Updated: October 13, 2020

LendKey: Private Student Loan

Student Loan Refinancing

Advertising disclosure
Refinance
Student Loan Rating
4.5 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.99% - 8.77%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.98% - 8.55%
Repayment Terms
5 years, 7 years, 10 years, 15 years, 20 years
Important Information

Repayment Options: 5 to 20 year repayment terms 

Important Information:
• Cosigner release available 
• Parent PLUS loans not eligible for refinancing
• Late fees charged 
• 0.25% interest rate reduction with autopay

The bottom line:

One of the best lenders out there for student loan refinance loans is LendKey. This lender is smaller than others, allowing it to offer many bonus resources, and offers competitive interest rates even to borrowers who don’t earn high incomes, making this an all-around great choice for the average student with student loan debt (provided that you live in a qualifying state).

Pros

● 0.25% interest rate reduction with autopay
● Cosigner release available
● No origination, application or prepayment fees
● Promotional bonuses

Cons

● Late fees
● Parent PLUS loans not eligible for refinancing at this time
● Maine, Nevada, North Dakota, Rhode Island, and West Virginia residents do not qualify

Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
Input your loan terms and we’ll tell you how much you can expect to pay monthly and in total

LendKey offers a couple of repayment assistance options to borrowers struggling to make their loan payments. The first of these is forbearance in six-month increments and the second is the option for a one-time payment due date change. In addition to this financial flexibility, LendKey makes resources such as an evening call center, financial literacy training, and job and career assistance available to all borrowers. There are also a number of promotional bonuses such as a $400 sign-up bonus for Mint users, a Tuition.io bonus up to 1% of the loan balance and a $100 bonus for Acorns members.

You can quickly and easily check your interest rate with LendKey without affecting your credit. This lender has some of the lowest minimum interest rates — 2.24% variable and 3.24% fixed — and maximum interest rates. But, please note that the lowest available APR is only available on 5-year loan terms and for credit scores of 810 or higher. If you need a cosigner to qualify, you may release them, but after how many payments depends on which lender has issued your loan. Choose from loan terms of 5-20 years.

All borrowers must have at least $5,000 in student loan debt to qualify ($6,000 for Massachusetts residents, $10,001 for Arizona residents, and $15,001 for Connecticut residents). Undergraduate degrees make you eligible to borrow up to $125,000, graduate degrees up to $175,000, and select medical degrees up to $300,000. You need to have at least an Associate’s degree in order to refinance with LendKey, but you can refinance while still a student if you meet this criterion. 

LendKey - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft for Rate Check, Hard for Application
  • Repayment Terms: 5 years, 7 years, 10 years, 15 years, 20 years
  • Minimum Borrowing Limit: $5,000
  • Application Fee: None
  • Origination Fee: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: 660
  • Minimum Anual Income: $12,000
  • Maximum Debt-to-Income Ratio: 0.50
  • Citizenship Restriction: Citizens or Residents
  • List of States where Loan is Not Available: ME, NV, ND, WV, RI
  • Approved Schools Include: Non-Profit
Repayment Options
    Repayment Details
    • Maximum Deferment Period: None
    • Maximum Forbearance Period: 18 months
    • Cosigner Release Option: Yes, after 12 months on-time payments
    • Death Discharge: Not automatic, but customary
    • Disability Discharge: Not automatic, but customary
    Customer Service
    • US-Based Call Center: Yes
    • Hours of Operation (in addition to weekdays): Evenings
    • Application Timeline: "Application approvals are nearly instant (a few seconds) and completion can take 5-10 minutes with a 1-3 day business review prior to release of funds"
    Extras
    • Scholarship Search Tool: Yes
    • Sponsors a Scholarship: None
    • Job and Career Assistance: Yes
    • Financial Literacy Training: Yes
    LendKeySoFiEarnest
    Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
    Fixed:
    2.99% - 8.77%
    Variable:
    1.98% - 8.55%
    Fixed:
    2.99% - 6.28%
    Variable:
    2.25% - 6.28%
    Fixed:
    2.98% - 5.49%
    Variable:
    1.99% - 5.34%
    Loan repayment terms (Years)5 years, 7 years, 10 years, 15 years, 20 years5 years to 20 years5 years, 10 years, 15 years, 20 years
    Cosigner release?Yes, after 12 months on-time paymentsNoneNot specified