We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Written by
Rebecca Betterton
Rebecca Betterton, a Certified Financial Education Instructor℠, is a writer for Bankrate who has been reporting on auto loans since 2021.
Edited by
Rhys Subitch
Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about personal loans products for every part of life.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money .
Bankrate logoFounded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money.
Bankrate logoBankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
Bankrate logoYou have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
Until Jan. 31, 2024, Discover offered an assortment of private loans with competitive rates to undergraduate and graduate students. Borrowers could also enjoy cash rewards for good grades, interest rate discounts, flexible repayment options and access to an online scholarship search tool.
While the lender is no longer accepting applications, existing customers should continue making regular payments.
Discover stood out for its seamless online application. If you are looking for other similar bank-backed student loan options, consider the following.
Sallie Mae is one of the most recognized lenders in the student loan space and stands out for its flexibility in enrollment and online resources. Like Discover, Sallie Mae offers funds for the total cost of attendance.
The lender caters to those gaining their undergraduate or graduate degrees and offers loans to those with part-time course loads. A less favorable similarity between the lenders is that neither has extensive repayment terms — only 15 or 20 years for graduates and between 10 and 15 for undergrads.
Another strong contender for students looking to secure funding is Citizens Bank. The bank stands out for its customer service and is an excellent option for existing customers. Citizens have relatively similar rates to Sallie Mae’s, but it only offers funding for up to $350,000. If you prefer in-person support, however, Citizens has almost 2,000 branch locations across the country.
Like Discover, SoFi operates entirely online and boasts the history of a large financial institution. It offers a range of member benefits, including rewards and access to deals and financial planning resources. SoFi has the same funding amount, from as little as $1,000 to the total cost of attendance. On top of that, SoFi, like Discover, does not charge any mandatory fees.
According to the lenders’ website, Discover stopped accepting student loan applications on Jan. 31, 2024. In a press release, John Owen, Discover’s interim CEO and president, shared the following:
“During a recent review, the Board determined that exploring the sale and transfer of servicing of Discover’s student loans is aligned with those priorities, better enabling Discover to focus on our core banking products, capitalize on our growth opportunities and deliver long-term shareholder value.”
The sale agreement was announced in July of this year. The private student loan portfolio will be sold to a range of strategic partnerships comprising investment vehicles and accounts held by Carlyle and KKR.
Current customers should continue to make payments and look for any communication directly from the lender. The company is committed to a seamless transition for active borrowers. Those looking to borrow from a lender like Discover should compare private student loan rates ahead of applying with another lender.
Arrow Right Writer, Auto Loans and Personal Loans
Rebecca Betterton, a Certified Financial Education Instructor℠, is a writer for Bankrate who has been reporting on auto loans since 2021.
