It generally takes at least 10 days and may be up to 30 days from the time you accept your final loan disclosures and sign your loan agreement before the payoffs are made. You are still responsible for making your required monthly payment with your previous loan servicer(s) until your loan has been completely paid off by LendKey. If LendKey sends more money to your current loan servicer than what’s needed to pay off the loan(s), the overpayment may be returned directly to you or sent back to LendKey and we will apply it retroactively to your existing LendKey principal balance. Please inquire with your previous loan servicer as to how they handle overpayments.
Please note that the information provided on this website is provided on a general basis and may not apply to your own specific individual needs, goals, financial position, experience, etc. LendKey does not guarantee that the information provided on any third-party website that LendKey offers a hyperlink to is up-to-date and accurate at the time you access it, and LendKey does not guarantee that information provided on such external websites (and this website) is best-suited for your particular circumstances. Therefore, you may want to consult with an expert (financial adviser, school financial aid office, etc.) before making financial decisions that may be discussed on this website.