LendKey Snapshot
LendKey offers both private student loans and student loan refinancing. By connecting borrowers with a network of 100+ lesser-known credit unions and community banks, LendKey allows you to work with smaller lenders with low rates and good customer service, rather than traditional lending institutions. LendKey’s student loan refinance offering is available to graduates with strong credit and stable income. It’s best if you want to work with a credit union or community bank to access loan offers you otherwise might have overlooked.
Pros
Work with a credit union or community bank, rather than a traditional lender- Access to competitive interest rates
- Offers up to 18 months of forbearance
- Free borrower benefits like Career Assistance, Credit Health Analysis, and Federal Student Loan Assistance
Cons
Eligibility criteria excludes part-time students, parents, and non-U.S. citizens/permanent residents- Varying cosigner release policies
- Loans aren’t available in Maine, Nevada, North Dakota, Rhode Island, or West Virginia
- Biweekly payment via autopay is not available
- You may have to become a member of a credit union
Best Features: LendKey Student Loan Refinance
Work with credit unions and community banks
LendKey allows you to access refinance offers from a network of non-traditional lenders that you otherwise might have overlooked. On its platform, LendKey connects you with hundreds of community banks and credit unions simultaneously. While the credit unions and community banks don’t have the name recognition that some of the traditional banks and online lenders have, they typically offer lower rates and personalized customer service. In addition, the credit unions and community banks are often non-profits, so you’ll be working with a lender that has your best interest in mind.
Competitive interest rates and zero fees for qualified borrowers
When looking to refinance your student loan, finding a low interest rate is typically a top priority. If you qualify for a LendKey student loan refinance, you’ll have access to competitive interest rates from credit unions and community banks that you might not be able to find elsewhere. While most of the lenders on LendKey’s platform do not charge any origination fees, application fees, or prepayment penalties, some may charge late fees or insufficient funds fees. The terms will vary depending on which lender you choose, so be sure to read the terms and conditions of your loan carefully.
Offers up to 18 months of forbearance due to economic hardship or natural disaster
If you experience economic hardship or a natural disaster, LendKey offers generous forbearance options (a pause on your repayment due to financial hardship, unemployment, or a disability).
On 5, 7, and 10-year loans, LendKey allows you to postpone payments for up to four months at a time, for up to 12 months total.
On 15 and 20-year loans, LendKey offers up to 18 months of forbearance, in six-month increments. While LendKey handles forbearance on a case-by-case basis, it can be a helpful safety net if you were to fall into financial hardship.
Free borrower benefits like Career Assistance, Credit Health Analysis, and Federal Student Loan Assistance
When you borrow through LendKey’s platform, you’ll get free access to special borrower benefits that help you achieve your financial and personal goals. These benefits include:
Career Assistance: LendKey partners with NextJob to offer free tools and online resources to help you succeed, including:
- Online mock interviews
- A resume builder
- Hidden job opportunities waiting to be uncovered
- A personality test to help you find the right career path
Credit Health Analysis: To help you reach your financial goals, LendKey has partnered with Curu, a platform that provides comprehensive credit analysis designed to help you improve your credit health
- Curu analyzes your spending, net worth, and credit utilization to generate personalized tasks that show your path to credit success.
- Curu displays your real-time financial account information all in one place so you always know where you stand.
- Curu sends you notifications for upcoming credit card payment due dates so you’ll never miss a payment again.
Federal Student Loan Assistance: LendKey partners with Savi to provide an online, concierge service that searches across 150+ federal loan forgiveness and repayment options and recommends a path forward based on a borrower’s unique financial situation and goals. Savi then automates and digitizes the application process to reduce mistakes, simplify the process, and save time.
- Access a free, instant estimate of monthly savings
- Detect eligibility & simplify enrollment for national and state repayment and forgiveness programs
- Receive 1:1 support as needed from a team of student loan experts
The latest rates from Sparrow’s partners
If you want to skip pre-qualification and apply directly with a lender, you can do so by clicking Apply below.
Drawbacks: LendKey Student Loan Refinance
Strict eligibility criteria
In order to qualify for student loan refinance through LendKey, borrowers must meet the following criteria:
- A U.S. citizen or permanent resident
- Graduated with at least an associate degree
- You or your cosigner have a credit score of 660
- You have an annual income of $24,000 per year, or $12,000 per year with a cosigner
LendKey’s strict eligibility criteria excludes non-U.S. citizens/permanent residents, non-graduates, parents, and those who don’t meet the credit or income requirements.
Not a U.S. citizen or permanent resident? Prodigy Finance has looser residency requirements. In addition, SoFi offers student loan refinance to international students who have a U.S. citizen as a cosigner.
Haven’t earned an associate’s degree? EDvestinU accepts borrowers without a degree.
Don’t have a credit score of 660 (or a creditworthy cosigner)? Earnest accepts borrowers with a lower credit score.
Don’t have an annual income of $24,000? SoFi doesn’t have a minimum income requirement.
If you do not meet LendKey’s criteria for a student loan, you may want to look elsewhere to refinance your private student loan. To check your rates across multiple lenders at once, try using Sparrow’s free search engine. In just two minutes, you can receive real, personalized offers from over 15 different lenders all bidding for your business. And best of all, it won’t impact your credit score
Varying cosigner release policies
Most private student lenders require or strongly encourage you to apply with a cosigner. Given that young people generally have no/limited credit history, a cosigner can help you qualify for better loan terms.
If you earn less than $24,000 per year or have fewer than 36 months of credit history, a cosigner is required in order to borrow from LendKey.
Unfortunately, it’s not clear how quickly you can release your cosigner from your LendKey loan. Since LendKey partners with credit unions and community banks (each of which have their own internal policies), you will need to check with your specific lender to confirm their cosigner release policy.
