LendKey

• Easy Application Process
• No Hidden Fees
• Competitive Interest Rates
• Reasonable Pricing Options
• Cosigner Release
• Good Customer Service

Easy Application Process

Visitors to the LendKey website can see in minutes how much money they can save by refinancing a student loan.

The loan application process is easy, can be completed quickly, and is entirely online. By filling out a few questions and agreeing to a soft credit inquiry, which will not affect their credit score, the borrower can instantly see student loan rates that can be customized to their own loan amount, location, and credit score. As an added convenience, student loan borrowers can pick a loan term and monthly payment.

No Hidden Fees

There are no application, origination, or prepayment penalty fees.

Competitive Interest Rates

LendKey offers both fixed and variable interest rates.

For student loan refinancing, LendKey offers rates as lows as 1.99% variable APR and 2.99% fixed APR with AutoPay. The interest rate a borrower will receive is based on a credit history review. If a cosigner has good credit, this can help in getting lower rates.

Reasonable Pricing Options

Student loan borrowers have the ability to customize their term and monthly payment. Because LendKey does not go through big banks, but smaller credit unions, it can be more flexible with its interest rates and plans. In fact, its student loan interest rates are lower than average in the industry.

For unemployed students, borrowers have the option to make interest-only payments. Additionally, lenders have been known to consider academic credentials to give better student loan rates. People who set up automatic payments can save .25 percent on their interest rate. Those who hit their repayment period and pay off 10 percent of their loan are reduced 1 percent off their interest rate (which is tax deductible).

LendKey conveniently offers a 30-day, no-tax or interest return, if customers are not satisfied.

Cosigner Release

Subject to lender approval, a cosigner release option is available. To qualify for this release, the borrower, alone, must meet specific criteria:

1. Make the required number of on-time, consecutive, full principal and interest payments prior to making a request for a cosigner release. If there is any period of forbearance during this time, the repayment clock will be reset. These details can be found in the borrower's credit agreement.
2. The borrower's account cannot be in delinquent status.
3. Proof of income and a credit history review must be provided.
4. No bankruptcies or foreclosures in the last sixty months, and no loan defaults.

Good Customer Service

LendKey focuses on customer service. Every time we called, they answered. LendKey representatives are with you from start to finish throughout the refinancing process. The customer service team is dedicated to helping student loan borrowers get through the process in a painless way, all while avoiding fees.

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• Not Available Nationwide
• Website Navigation
• High Credit Score Required
• Eligibility Requirements
• No Refinancing for Parent PLUS Loans

Not Available Nationwide

Lendkey's loan products and services aren't available in the following states:

• Maine
• Nevada
• North Dakota
• Rhode Island
• West Virginia

If you live in any of the states listed above you will need to look into other student loan refinancing options.

Website Navigation

All key information regarding student loan refinancing can be found on the LendKey website, but it can require some effort to find. Loan terms and rates are displayed well, but loan amounts and credit information is more difficult to find. This requires website visitors to spend more time sifting through FAQ sections, than being able to see upfront what is required for refinancing student loans through LendKey.

High Credit Score Required

The minimum credit score LendKey takes is around 650, and a strong credit history is required. This alone has the potential to eliminate interested clients, especially since student loan borrowers are most likely going to be young college students.

Eligibility Requirements

To qualify for a private student loan or refinancing through LendKey, the borrower must be a U.S. citizen, currently living in the U.S., or a permanent resident - even if you are a student in the U.S. with the correct Visa, you are not eligible for Lendkey's refinancing services.

Additionally, to qualify for student loan refinancing, the borrower must have already graduated from one the lenders' eligible institutions with at least an associate's degree, as well as demonstrating good credit history.

No Refinancing for Parent PLUS Loans

If you have a student loan taken out in the name of a parent as the primary borrower, such as a Parent PLUS loan, you will need to look into other student loan refinance options because Lendkey doesn't currently service these loan types.