LendKey Student Loan Refinance Review
Student Loan Refinancing
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).
How does this loan compare?
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 — 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.
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
- 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
- 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
- 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
- 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