LendKey offers access to community lenders offering private student loans. Undergraduates may generally need a cosigner to qualify due to credit standards, but the cosigner can be released in specific conditions. LendKey offers both variable and fixed interest rates and a variety of borrowing and lending options.
Find out more about LendKey student loans below!
LendKey Student Loan Summary
Types of Loans Available Private Studen tLoans
Private Parent Loan Not Available
Cosigner Release Yes, with on-time principal and interest payments, and borrower creditworthiness
Prequal Without Credit Yes
Borrowing Amount Varies by lender
Repayment Length Varies by lender
Interest Rates Variable: 4.53% - 9.61%
Fixed: 5.36% - 9.69%
Fees No fees for application, origination or early payoff
Benefits 0.25% interest rate reduction with autopay
Repayment Terms Varies by lender
Hardship Options Available Contact lender if you encounter trouble to have your situation reviewed.
Death and disability discharge will depend on which lender you are paired with.
About Student Loans from LendKey
LendKey offers private student loans. It is a unique lender because they aren’t a bank or financial institution. Instead, they connect borrower with a community of local lenders, who are often credit unions or local banks. These local lenders may be able to offer better rates or repayment conditions than national banks.
Another major advantage is that with LendKey you can prequalify before your credit is checked. Being able to compare offers and choose the best option before making a full application will help you understand what’s available before you commit your personal information.
The application process is simple:
- Apply online through LendKey’s website. They handle all of the information and application processes, making it easy for you to shop and compare lenders
- Compare the offers that are available for you
- Choose a lender and start the formal application process. At this point, the lender will check your credit and request documentation.
- Upload your documentation to the LendKey interface, and the lender will review and let you know the final decision!
How much you can borrow will vary from lender to lender, as will the loan repayment terms and duration. When you apply, you’ll find out what length of repayment is available and how much each lender will offer you.
Qualifying for LendKey Private Student Loans
To qualify for a loan through LendKey, the borrower needs to be a U.S. citizen or permanent resident. Also, a loan from a credit union may require you to establish membership. This may mean establishing a deposit account or paying an association fee.
Student borrowers may need a cosigner to qualify for a loan from the lenders in the LendKey community. However, many of them have cosigner release options.
LendKey itself is not associated with a specific college or university, and they are not in control of the lenders’ credit requirements or loan offers.
Interest Rates and Fees for LendKey Student Loans
Loans through LendKey can have either variable or fixed interest rates.
Variable interest rates range from 4.51% – 9.59%, and fixed rates are between 5.36% – 9.69%. Loans through LendKey allow you to get a 0.25% interest rate deduction if you use automatic payment to repay the loan.
No lenders in the LendKey community charge origination or application fees, and there is no fee for early payoff either
Repaying a Private Student Loan from LendKey
Repaying a private student loan from LendKey will vary depending on the lender you choose. Each lender will have their own repayment timeframes and options.
As always, it’s helpful to pay as much as possible while the student is in school. However, many lenders will have a provision allowing the borrower to defer payment until six months after graduation. Keep in mind that interest will still accrue and will be added to the principal when repayment begins.
Many lenders in the LendKey community have cosigner release provisions. These involve making a specific number of full, on-time payments. Any forbearance or hardship payment plans will restart the clock on these. To get a cosigner release, the borrower also needs to meet the credit standards of the lender for a loan
If you have problems repaying your loans, your options will vary depending on the lender you’re paired with. Some lenders may offer death and disability discharge, while others may not. You’ll want to be sure to ask!
Keep School Affordable!
Knowing your loan options is only part of the puzzle. It’s also vital to choose a generous school and take other steps to keep college costs low. If you’re still reviewing schools, find out which ones are best for your family with our toolkit today!
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