Delayed reward discounting (DRD) is a common index of impulsivity that refers to an individual's devaluation of rewards based on delay of receipt and has been linked to alcohol misuse and other maladaptive behaviors. The current study investigated response consistency and reward magnitude effects in two measures of DRD in a sample of 111 undergraduates who consumed an average of 10.7 drinks/week. These variables were also examined in relation to alcohol use and misuse. Results indicated highly consistent performance on both measures of DRD, although significant differences were evident based on task parameters. There was also clear evidence of a magnitude effect on DRD. Finally, a number of significant associations between DRD and both alcohol use and misuse were found. These findings suggest that individuals possess a relatively consistent cognitive template for DRD choice preferences, but that the template systematically varies by both reward magnitude and delay length.