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Discover Review

Reviews 247
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Reviews 247
Ashlyn Jackson
Apr. 29, 2021
3 min read
Ashlyn Jackson
Discover Summary
We understand the stress of dealing with student loans, so when it comes to consolidating your student loan debt you want a company that can make the refinance process simple. Discover offers an array of benefits including competitive interest rates, lower payments and no fees. This coupled with its quick and seamless online application puts it as a top choice for customers.


  • Zero loan application or origination fee
  • 0.25% interest rate reduction with auto pay
  • No cosigner needed
  • Competitive interest rates from 2.99%


  • Cannot have more than $150K in student loan debt
  • Minimum consolidation amount is $5K
  • Only certain student loans are eligible for consolidation
  • 30-45 day process in total

Discover at a glance

Editorial score

Online experience

Good online resources, but no access to rates

Customer services and support

Award winning

Repayment flexibility

Offers multiple repayment plans- but no special repayment programs

Loan Types Covered

Covers all student loan types


Doesn't cover bad credit, low income borrowers

Discover Discover View Rates

Suitable For?

Students or Graduates who have more than $5K of undergraduate student loan debt would benefit most from Discovers student loan refinance. With the option of a low fixed or variable interest rate, customers can drop their interest rate to as low as 1.74% - 5.74% Variable on qualifying student loans. This is an ideal option for those looking to lower their monthly payments and consolidate all of their student debt into one low interest loan. 

Loan Features

Discover offers their refinance option with zero application fees, origination fees, and no cosigner. Those who choose to have a cosigner assume the added possibility of a lower interest rate and thus a lower loan term payment. In addition, customers can consolidate up to the entire aggregate amount of their student debt from both federal and private lenders. 

  • No application fee
  • Interest Rates as Low as 
    1.74% - 5.74% Variable
  • 10-20 year repayment terms 
  • 0.25% interest reduction when you opt for auto pay

The Application Process

The entire loan process can take up to 45 days to process including the credit check. However, the application process is made simple and can be done from your computer, smartphone or tablet. The Discover website boasts it’s timely “15 minutes or less” application time, with the option of reaching support anytime at 1-800-STUDENT 24/7. 

After you select whether you’d like to opt for a variable or a fixed interest rate you then verify the loans you want to refinance. Once you and your lenders have confirmed the loans you then sign your loan documents and accept your terms and conditions online. 

Loan Terms

While customers do have the choice of which loans they would like to consolidate, Discover does list explicitly which loans do not qualify for their refinancing option. In addition there are certain loan terms the borrower must comply with. 

  • Repayment Period can be 10 or 20 years
  • First Payment is due 30-45 days after consolidation
  • Loans from any schooling prior to your undergraduate degree are ineligible (K-12)
  • Postgraduate Loans are ineligible 
  • Loans borrowed while enrolled less than half time (6 credit hours) are ineligible 

Repayment Terms

Loan length can range from 10 or 20 years depending on your credit history and that of your co-signer, if you have one. There is also the option of having a fixed interest rate, which can range from 3.49% - 6.99% Fixed or a variable interest rate which ranges from 1.74%. A fixed rate allows you to lock in your interest rate for your entire loan term. Depending on the market when you refinance you could lock in a high or low rate but would have full disclosure of your repayment amount. However, if you opt for a variable interest rate your loan amount can and will fluctuate depending on the cyclic market behavior. 

Customers also have the option of deferring payments if they are enrolled in school at least half time, on active military duty, serving in a public service organization or in a Medical residency. Discover does offer assistance to those who may be unable to make their payments. You can find out more about repayment assistance by calling 1-800-STUDENT to see if you qualify. 

How Safe Is It? 

Safety is a top priority whether your banking in person or online. Discover ensures it’s customers safety through extensive security with it’s online banking, complete with identity verification, fraud specialists and Secure Socket Layer Certification (SSL). Preventing fraud through diligent account monitoring and protecting your privacy through preventative safeguards. Discover is also FDIC insured. With $250,000 of deposits insurance per depositor all accounts are covered up to the maximum amount allowed by law. 

Help & Support

It looks as though Discover is committed to providing a seamless experience for all it’s customers. Seeing as how they have made their customer service team accessible day or night, 24/7. You can reach them at 1-800-STUDENT, by email through your login portal or by fax at 1-224-813-5195. 


