LendKey Student Loan Refinance
LendKey helps borrowers find the ideal student loan refinancing lender among their network of over 300 banks and credit unions. The platform allows qualified graduates to submit a single application, receive funding, and get their loan serviced all in one place. In addition to student loan refinancing, LendKey also offers credit-based private student loans to help those who don’t qualify for enough grants, federal student loans, and scholarships to pay for their education.
LendKey Student Loan Refinance Overview
|APR (fixed interest rate)||3.39% – 7.75%|
|APR (variable interest rate)||1.9% – 7.89%|
|Eligible loan types||Federal student loans and private student loans from a federal financial aid-eligible school|
|Refinance amount||$5,000 to $125,000 with an undergraduate degree
Maximum of $250,000 with a graduate degree
Maximum of $300,000 with veterinary, dental, or medical degree
|Repayment terms||Borrowers choose 5, 7, 10, 15, or 20 year loans|
|Minimum credit score||660|
|Good for:||Former students with at least an associates degree who want to combine federal and/or private student loans into one loan|
- No origination fee
- Forbearance available
- Cosigner release after 12 on-time payments
- 0.25% ACH discount
- Low minimum annual income of $24,000; $12,000 with a cosigner
- Borrowers can refer new borrowers to LendKey for a $200 bonus
- No option for bi-weekly auto-pay payments
- Bankruptcy OK if more than five years ago
- Not available without a degree
- No military or academic deferment option
When evaluating lenders, be sure to compare terms and rates before making a final decision. You can get personalized rates and pre-approval with LendKey with only a soft credit check on their website.
If you decide you want to refinance your student loans with LendKey, you’ll fill out a formal application that includes permitting them to conduct a hard pull of your credit.
To get approved, you’ll need a minimum FICO score of 660, unless you plan to have a cosigner, and an annual income of at least $24,000. If you have a cosigner, your yearly minimum income can be as low as $12,000. Applicants with a bankruptcy that’s less than five years old on their credit report can’t get their student loans refinanced through LendKey.
If approved, you can expect funding to take less than a month. The average LendKey borrowers receive loan funding in 27 days.
Terms & Requirements
Here’s what you need to get your student loans refinanced with LendKey:
- Proof of U.S. citizenship or permanent residency
- A minimum of an associate’s degree from a federal financial aid-eligible school
- A maximum debt-to-income ratio of 50%
- A minimum credit score of 660
- Must not live in Nevada, Rhode Island, Maine, North Dakota, or West Virginia
You may also have to join the credit union backing your student loan refinance loan. This may require maintaining a small balance in one of the institution’s simplest accounts but requirements can vary from lender to lender.
With LendKey, you can refinance both federal and private student loans as long as they were for your education at eligible schools. Keep in mind that if you choose to refinance your federal loans, you’ll lose your Income-Based Repayment Plan option. You’ll also lose benefits like Teacher Loan Forgiveness and Public Service Loan Forgiveness.
Interest rate ranges:
- Variable APR: 1.9% – 7.89%
- Fixed APR: 3.39% – 7.75%
These interest rate ranges are available when you make loan payments through LendKey’s AutoPay system.
Lenders in the LendKey network can approve loans amounts between $5,000 and $125,000 for borrowers with an undergraduate degree. If you have a doctorate, your consolidated loan total can be as much as $250,000. With a doctorate in veterinary medicine, dental, or medical, the loan maximum is $300,000.
Borrowers can choose loan terms of 5, 7, 10, 15, or 20 years.
Forbearance is available depending on the loan terms:
- 5,7, and 10-year loans: Four months at once with a total of 12 months over the life of the loan
- 15 and 20-year loans: Six months at once with a total of 18 months over the life of the loan
If you have a cosigner on your LendKey student loan refinance, they can be released after you make 12 months of on-time payments.
While disability and death loan discharges aren’t guaranteed through LendKey, many of their lender partners allow it.
Privacy & Security
LendKey has an average of 4.6 out of five stars from 184 reviews on Trustpilot. More than 80% of the reviews are “excellent.” Reviewers mention the seamless approval process, the ability to complete the loan application and funding 100% online, and the great customer service.
With a Better Business Bureau rating of A, LendKey has several negative reviews on the BBB website.
When you submit your initial application, you must agree to allow LendKey and its participating lenders and partners to contact you via text, automated dialing device, artificial message, or phone call on the phone number you indicate in your contact information. However, in the application, LendKey notes that they use your telephone number to help verify your identity and that they won’t contact you unless you go through the formal application process.
Even though LendKey is a marketplace lender, they service all student loan refinance loans. They offer an in-house customer service team that you can contact by calling (866) 840-7406.
LendKey works with small banks and credit unions, but for help with your loan or the application process, you must communicate directly with LendKey’s customer service team. LendKey will be your main point of contact from the day you begin your application to the day your loan is repaid.
If you have student loans with multiple lenders and want to consolidate, so you have better terms and a single monthly payment, LendKey is a decent option. Their rates are competitive, and borrowers with excellent credit may be able to save money on interest over the life of their loan.