Are Discover student loans federal or private?

Discover student loans are private student loans unless your own documents show a separate federal loan. That means federal IDR, PSLF, and federal rehabilitation usually do not apply.

Why does Firstmark show up on my Discover student loan?

Discover announced that Firstmark Services would service the portfolio after the private student loan sale. Firstmark is the company handling billing and account management for many transferred loans, but it may not be the owner.

My Firstmark balance is wrong or shows past due after transfer. What do I do?

Save your last Discover statement, first Firstmark statement, bank records, and payment confirmations. Ask Firstmark for a written account history and dispute the specific balance, payment, or past-due amount that does not match your records.

Is Olympic SLT a real company?

Olympic SLT appears to be a trust or owner name some borrowers see after the Discover portfolio sale. Firstmark may service the account while Olympic SLT or another trust name appears as the lender or owner. Check your statement, credit report, and any collection or court papers for the exact role.

Did Discover write off or cancel my student loan?

Do not assume the loan was cancelled just because Discover stopped servicing it or a credit report shows a zero balance. Look for wording like cancelled debt, 1099-C, sold, transferred, charged off, or assigned. Those words mean different things.

Will I get two 1098-E forms for the year my loan transferred?

You may need to look for interest information from both Discover and Firstmark for the transfer year. If one portal no longer shows your payment history, ask the servicer for records and compare them to your bank statements.

What happens to my credit report when Discover transfers to Firstmark?

The Discover tradeline may close or show a zero balance while a Firstmark-serviced or trust-owned account appears separately. That can be normal after a transfer, but late marks, duplicate balances, charge-off language, or a collection entry should be reviewed and disputed if inaccurate.

Can I get my cosigner released after the Firstmark transfer?

The transfer does not erase the cosigner obligation. The promissory note and the current holder’s release requirements control. Ask Firstmark for the current release criteria in writing before assuming prior Discover conversations still apply.

Can Discover student loans be forgiven?

Not through federal forgiveness programs like PSLF or IDR forgiveness. Private student loans are usually resolved through lender cancellation policies, settlement, or bankruptcy review.

Can I settle my Discover student loan now that it was sold?

Settlement is usually a default or collection-stage option, not a benefit of the transfer by itself. If the loan is in collections or litigation, identify the current owner, collector, or plaintiff before negotiating.

Lender explainer

Your Discover Student Loan Changed Hands. Here Is What to Check First.

Discover stopped servicing student loans. If you had a Discover private student loan, it was likely transferred to Firstmark Services, a division of Nelnet. Your loan terms did not change just because the portal changed, but your autopay, account number, payment history, credit-report entry, or tax form may look different. Start with the document in front of you: a billing notice, credit report, tax form, collection letter, or lawsuit. The name on that document tells you what to check next.

By Stanley Tate Fact-checked May 21, 2026

Quick reference

Lender snapshot

If your bill changed: Confirm Firstmark setupAutopay and portal access may need to be rebuilt after the Discover transfer.
If the balance looks wrong: Compare payment historySave the last Discover statement and the first Firstmark statement before paying a disputed past-due amount.
If the owner name is new: Check role, not just nameFirstmark may service the loan while a trust or other owner appears on account records.
If payments are unaffordable: Private-loan options onlyIDR, PSLF, and federal rehabilitation do not apply just because Firstmark is tied to Nelnet.
If a credit report changed: Expect transfer artifactsThe Discover tradeline may close while Firstmark or another owner appears separately.
If a lawsuit arrived: Plaintiff and deadline controlA summons deadline matters more than the Discover brand name on old paperwork.

Resources

Read by borrower issue

If the transfer made something look wrong

Use these if the portal, credit report, account status, or lender name changed after Discover exited student loans.

FirstmarkFirstmark Student Loans: Forgiveness & Repayment OptionsUnlike federal student loans, Firstmark student loans don’t qualify for student loan forgiveness programs like President Biden’s debt cancellation plan, Public Service Loan Forgiveness, or Income-Driven Repayment Plan Forgiveness. This limits the options available to student loan credit reportStudent Loan Account Closed Due to Transfer: What It Means for Your Credit ScoreWhat does account closed due to transfer mean for student loans?Why did my student loan get transferred?Do closed student loan accounts affect credit score?Difference between a “transferred” account and “closed” account status DiscoverDiscover Student Loan Forgiveness: Is it Possible?The news is filled with stories of student loans being forgiven because people went to certain schools, worked in public service, or received a Pell Grant. Unfortunately, none of those student loan forgiveness opportunities apply to Discover student loans. All the forgiveness you

If the payment is too high or options feel limited

Use these if Firstmark says there is no income-based plan or your private-loan payment no longer fits your budget.

payment helpHow to Lower Private Student Loan Payments: A GuideAre you drowning in private student loan debt?private loansPrivate Student Loan Forgiveness: What Exists and How Private Loans Actually Get DischargedPrivate student loan forgiveness isn't a program. Learn the only ways private loans are eliminated — bankruptcy, settlement, or cancellation.cosignerA Guide to the Student Loan Cosigner ReleaseLearn how cosigner release works when refinancing student loans, what refinance requirements lenders have, and how to plan for removing a cosigner successfully.

If the account is in default, collections, or court

Use these once the document is a collection letter, settlement offer, summons, complaint, or bankruptcy question.

collectionsPrivate Student Loans in Collections: Your Options and Next StepsPrivate student loans in collections? Learn exactly what happens, how to protect yourself, and clear steps to regain control over your debt.settlementCan You Settle Student Loans? Yes — Here's When and HowYes, you can settle student loans for less than you owe — but only after default. Here's who qualifies for federal vs. private, and what it costs.lawsuitPrivate Student Loan Lawsuit: What to Expect and How to RespondBeing sued for a private student loan can lead to judgments and garnishment. Learn the process, defenses, and ways to settle or resolve.bankruptcyPrivate Student Loan Bankruptcy: Discharge Rules & TacticsBankruptcy can discharge private student loans, but it’s not easy. Learn the steps, prove undue hardship, and explore your legal options today.

Before you decide

What to check on your documents

Billing, portal, or autopay notice

Firstmark setup, account number, due date, autopay status, balance, and any past-due amount.

Borrowers have reported missing payment history, broken autopay, and surprise past-due amounts after the transfer.

Read the Firstmark article

Credit report

Closed Discover tradeline, new Firstmark or trust entry, balance, late marks, charge-off status, and duplicate reporting.

A closed Discover account can be a routine transfer artifact, but late marks, charge-off language, or a collection entry may need action.

What closed due to transfer means

Tax form or payment history

Whether interest paid during the transfer year is split between Discover and Firstmark 1098-E forms.

If the old portal is gone, missing payment history can make tax reporting and balance disputes harder.

Read the Discover forgiveness guide

Charge-off or 1099-C notice

Whether the letter says transferred, sold, charged off, cancelled, paid in full, or reports a 1099-C.

A zero balance is not always loan forgiveness. The wording controls whether you are looking at a transfer, sale, or cancelled debt.

Compare settlement options

Collection letter or lawsuit

Collector, law firm, plaintiff, court, service date, answer deadline, and attached loan documents.

Once a lawsuit is filed, the plaintiff and deadline matter more than the original Discover branding.

What to do after a lawsuit

Common questions about Discover student loans

Ask a question

Not sure what the new name or document means?

Send the names you see, the type of document, and what looks wrong. The goal is to point you to the right private-loan resource.