February 7, 2022
What repayment terms are available for private student loans?
You can select either a 5 or 10-year repayment term.…
February 25, 2021
Does LendKey offer hardship forbearance or temporary payment relief?
Yes, many lenders on our platform offer forbearance for financial hardship. In the event you require hardship forbearance, reach out…
March 5, 2020
What is the best way to reduce the total cost of a private student loan?
If you apply for a student loan with a creditworthy cosigner, you may be eligible for a lower interest rate,…
March 5, 2020
How does auto-pay interest rate reduction work on LendKey student loans?
You can receive a 0.25% interest rate reduction when you sign up to automate payments from your checking or savings…
March 5, 2020
Are there penalties for paying off a private student loan early?
No, there are no prepayment penalties, and such payments will be applied in accordance with your loan agreement.…
March 5, 2020
What happens if I have trouble making my private student loan payments?
Your lender may offer forbearance for students facing financial hardship during the repayment period. In forbearance, no monthly payment is…
March 5, 2020
Who services private student loans issued through LendKey?
LendKey will be the servicer of your loan. To reach our loan servicing department with any questions, you may call…
March 5, 2020
Does LendKey charge application or origination fees for private student loans?
No, there are no application fees or origination fees when applying for a LendKey Private Student Loan.…
March 5, 2020
How is the interest rate on a private student loan determined?
This is a credit-based loan, so the interest rate you receive will be determined based on a review of your…
March 5, 2020
What is the difference between fixed-rate and variable-rate student loans?
A fixed interest rate is consistent and will never change, whereas a variable rate may increase or decrease monthly based…
March 5, 2020
Should I choose a fixed or variable interest rate for a private student loan?
The fixed interest rate will never change throughout the life of the loan. This may make it easier to plan…
March 5, 2020
What is the difference between the interest rate and APR on a student loan?
Your interest rate represents the amount of money that your lender is charging you to borrow money. An APR, or…