Updated: August 12, 2020

LendKey: Private Student Loan

Private Student Loans (Undergraduate)

Undergraduate
Student Loan Rating
4 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.
4.50% - 12.60%
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.
1.50% - 11.40%
Repayment Terms
5 years, 10 years, 15 years
Important Information

Rewards: Autopay Discount

Flexibility: Offers borrowers a one-time payment due date change

Eligibility: Requires borrowers to become members of a participating credit union

Yearly Loan Limits: Covers 100% of your Cost of Attendance

Overall Loan Limits: $1,000 (minimum)

Cosigner Terms: Cosigner optional, allows for Cosigner Release after 24 on-time monthly payments

The bottom line:

LendKey has some of the best repayment policies, offering lengthy maximum deferment and forbearance periods for borrowers in need. Even so, you’ll likely find better rates with other lenders, and be aware that LendKey capitalizes unpaid accrued interest on a quarterly basis for variable rate loans.

Pros

  • Offers partial forbearance option
  • Borrowers can customize payment due date
  • Cosigner release option after 24 months of consecutive on-time monthly payments

Cons

  • Capitalizes interest quarterly
  • Charges a fee on late payments
  • Does not automatically offer a discharge in the event of death or total permanent disability of the borrower
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

Certain elements of LendKey’s student loan repayment policies are unparalleled. They offer a maximum in-school deferment period of up to 60 months, maximum forbearances of up to 12 months, and even a partial forbearance option (which prevents financially distressed borrowers from accruing an avalanche of unpaid interest). LendKey also allows you to customize your payment due date, allows for cosigner release after 24 months of on-time monthly payments, and offers a repayment term of 5 years (among others) for borrowers wanting to pay their student loan off quickly.

 

Other elements of LendKey’s repayment policies are lacking. Though most top lenders automatically discharge loans in cases where borrowers die or are permanently disabled, LendKey does not offer that same guarantee. Though they evaluate these situations on a case-by-case basis and ordinarily offer discharges in unusual circumstances like these, don’t count on it completely.

 

Also, if you let interest accrue on your variable-rate LendKey student loan, beware of the mounting interest. LendKey will capitalize unpaid interest on a quarterly basis for these loans, meaning it is easy for your debt to snowball out of control.

LendKey - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft to check rates, hard to process application
  • Repayment Terms: 5 years, 10 years, 15 years
  • Minimum Borrowing Limit: $1,000
  • Yearly Borrowing Limit: 100% of Cost of Attendance
  • Aggregate Borrowing Limit: Not specified by lender
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: 660
  • Minimum Yearly Income: 24000
  • Maximum Debt-to-Income Ratio: 0.33
  • Citizenship Restriction: Citizens or Residents
  • List of States where Loan is Not Available: None
  • Minimum Enrollment Restriction: Half-Time
  • Approved Schools Include: Non-Profit
Repayment Options
  • Immediate Principal and Interest Repayment: None
  • Fixed Monthly Repayment: Yes, 25
  • Interest-Only Repayment: Yes
  • Full Deferment: Yes
Repayment Details
  • Length of Grace Period: 6 months
  • Maximum Deferment Period: 60 months
  • Maximum Forbearance Period: 18 months
  • Cosigner Release Option: Yes, after 24 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
LendKeyAscent (Goal Structured Solutions)Earnest
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:
4.50% - 12.60%
Variable:
1.50% - 11.40%
Fixed:
5.53% - 16.50%
Variable:
4.72% - 15.00%
Fixed:
4.20% - 13.03%
Variable:
1.49% - 11.69%
Loan repayment terms (Years)5 years, 10 years, 15 years10 yearsUp to 15 years
Cosigner release?Yes, after 24 months on-time paymentsYes, after 24 months on-time paymentsNone