Updated: September 14, 2023

LendKey Student Loan Refinance Review

Student Loan Refinancing

Advertising disclosure
Student Loan Rating
3.5 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.
7.11% - 11.18%
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.
4.38% - 7.98%
Repayment Terms
5, 7, 10, 15, 20 years
Important Information

Rewards: 0.25% interest rate reduction with autopay, promotional bonuses

Eligibility: Parent PLUS loans not eligible for refinancing

Overall Limits: $300,000 (graduate) $125,000 (undergraduate)

The bottom line:

One of the best lenders out there to refinance student loans with is LendKey. This lender is smaller than others, allowing it to offer many bonus resources. LendKey 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).


  • Refinance with community banks and credit unions
  • 0.25% interest rate reduction with autopay discount
  • Cosigner release available
  • No origination, application or prepayment penalties/fees
  • Promotional bonuses


  • Late fees
  • Parent PLUS federal student loans not eligible for refinancing at this time
  • Maine, Nevada, North Dakota, Rhode Island, and West Virginia residents do not qualify
LendKey SoFi 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.
7.11% - 11.18%
4.38% - 7.98%
5.24% - 9.99%
6.24% - 9.99%
4.96% - 9.79%
5.49% - 9.74%
Loan repayment terms (Years) 5, 7, 10, 15, 20 years 5, 7, 10, 15, 20 years 5, 10, 15, 20 years
Cosigner release? Yes, after 12 months on-time principal and interest payments None None

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 monthly 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. Borrowers can also save money with 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. Like most lenders, LendKey offers a 0.25% interest rate reduction when borrowers enroll in automatic payments.

You can quickly and easily check your interest rate with LendKey without affecting your credit. This lender has some of the lowest 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.

LendKey requires a minimum new loan amount of $5,000 to qualify ($6,000 for Massachusetts residents, $10,001 for Arizona residents, and $15,001 for Connecticut residents). Undergraduate degrees make you eligible to refinance 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, 7, 10, 15, 20 years
  • Minimum Borrowing Limit: $5,000
  • Application Fee: None
  • Origination Fee: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: 660
  • Minimum Annual 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 Details
  • Maximum Deferment Period: None
  • Maximum Forbearance Period: 18 months
  • Cosigner Release Option: Yes, after 12 months on-time principal and interest 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"
  • Scholarship Search Tool: Yes
  • Sponsors a Scholarship: None
  • Job and Career Assistance: Yes
  • Financial Literacy Training: Yes
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