You can check your rates with LendKey without impacting your credit using the “check your rate” tool. Checking your rates will show you the rates and terms you may qualify for. If you select a loan option and decide to submit the application, a hard credit inquiry will be performed which may impact your credit. It is important to be mindful of how many credit applications you are submitting.

You can check your rates without impacting your credit using the check your rate tool. Checking your rates will show you the rates and terms you may qualify for. If you select a loan option and decide to complete the application, a hard credit inquiry will be performed, which may impact your credit.

Yes, whether you have previously consolidated your student loans with the Department of Education or refinanced with a private lender, you can refinance again through one of LendKey’s lending partners.

Yes, if you have graduated with at least an associate degree from a Title-IV participating school, you can refinance your loans even if you are still currently in school. Please be advised that once you refinance, your loans will go into repayment and you could lose out on in-school repayment options that are associated with your current loans.

No, if you have graduated with at least an associate degree from a Title-IV participating school, you are eligible to refinance if you meet the other eligibility requirements, and it does not matter what school the loans were used to attend.

Yes, after you have been conditionally approved, you can select which specific loans you want to refinance. We will then update the loan amount based on the loans you have selected and provided documentation for. Please be advised that your final loan amount of all the loans combined you want to refinance will need to exceed the $5,000 minimum requirement (Except if you are a resident of AZ: $10,001; CT: $50,001; MA: $6,000).

If you refinance your federal loans with a private lender, it becomes a private loan. When you do this, you are forfeiting your eligibility to receive the specific benefits and protections that come with federal loans, such as loan forgiveness and income-based repayment options. Please see our blog to learn more about refinancing your federal loans.

Student loan consolidation is the Department of Education’s program where you combine multiple federal loans into one, resulting in a weighted average interest rate of your previous loans. Private student loans are not eligible for federal student loan consolidation. Student loan refinancing is done through a private lender and can combine one or all of your private and/or federal student loans into one monthly payment. Terms of private student loan refinancing are determined by a credit-based application, meaning if you are approved, you could receive a new interest rate and a new repayment term. This may help you save money on interest and/or change the length of your loan term to fit your financial needs better.

Yes, we can refinance private and federal student loans together that were taken out in your name as the student borrower. Please be advised that there are specific benefits that come with federal loans such as loan forgiveness and income-based repayment options, you will be forfeiting your eligibility for receiving those benefits when you refinance with a private lender. To learn more about refinancing your federal & private loans here.

The federal government has currently suspended interest and monthly payments on federal student loans. Refinancing your federal loan with a lender on our website means that you will no longer be able to receive the benefit of the temporary interest rate and payment suspension, and you will lose other current and future federal student loan benefits that you may be eligible for (including any additional loan relief and forgiveness measures). If you have federal student loans, we strongly recommend reviewing your current and potential future benefits before refinancing.  More information about the federal student loan program can be found at http://studentloans.gov.

The first step is to check your rates to see if our lending partners can offer more competitive terms than what you already have. Please keep in mind that if you are currently utilizing an in-school deferment option or grace period you will move into full repayment after your loans have been refinanced.

The first step to refinancing is to check what interest rates and terms you are offered via a soft credit check that has no negative impact on your credit. If you like the loan options you see, you can then submit an online application with a hard credit inquiry, which may impact your credit. From there, you will select the loan(s) you want to refinance and will be required to provide certain documents such as a government-issued ID, proof of income, and a loan statement from your current servicer for each loan you want to refinance. After the documentation has been approved, you will be able to electronically review your loan disclosures and sign your loan agreement, before we disburse the funds to pay off your old loans and create a new refinanced loan serviced through LendKey.

You can refinance your private and/or federal student loans that were taken out in your name as the student borrower.

Yes, cosigner release is subject to lender approval. In order to qualify, the borrower must, alone, 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. For more information regarding this benefit, please give us a call at 888-549-9050 or email us at customer.care@lendkey.com

The cosigner shares the same responsibilities as the borrower for the loan. This includes ensuring on-time monthly payments. That means as the cosigner, you may experience the same positive impact on your credit score as the borrower for making on-time monthly payments but will likely face the same negative credit impact for late or missed payments.

