LendKey Student Loan Refinance Review
LendKey empowers consumers to pick the loan that is right for them by filling out a common loan application and showing real, qualified rates from multiple lenders at one time. LendKey works with over 300 community lenders in the US to make sure you have access to the lowest rates and best loans. Everything is done online, takes a few minutes, and if you have any questions, LendKey’s customer service team will be there to help from your application until your last payment.
While there are over 300 lenders on the LendKey platform to choose from, each with their own loans and loan limits, these are the general loan limits for student loan refinancing.
Undergraduate Degree - Up to $125,000
Graduate Degree - Up to $300,000
- 5, 7, 10, 15, and 20 years
- Each term has a fixed rate and variable rate option.
- Fixed (Rates start at 3.25% APR)
- Variable (Rates start at 2.14% APR)
Save with auto payments
Yes. Save 0.25% in rates with automatic loan payments.
LendKey has the largest unemployment protection period in the market at 18 months. This can be used to pause loan payments for periods of up to 6 months at a time over the life of the loan.
Interest only payments
If you need the lowest monthly payments possible, you can make interest only payments for up to 4 years before resuming standard payment of interest plus principal (available for 15 year loans).
Applying for a student loan can often be assisted by having a co-signer. LendKey releases a co-signer from the loan after 12 months of on-time principal and interest payments, not the standard 24 months. Removal of a co-signer will never increase your rate.
Loan Related Fees
LendKey does not charge any origination fees or prepayment penalties. This may not amount to much in terms of the total amount of payments in the life of your loan but it does add up if combined with other discount offers.
- Origination fees
- Prepayment Penalties
- None. LendKey does not penalize you for paying your student loans early.
Student Loans at LendKey
LendKey offers some of the most competitive rates when it comes to student loan refinancing. This is no surprise since its network is mostly made of non-profit credit unions. They do provide unique advantages such as zero fees and discount programs to help lower the costs of your student debt. Being able to see actual rate offers from over 300 lenders without impacting your credit score can be a great time saver and helpful tool to make sure you get the best rate possible.