorps or the National Guard.
It is important to note that interest usually continues to accrue during a forbearance, which can cause your loan balance to increase quickly. Before requesting a forbearance, consider alternative options such as an income-driven repayment (IDR) plan or deferment, which may be more suitable for your situation.
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Negotiating a settlement
Discover no longer offers or services student loans. The company merged with Capital One in 2025, and any existing loans were transferred to Firstmark Services in 2024. If you have a Discover student loan that has not been transferred, you can contact Discover for your statements and tax forms.
If you have a loan with Firstmark Services, you can access your account by visiting their website or calling 1-888-295-0910 for questions regarding payments, tax documents, and other loan-related documents.
Now, here is information on negotiating a settlement for a student loan:
Before negotiating a settlement, it's advisable to explore temporary relief options offered by the lender, such as Discover's Payment Extension Program, Hardship Forbearance Program, Hardship Assistance Program, and Loan Forgiveness in specific circumstances. These programs can provide much-needed breathing room and help you manage your loan payments without resorting to more drastic measures.
If you decide to negotiate a settlement, it's essential to understand the potential consequences and protect yourself legally. Consult with a financial advisor or a lawyer who specializes in student loan debt to ensure you make an informed decision and are aware of your rights and obligations. They can guide you through the process and help you navigate any legal complexities that may arise.
Additionally, consider seeking out refinancing options by shopping around for the best rates and terms from online marketplaces, banks, credit unions, and private lenders. Refinancing can provide you with lower interest rates and extended repayment terms, potentially reducing your monthly payments and the total amount repaid over the life of the loan. It is a viable option for private student loans, which do not qualify for federal loan benefits.
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Loan forgiveness
Discover no longer offers or services student loans. The company merged with Capital One in 2025, and existing loans were transferred to Firstmark Services.
Discover student loans cannot be forgiven. Private student loan borrowers do not have access to the same benefits and repayment plan options as federal student loan borrowers. There are no official student loan forgiveness programs for any private student loan company.
However, there are alternatives to private student loan forgiveness. If you are experiencing mental health issues or financial hardship due to the pandemic, you may be able to apply for loan discharge or cancellation through total and permanent disability discharge programs. Private student loans may also be forgiven in the event of the primary borrower's death.
Another option is to apply for deferment or forbearance, which can reduce or pause payments temporarily. However, this should be carefully considered, as it can add to the total cost of the loan.
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Frequently asked questions
Yes, you can pay off your Discover student loan all at once. If you can afford to pay a lump sum, you can negotiate a settlement to pay less than you owe. However, this may affect your credit score and expose you to collection efforts and wage garnishment.
Discover student loans have been transferred to Firstmark Services. You can visit Firstmark Services to access your account or call 1-888-295-0910 for questions regarding payments and other loan-related documents.
You can refinance your student loan, which can offer lower interest rates or extended repayment terms. You can also apply for the Payment Extension Program, Hardship Forbearance Program, or Hardship Assistance Program, depending on your circumstances.
