Discover Student Loans, one of the largest providers of private student loans in the country, has lowered interest rates on fixed rate student loans for undergraduate, graduate and post-graduate students.
For students who like the security of knowing what their rates will be in the long term, the fixed rates for new student loans are as low as 5.49 percent APR. All new Discover Student Loans have zero origination fees, zero late payment charges and zero returned payment charges.
Every graduate student who obtains a Discover fixed rate graduate student loan will receive a lower interest rate than Federal PLUS Loans, which are currently 7.90 percent and come with a 4 percent origination fee. About half of graduate students who obtain a fixed rate graduate student loan from Discover Student Loans will receive a lower fixed rate than Unsubsidized Federal Stafford Loans, which are currently 6.80 percent and come with a 1 percent origination fee.
“Discover’s new, lower fixed rate student loans build on our promise to provide more affordable options to pay for college, graduate school and post-graduate studies,” said PK Parekh, vice president for Discover Student Loans. “We are committed to responsible lending and encourage students who need to borrow to compare federal and private student loans and choose the loans that best fit their needs.”
Customers of Discover Student Loans will continue to be able to choose between the fixed rate student loans and variable rate student loans that start as low as Prime Index + 0.00 percent, which is currently 3.25 percent APR.
Discover Student Loans offers loans for undergraduate, health professions and residency, law and bar exam, MBA and other graduate programs. For more information on interest rates, as well as tools and information to help students and parents with paying for college, please visit
or call 1-800-STUDENT to speak with a US-based Student Loan Specialist anytime 24/7.
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers home loans, private student loans, personal loans, checking and savings accounts, certificates of deposit and money market accounts through its direct banking business. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit