Lori Meadows
Discover Student Loans are no longer offered or serviced by Discover, a division of Capital One, N.A. The company announced its exit from the student loan business on January 31, 2024, and will no longer accept new student loan applications. Existing loans will continue to be serviced by Discover until they are transferred to a third-party provider, which has not yet been announced. Borrowers can continue to access their accounts and make payments through Firstmark Services or by contacting Discover directly for paid-off or charged-off loans. Discover offers other financial products, including online banking, credit cards, and personal loans, but its exit from the student loan market has left a gap that other lenders, such as Sallie Mae and SoFi, are now filling.
| Characteristics | Values |
|---|---|
| Student loan availability | Discover no longer offers or services student loans as of January 31, 2024 |
| Existing student loans | Current loans will be serviced by a third-party provider, yet to be announced |
| Account access | Visit Firstmark Services or call 1-888-295-0910 for account access and loan-related queries |
| Scams | Be cautious of scammers claiming to be Discover or Capital One and asking for sensitive information |
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What You'll Learn
Discover no longer offers student loans
Discover no longer offers or services student loans. The company stopped accepting applications for student loans starting on February 1, 2024. Discover plans to sell its student loans business and transfer the servicing of these loans to a third-party provider.
If you have a student loan with Discover, your loans and payments won't be affected for now. All current loans will eventually be serviced by a third-party provider that has yet to be announced. You should explore all your other options before you start looking for another private student loan lender. Always look for free money first. Scholarship Search by Sallie Mae can help you find scholarships that match your background, major, and the state you live in. You can also fill out the FAFSA® to see what scholarships, grants, and federal student loans you may be eligible for.
If you still need more money for school and a private student loan is your only option, there are several lenders that offer rates, terms, and benefits similar to Discover. Sallie Mae provides qualified students pursuing undergraduate and graduate degrees with loans of 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 to help lower their monthly payments. SoFi also gives student loan borrowers a wide variety of online graduate and undergraduate financing options, including flexible repayment terms and competitive rates.
If your loan has been transferred to Firstmark, contact Firstmark directly for any questions regarding payments, tax documents, and other loan-related documents. If you have paid off, charged off, or written off loans that did not transfer to Firstmark, contact Discover for your statements and tax forms.
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Current loans will be serviced by a third party
Discover Bank merged with Capital One N.A. on May 18, 2025, and no longer offers or services student loans. If you have a Discover student loan, don't worry—your loan and payments won't be affected for now. Discover has stated that all current loans will eventually be serviced by a third-party provider that has yet to be announced.
Discover's exit from the student loan business was announced on January 31, 2024, when the company shared that it would no longer accept new student loan applications after that date. The decision to transfer the servicing of student loans to a third-party provider was made to enable Discover to focus on its core banking products and other business priorities.
If your loan was transferred to Firstmark in 2024, you should contact Firstmark directly. You can visit Firstmark Services to access your account or call 1-888-295-0910 for questions regarding payments, tax documents, and other loan-related documents.
If you have paid off, charged off, or written off loans that did not transfer to Firstmark, you should contact Discover for your statements and tax forms. Discover also advises that you keep managing your Discover and Capital One accounts as usual, noting that benefits do not transfer between the two accounts.
It's important to be cautious of scammers who may claim to be Discover or Capital One and ask for sensitive information. Remember that Discover will not contact you about changes and ask for sensitive information such as your account number, password, or a one-time code.
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Contact Firstmark Services for account access
Discover® no longer offers or services student loans. The company has exited student loan lending and has merged with Capital One N.A. to form one company. If you had a Discover student loan, you can now access your account through Firstmark Services.
Firstmark Services is a loan servicer that delivers responsive, seamless, and personalised services to its customers. To access your account, you can visit FirstmarkServices.com or Firstmark.MyLoanManager.com. Logging into your account will allow you to make payments, check your balance, sign up for auto-debit, and access other loan-related information.
If you have any questions regarding payments, tax documents, or other loan-related documents, you can contact Firstmark Services by phone at 1-888-295-0910. They are available Monday through Friday from 7 a.m. to 8 p.m. Central Time.
For mail correspondence, you can write to Firstmark Services at the following address:
Firstmark Services
P.O. Box 82522
Lincoln, NE 68501-2522
Additionally, if you have paid off, charged off, or written off loans that did not transfer to Firstmark, you can contact Discover directly for statements and tax forms.
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Call Discover for historic tax documents
Discover no longer offers or services student loans. If your loan was transferred to Firstmark in 2024, you should contact Firstmark directly for any queries. However, if you have paid off, charged off, or written off loans that did not transfer to Firstmark, you should contact Discover for your statements and historic tax documents.
Discover provides a checklist to help you prepare for tax season. It recommends that you keep a file of all your tax documents, including receipts from donations, freelance invoices, personal business expenses, and other relevant documents. It also suggests that you have a copy of your previous year's tax return. Discover also reminds you to think about all your income sources, including paychecks, interest from savings accounts, and dividends from other investment accounts.
Additionally, Discover warns its customers about potential scammers who may contact them asking for sensitive information. Discover states that they will not contact customers to request sensitive information such as account numbers, passwords, or one-time codes. Customers are advised to call Discover directly if they have any doubts or concerns.
To obtain your historic tax documents from Discover, you can contact them using the phone number provided on their website.
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Students can build credit history with Discover credit cards
Discover no longer offers or services student loans. The company stopped making new loans on January 31, 2024, and transferred the servicing of existing loans to focus on its core banking products.
However, Discover does offer student credit cards that can help build credit history. These cards are designed for students with limited or no credit history and are a great way to start building a credit profile. Students can choose from the Discover It® Student Cash Back Card or the Discover It® Student Chrome Card, both of which offer unlimited cashback and no annual fee.
The key to building credit history with a Discover student card is responsible use. This includes making timely payments, keeping the credit balance low, and avoiding negative activity such as late payments or failure to pay. Discover reports credit activity to the three major credit bureaus, allowing students to monitor their credit score and track their progress.
In addition to building credit, Discover student cards offer generous rewards. Cardholders can earn cashback on all purchases, with Discover matching the cashback earned at the end of the first year. Students can easily manage their accounts on-the-go through their smartphones or tablets, allowing them to check balances, make payments, and view transaction histories.
Discover student cards provide a great opportunity for students to establish and build their credit history while also enjoying the benefits of cashback rewards and convenient account management. By using their cards responsibly, students can take control of their financial future and work towards achieving their near and long-term financial goals.
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Frequently asked questions
Discover no longer offers or services student loans. If you have a Discover student loan, your loans and payments won't be affected for now. You can visit Firstmark Services to access your account or call 1-888-295-0910 for questions regarding payments.
There are plenty of student lenders to choose from that offer rates, terms and benefits similar to Discover. Undergraduate and graduate students can choose from a variety of other similar bank-backed student loan options such as Sallie Mae, Citizens Bank, and SoFi.
Discover student credit cards help college students build credit history and earn cash back rewards on everyday purchases.