Refinancing your student loans can be the key to a lower interest rate, quicker pay off and lower monthly payments over the term of your loan. Discover offers all of this plus no application or origination fee to get started. With a streamlined application process you can apply to have your loans refinanced in as little as 15 minutes through the online portal. If you have over $5,000 of high interest federal or private undergraduate student loans, Discover’s option stands as a top choice in overall process and affordability. 

Physical Address

Discover Student Loans

PO Box 6107

Carol Stream, IL 60197-6107

Overnight Payments Send to:

Attn: Lockbox Operations 6107

2012 Corporate Lane, Suite 108

Naperville, IL 60563

Application Documents:

Discover Student Loans

Customer Service

PO Box 30947

Salt Lake City, UT 84130-0947

General Correspondence:

Customer Service

PO Box 30948

Salt Lake City, UT 84130-0948

Special Delivery (FedEx, UPS, etc.):

Discover Student Loans

Customer Service

5420 W 1730 S

Salt Lake City, UT 84104

Discover Discover View Rates

Ashlyn Jackson
Written by
Ashlyn Jackson
Ashlyn is a financial writer and civil engineer. She's on a mission to show others how to save and spend smarter through budgeting and good money habits. She also manages the blog dearyoungprofessional.com that focuses on personal finance. She writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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Trustpilot reviews
See what some customers are saying about Discover
Poor • Reviews 247
We upload 100 to 400 Trustpilot reviews to our website daily, displaying them by default from "best" to "worst". You have the option to adjust the sorting criteria. If you wish to see all reviews, you can visit Trustpilot's website here.
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Daniela De Simone - Kiss
4 weeks ago
I love the customer service
I love the customer service. They are USA based and always willing to listen and resolve any issues.
Draco Malfoy
1 month ago
Great Experience With Discover
I have had the Discover secured card and a Discover Cash back checking Checking Account for a few years now and after a period of showing that I am fiscally responsible they refunded my security deposit for my secured card and raised my limit exponentially. I also get 1% cash back on all of my purchases which may not seem like a lot but if you use your card 100 times a week like I do it adds up quick. Discover has also come to my aid when I have dealt with fraudulent and even questionable unauthorized charges having recently refunded me $102 provisionally even before the issue was fully investigated and or resolved. It is also a huge bonus that discover has exclusively US based customer service available 24 hours a day 7 days a week with very short if any wait times. I have had multiple credit cards and still do and I have had multiple secured credit cards and I still have one and I've had multiple checking and savings accounts over the years. And so far, I have had less hassles with Discover than any of them. And trust me, I'm not one to give out compliments very easily. People and companies have to earn them. They have had very responsive customer service using both their online portal and also by phone with very short response times. I do see all the negative reviews but I truly believe that if there were issues with Discover in the past they have most definitely made an effort to resolve them and earn your trust and business. And no, I don't work for them or anything of the sort. I'm just a commercial parts driver for a fortune 200 company. An average nobody that works and saves hard.
Justin Time
2 months ago
I've used Discover CC for 15+ years and savings account recently.
I've used discover cc for maybe 15 years, and have only used the high interest savings for a month or so. I've never had any issues and customer service is as good as any. I do not have a secured card and that seems to be an issue for many. Their savings rate is currently 4.3%. There are some places higher but research them as many seem to have lots of issues.
3 months ago
Just opened new savings account to…
Just opened new savings account to start off my 2024 goals, love the interest rate, 4.35% blow chase away
Carolynn Montgomery
5 months ago
I made the decision to open a checking…
I made the decision to open a checking account with Discover about 2 years ago and I couldn't be happier. It is not a brick and mortar bank, but there are zero fees for having an account with this bank. No minimum balance required and no overdraft fines (I've only been over one time). There are tons of ATM's that you can use with no ATM fees, you just open your account online and put in your zip code and it will populate a list. The customer service is outstanding and if you lose your ATM card they will express ship you anew one free of charge. The icing on the cake is you get back 1% of your ATM purchases just like the Discover credit card, only the credit card gives you 3%, I think. Still I get back about $4 to $10 a month that I have transferred to my checking account when I am running low. Sometimes I save it up for a couple of months before cashing it in. You can deposit money from checks through participating ATM's and put cash in your account at Walmart stores financial hub. I am disabled so i receive a check monthly from SSDI and Discover makes those funds available to me three days early. I have absolutely no complaints with this bank. I highly recommend opening a checking account with them. I also get free checks which I use one a month to pay my rent. Great bank, something I never thought I would say,