Loans aren’t available in certain states
LendKey does not offer student loan refinance to borrowers who live in Maine, Nevada, North Dakota, Rhode Island, or West Virginia. If you live in any of these states, try using our rate comparison tool to see which refinance lenders you qualify with.
No biweekly payment via autopay
When you repay your student loan, your payments are due monthly by default. Instead, some borrowers choose to make biweekly payments via autopay — where you automatically pay half your monthly amount once every two weeks. Many borrowers use biweekly autopay in an effort to pay off their student debt faster and pay less in interest over the lifetime of the loan.
Unfortunately, when you borrow through LendKey, you don’t have the option to make biweekly payments via autopay.
You do, however, have the option to make greater-than-minimum payments via autopay. This means you have the option to pay more than your monthly balance in order to reduce the interest that accrues over time. With LendKey, you can set this up automatically so that the desired monthly payment is drawn from your bank account at the end of each month.
You may have to become a member of a credit union
One of the major advantages of borrowing through LendKey is that the platform allows you to access loan offers from a network of non-traditional lenders (credit unions and community banks) that you otherwise might have overlooked.
Unfortunately, that also means you may have to become a member of the institution you borrow from, which typically costs around $5. Although the process of becoming a member of a credit union is relatively simple, it adds another step to the borrowing process that traditional banks and online lenders don’t require.
LendKey Eligibility Criteria, Repayment Options & More
Fees and Terms
Loan Terms
5, 7, 10, 15, or 20 years.
Loan Amounts
$5,000 to $125,000 for undergraduate degrees; up to $250,000 for graduate degrees; and up to $300,000 for medical, dental or veterinary degrees.
Ability to transfer a parent loan to the student
No.
Application or Origination Fee
No.
Prepayment Penalty
No.
Late Fees
Yes (If payment is not made within 15 days of the due date, the late fee is $5 to $10, depending on the lender).
Eligibility Requirements (Financial)
Minimum Credit Score
660.
Minimum Income
24,000 per year, $12,000 per year with a cosigner.
Typical Credit Score of Approved Borrowers or Cosigners
751.
Typical Income of Approved Borrower
$65,000.
Maximum Debt-to-Income Ratio
50%.
Ability to qualify if you’ve filed for bankruptcy
Yes, after five years.
Eligibility Requirements (Personal)
Citizenship
Borrowers must be U.S. citizens or permanent residents.
Location
Available to borrowers in all 50 states, except Maine, Nevada, North Dakota, Rhode Island, and West Virginia.
Must have graduated
Yes, with at least an associate degree.
Must have attended a school authorized to receive federal aid
Yes.
Percentage of borrowers who have a cosigner
37%+.
Repayment Options
Academic Deferment
No.
Military Deferment
No.
Disability Deferment
Did not disclose.
Forbearance
On 5, 7, and 10-year loans, postpone payments for up to four months at a time, for up to 12 months total. On 15 and 20-year loans, postpone payments for up to six months at a time, for 18 months total.
Cosigner Release
Did not disclose.
Death or Disability Discharge
Not guaranteed by the loan agreement, but common practice, according to LendKey.
Loan discharge if cosigner dies or becomes disabled
No.
Autopay
Allows for surplus payments via autopay: Yes.
Allows for biweekly payments via autopay: No.
Customer Service
Loan Servicer
LendKey
In-house Customer Service Team
Yes.
Process for Escalating Concerns
No.
Borrowers get assigned a personal customer service representative
No.
Average time from approval to payoff
Did not disclose.
Student loan rates from our partners
Ascent
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 12/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require full
principal and interest payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 12/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require full
principal and interest payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.
LendKey
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
Earnest
Student Loan Origination (Private Student Loan) Interest Rate Disclosure:
Student Loan Origination (Private Student Loan) Interest Rate Disclosure:
College Ave
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 12/2/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 12/2/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
LendKey FAQs
Is LendKey a legitimate lender?
Yes, LendKey is legitimate. The platform connects borrowers with credit unions and community banks offering private student loans to undergraduates, graduate students, and parents, as well as student loan refinancing. Since its founding in 2009, LendKey has helped fund $3.1 billion in loans for 99,000-plus borrowers — it also services more than $2 billion worth of student loans.
Is LendKey available in all 50 states?
LendKey is available to borrowers in all 50 states, except Maine, Nevada, North Dakota, Rhode Island, and West Virginia.
How long does it take to get a LendKey student loan?
Submitting an application through LendKey takes a few minutes. Once you’ve submitted your loan application, LendKey will instantaneously return a decision about your eligibility. If you qualify, you will receive the rate and terms of your loan.
It may take some time to actually receive your loan. However, you can speed up the process by requesting debt payoff letters from your current lenders and loan servicers.
What happens if I don’t qualify for a LendKey student loan?
If you don’t qualify for LendKey student loan refinance, the company will inform you why. Depending on the reason, you may consider applying with a qualified cosigner or try with a different lender. To check your rates across multiple lenders at once, try using Sparrow’s free search engine. In just two minutes, you can receive real, personalized offers from over 15 different lenders all bidding for your business. Best of all, it won’t impact your credit score.
Are LendKey student loans federal or private?
LendKey’s student loans are private. Before you take out a private student loan, we recommend that you exhaust your federal funding options, including grants and scholarships.
Does applying for a loan through LendKey hurt my credit score?
In order to estimate what rate you qualify for, LendKey conducts a soft credit check — this does not affect your credit score. If you choose to accept the LendKey refinance offer, the company will conduct a hard credit check to verify your information. A hard credit check may temporarily impact your credit score.