After the borrower part of the application has been completed an email will be sent to the cosigner with a link to click to enter the cosigner’s information. If the e-mail cannot be found, please have the student’s last name, last 4 of their SSN, and date of birth ready and click here. This link will help you access the application.

Typically, your cosigner may be a parent, grandparent, guardian or other adult who is creditworthy and willing to assume legal responsibility for the loan liabilities along with you. A cosigner may increase your chances of approval or help you qualify for better terms.

No, LendKey’s lending partners can only refinance qualified student loans that are in your name as the primary borrower.

Currently, LendKey’s lending partners only refinance education loans that are in your name as the primary borrower.

Currently, only education loans that are in your name as the student primary borrower are eligible for refinancing through LendKey’s lending partners.

At this time, loans that were taken out in the name of the parent as the primary borrower, such as Parent PLUS loans are not eligible for refinancing through LendKey’s lending partners.

All applicants are required to be a U.S. citizen or Permanent Resident.

If you graduated from an institution that is not currently Title-IV accredited, our lending partners will be unable to refinance your loans. If you have degrees from multiple institutions, you can apply using the eligible school you have received the most advanced degree from. The loans that you want to refinance are not required to have been taken out to be used for that specific school. If you cannot find your school on our eligible institutions list, we recommend contacting your school’s financial aid office to see what refinancing options other graduates have used in the past.

The minimum loan amount is $5,000 (Except if you are a resident of AZ: $10,001; CT: $50,001; MA: $6,000).

In order to be eligible to refinance with one of LendKey’s lending partners, you must be a U.S. Citizen or Permanent Resident and have already graduated with at least an associate degree from one of our lenders’ eligible institutions. There are other factors we look at to determine eligibility, such as credit history and income. You can check your rates without impact to your credit score to see if you are eligible.

Yes, you and your friend may earn money for every friend you refer who completes a loan refinance with LendKey. There are no caps or limits to how many people you can refer. To learn more about our referral program click here.

Since 2009, credit unions and banks have partnered with LendKey to assist borrowers by offering various loan options through our digital platform. Our mission is to improve lives through lending made simple.

If you have created an account with LendKey before, you can use this link to change your password.

If you already have a loan through us, you can update your email address by logging in to your account and selecting “Change my email address”.

If you do not get approved, you will receive an emailed adverse action notice that provides explanation for the decline. There will also potentially be an additional email that will inform you if there is a counter-offer available to you, such as applying with a credit-worthy cosigner. Your loan application denial could be specifically tied to the cosigner you applied with. If that is the case, you may reapply with a different credit-worthy cosigner if you have one.

The overpayment may be returned directly to you or sent back to LendKey and we will apply it retroactively to your existing principal balance with your new lender. Please inquire with your previous loan servicer as to how they handle overpayments.

Yes, you are responsible for making all required payments with your current loan servicer until LendKey has paid off the loan(s). 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.

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.

LendKey will be the servicer of your loan. To reach our loan servicing department with any questions, you may call us at 888-966-9268 or email us at servicing@lendkey.com

Our lending partners offer forbearance for borrowers facing financial hardship. Certain conditions must be met in order to be approved for forbearance. Please contact us if you need more information.

No, there are no prepayment penalties, and such payments will be applied in accordance with your loan agreement

The fixed interest rate will never change throughout the life of the loan. This may make it easier to plan ahead because you will know the interest you will be charged. nnThe variable rate you are offered when your application has been conditionally approved may be lower than the fixed rate offered. This means that if the rate index used by your lender decreases or remains consistent, you may save more money over time than the fixed rate, but the opposite may occur if the rate index increases. There is an inherent risk when selecting a variable rate and it is important to know your tolerance to this risk when selecting between a variable or fixed rate.

Terms of a private student loan refinancing are determined by a credit-based application, so the interest rate you receive will be determined based on a review of your credit profile. Applying with a creditworthy cosigner may get you a lower rate. You can check your rates without any effect to your credit to see if you are eligible.

No, there are no application fees or origination fees when applying for a LendKey Private Student Loan.

Yes, many lenders on our platform offer forbearance for financial hardship. In the event you require hardship forbearance, reach out to your customer care representative for the specific forbearance available from your lender.

Yes, some lenders on our platform have late fees and insufficient fund fees. Please review your loan documentation during the application process for specific fee information.