Loan requirements can vary from partner lender to partner lender, but to get a loan product through LendKey, you will need to be able to demonstrate the following:
- Be a US citizen or permanent resident
- Have a minimum credit score of 660
- Have a minimum debt-to-income ratio of 50%
- A minimum of an associate’s degree from a federal financial aid-eligible school
People needing private student loans can apply with or without a co-signer, with APRs available starting from 4.89% for a fixed rate and starting from 4.91% for a variable rate. The minimum borrowing amount is $5,000. You can borrow up to $125,000 for an undergraduate degree, $250,000 for a master’s degree, and $300,000 for a specialist degree, such as a medical or dental degree.
Student loan refinancing offers the same amounts as maximum loans, with fixed rates starting from 3.99% and variable rates starting from 4.00%. Loan terms are available for 5, 7, 10, 15, or 20 years.
Forbearance is available if required and differs based on the length of the loan term. 5, 7, and 10-year loans offer forbearance of 4 months at once and up to 12 months throughout the loan period. 15 and 20-year loans offer 6 months forbearance at once, with 18 months available over the loan’s lifetime.
In general, the terms offered through LendKey are good, although bear in mind that the lower your credit rating is, the higher the interest rate will be.