Discover Student Loan or Sallie Mae Student Loan: pros and cons

Completion of studies is a big dream for many people. For this, we may need a loan to help pay for the course. Discover Student Loan or Sallie Mae Student Loan can be great options. Know more!


by Sabrina Paes

Published on 09/09/2022

Compare and choose the best lender: Discover Student Loan or Sallie Mae Student Loan

Discover LightStream logo
Discover Student Loan or Sallie Mae Student Loan? See which one is best! Source: The Stealth Capitalist

Is getting the degree you’ve been dreaming about difficult? Then you might need a loan. In that sense, Discover Student Loan or Sallie Mae Student Loan are two great options you need to know about.

The Discover Student Loan is an option that has fixed and variable APR rates depending on the presence of a guarantor. And you can finance your course from start to finish.

Discover student loan logo

Discover student loan application

If you need a student loan that can cover up to 100% of your school costs, check out our post about Discover student loan application!

Sallie Mae logo

Sallie Mae student loan application

Completing your studies is not an easy task, is it? But with the Sallie Mae student loan you can have peace of mind. Read to learn how to apply for Sallie Mae!

The Sallie Mae Student Loan, in turn, also has fixed and variable APR rates, depending on the desired course level: undergraduate or graduate. In addition, you can pay the entire course based on need.

As choosing a good student loan is not an easy task, we have brought you the pros and cons of these options. So you can make the choice that best suits your needs. Check out!

Discover Student LoanSallie Mae Student Loan
APR2.99% to 12.59% variable
5.49% to 13.99% fixed
Career Training Student Loans:

3.25% to 13.97% variable APR
3.75% to 14.08% fixed APR

For undergraduate students:

3.25% to 13.59% variable APR
3.75% to 13.72% fixed APR

Rates for graduate student loans vary depending on the loan
Loan PurposeFunding for undergraduate, graduate, or technical career coursesFunding for undergraduate, graduate, or technical career courses
Loan Amounts$1,000 minimum. Borrow up to 100% of the school-certified cost of attendance$1,000 minimum and up to 100% of the school-certified cost of attendance
Credit NeededThere is no information about it on the official websiteDoes not disclose
Origination FeeNoneNone
Late FeeNoneNone
Early Payoff PenaltyNoneNone

Discover Student Loan

Discover loan logo
Learn more about Discover Student Loans. Source: Discover

Discover Student Loan is a type of financing that can meet all your needs. It can cover all costs, including books and other student expenses, and accepts co-signers. So you can earn even lower APR rates.

However, it does not allow for a payment schedule as flexible as other creditors. But, it allows refinancing if the need arises. Know more!


  • No Extra Fees: Discover student loan has no origination fee, no Early Payoff Penalty, and no Late fee. In this way, it facilitates the loan and payment by students.
  • Low APR: Discover has both fixed and variable APR rates. The fees are low, and if there is a co-signer or guarantor, they become even lower.
  • Has a performance bonus: For students who achieve a GPA of 3.0 or equivalent, Discover offers up to a 1% reward on the total loan amount.
  • Refund is flexible: With the Discover Student Loan, you can get a refund in 3 ways. The first is to make monthly interest-only payments, the second is to make fixed amount payments, and the third is deferred.
  • Accepts co-signers: For lower APR rates Discover offers the possibility of a co-signer or guarantor. It could be parents, grandparents, or someone close with good credit history.
  • Payment tolerance: If the need is identified, Discover allows negotiation of late reimbursement payment. Thus, they provide help to students who are having difficulties paying.


  • Pre-qualification not available: Before you apply, you are not able to pre-qualify. It allows approximate calculation of fees.
  • Payment schedule is a bit rigid: although it has a flexible repayment option, the payment schedule, once established, is a bit rigid.
  • Long release period: the analysis for loan release takes around 3 to 5 days. However, the receipt may take up to 5 weeks to occur.

Sallie Mae Student Loan

Sallie Mae logo
Find out the pros and cons of Sallie Mae Student Loans! Source: Sallie Mae

The Sallie Mae Student Loan has no additional fees and also allows for full coverage of studies.

In addition, it has fixed and variable APR rates based on the category of studies. You can attend a postgraduate, technical course, or undergraduate degree.

However, it does not allow refinancing. This can make it difficult to settle accounts in the event of a delay. And it also requires a co-signer who has a good credit history. Know more!


  • Discounts for automatic payment: If you want to pay a lower amount, you can set the refund method as automatic.
  • Full coverage: Depending on the credit history of the student and the guarantor, you can get full coverage of the course to be taken.
  • Allows specific loans according to category: You can choose one of the programs from University student, postgraduate, or career training to MBA and residencies.
  • No Extra Fees: Discover student loan has no origination fee, no Early Payoff Penalty, and no Late fee. In this way, it facilitates the loan and payment by students.


  • No refinancing: in case of financial difficulty and late payment of the monthly reimbursement, the company does not offer to refinance.
  • Lender encourages the addition of a co-signer: The company encourages the addition of a guarantor or co-signer by reducing associated APR fees.

Discover Student Loan or Sallie Mae Student Loan: which one is right for you?

Choosing a good student loan may not be an easy task. But it is also not impossible.

The Discover Student Loan and the Sallie Mae Student Loan are very interesting and flexible options to pay for your studies and obtain the long-awaited diploma.

Both companies do not disclose credit history and have no extra fees. However, they do allow co-signers and offer advantages for those with better grades who choose automatic payment.

The best option, however, seems to be the Discover Student Loan. They offer to refinance in case of payment difficulties, and this can reassure anyone having trouble with repayment.

If none of these options seems favorable, you can choose another one. The suggestion we have is a personal loan from LightStream. Check out our post to learn how to apply for it!

LightStream logo

How to apply for LightStream personal loan

If you have questions about LightStream personal loan application, this is your moment. Learn more about getting credit.

About the author

Sabrina Paes

Content Writer, Copywriter, and Ghostwriter. Content marketing professional with 5 years of experience. Specialist in investment, finance, and technology niche. MBA in Marketing at the University of São Paulo, Brazil. Content Writer by Rock Content, and University of California (UCDAVIS).

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