LendKey Review: Student Loan Refinancing and Private Student Loans
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Student loan ratings
4.5
LendKey is a marketplace that connects borrowers with private student loans and refinanced student loans from credit unions and community banks. Its loans are best for borrowers who prefer to work with these institutions, rather than a big bank. The requirements below apply to all loans made through LendKey. Once you choose a loan, make sure you understand that partner lender’s specific terms.
LendKey Student Loan Refinance review
Pros
-
Forbearance of 18 months for 15- and 20-year loan terms is longer than many lenders.
-
You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
-
Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
Best for borrowers who prefer to work with a community bank or credit union, rather than a big bank.
Full Review
LendKey is a platform that offers the opportunity to work with a community bank or credit union rather than a big bank, which is important to some borrowers. Also, LendKey’s average refinance borrower earns $75,000 a year, making the company a strong option for those who don’t earn six figures.
LendKey student loan refinancing at a glance
LendKey services all loans.
Extended forbearance for longer loan terms.
Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
How LendKey student loan refinancing could improve
LendKey could improve by:
Offering refinancing to borrowers without a degree and to international students.
Offering loans to students in all 50 states.
Allowing biweekly payments via autopay.
LendKey student loan refinancing details
- Interest rates, fees and terms
Soft credit check to qualify and see what rate you’ll get: Yes.
Loan terms: 5, 7, 10, 15 or 20 years.
Loan amounts: $1,000 to $300,000.
Can transfer a parent loan to child: No.
Application fee: No.
Prepayment penalty: No.
Late fees: Yes; vary by lender.
Compare LendKey's range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate LendKey will offer you, apply on its website.
- Requirements
Financial
Minimum credit score: 680.
Minimum income: $36,000.
Typical credit score of approved borrowers or co-signers: 752.
Typical income of approved borrowers: $75,000 per year.
Maximum debt-to-income ratio: Did not disclose.
Can qualify if you’ve filed for bankruptcy: Yes, after five years.
Other
Citizenship: Must be a U.S. citizen or permanent resident.
Location: No loans available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
Must have graduated: Yes, must have at least an associate degree.
Must have attended a school authorized to receive federal aid: Yes.
Percentage of borrowers who have a co-signer: Did not disclose.
- Repayment options
Academic deferment: Case by case.
Military deferment: Case by case.
Forbearance: Up to 18 consecutive months.
Co-signer release: Yes, after 12 months of on-time payments.
Death or disability discharge: Case by case.
Loan discharge if co-signer dies or becomes disabled: No.
Repayment Preferences
Allows greater-than-minimum payments via autopay: Yes.
Allows biweekly payments via autopay: No.
- Customer service
Loan servicer: LendKey.
In-house customer service team: Yes.
Process for escalating concerns: Yes.
Borrowers get assigned a dedicated banker, advisor or representative: Upon request.
Average time to complete the loan application: Less than 10 minutes.
- Extras
Referral bonus: Earn $200 for every person you successfully refer to LendKey who refinances a student loan. The person you refer will receive $200 as well. More details.
Before refinancing with LendKey
Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.
If you aren’t eligible to refinance with LendKey
If LendKey denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.
NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
| Sallie Mae Undergraduate Student Loan GO TO LENDER SITEon Sallie Mae's website on Sallie Mae's website COMPARE RATESon Credible’s website on Credible’s website | 3.49-
15.49% | Mid-600's | 4.92-
15.08% | GO TO LENDER SITEon Sallie Mae's website on Sallie Mae's website COMPARE RATESon Credible’s website on Credible’s website |
| College Ave Private Student Loan GO TO LENDER SITEon College Ave's website on College Ave's website COMPARE RATESon Credible’s website on Credible’s website | 3.47-
17.99% | Mid-600s | 4.99-
17.99% | GO TO LENDER SITEon College Ave's website on College Ave's website COMPARE RATESon Credible’s website on Credible’s website |
3.69-
14.41% | Low-Mid 600s | 5.50-
14.56% | COMPARE RATESon Credible’s website on Credible’s website | |
4.24-
14.02% | 600 | 4.81-
14.39% | COMPARE RATESon Credible’s website on Credible’s website | |
3.69-
14.22% | 680 | 5.00-
14.22% | COMPARE RATESon Credible’s website on Credible’s website |
LendKey Private Student Loan review
Pros
-
Forbearance of 18 months is longer than many lenders offer.
Cons
-
You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
-
Payment required while in school.
Best for students who value working with a community bank or credit union.
Full Review
LendKey’s undergraduate private student loans are best for those who value working with a community bank or credit union, and those who like the idea of a long forbearance period as a safety net. LendKey offers 18 months of forbearance for undergraduate student loans, more than many other lenders provide, but requires payments while you're in school.
LendKey private student loan at a glance
LendKey services all loans.
18 months of forbearance available.
No personalized rate estimates via soft credit check.
How LendKey could improve
LendKey could improve its private student loans by offering:
Personalized rate estimates via a soft credit check.
Payment postponement for those who are in school or return to school.
LendKey private student loan details
- Interest rates, fees and terms
Soft credit check to qualify and see what rate you’ll get: No.
Loan terms: 10 years.
Loan amounts: $2,000 up to the total cost of attendance, minus other aid received.
Application fee: Did not disclose.
Origination fee: No.
Prepayment penalty: No.
Late fees: Yes. If payment is not made within 15 days of the due date, the late fee is $5 to $10, depending on the lender.
Compare LendKey's range of interest rates with other private student loan lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate LendKey will offer you, apply on its website.
- Requirements
Financial
Minimum credit score: 660.
Minimum income: $24,000 per year.
Typical credit score of approved borrowers: Did not disclose.
Typical credit score of approved co-signers: Did not disclose.
Typical income of approved borrowers: $32,000 per year.
Typical income of approved co-signers: Did not disclose.
Maximum debt-to-income ratio: Did not disclose.
Can qualify if you’ve filed for bankruptcy: Did not disclose.
Other
Citizenship: Must be a U.S. citizen or permanent resident.
DACA borrowers: Not eligible.
Location: No loans available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
Must be enrolled half-time or more: Yes.
Loan can be used for past due tuition: Did not disclose.
Types of schools served: Any school authorized to receive federal aid.
Percentage of borrowers who have a co-signer: Did not disclose.
- Repayment options
In-school repayment options
Flat-fee: Pay a flat fee of $25 a month while you're in school for up to 60 months. Full payments are due after that point.
Interest-only: Yes.
Full payment: Yes.
Post-school repayment options
Grace period: 6 months.
Income-based repayment option: Did not disclose.
In-school deferment: Yes.
Military deferment: Yes - only SCRA.
Forbearance: Up to 18 consecutive months.
Co-signer release available: Yes, after 24 months.
Death or disability discharge: Case by case.
Loan discharge if co-signer dies or becomes disabled: Case by case.
Repayment preferences
Allows greater-than-minimum payments via autopay: Yes.
Allows biweekly payments via autopay: No.
- Customer service
Loan servicer: LendKey.
In-house customer service team: Yes.
Process for escalating concerns: Yes.
Borrowers get assigned a dedicated banker, advisor or representative: Yes.
Average time from application to approval: Did not disclose.
Before applying for a LendKey student loan
Before taking out a LendKey student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you aren’t eligible for a LendKey student loan
If LendKey denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.
If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans.
STUDENT LOAN RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loans and our editorial guidelines.
Frequently asked questions
- Is LendKey good for student loans?
LendKey is a 4.5 star lender for both its private student loan and its student loan refinancing based on NerdWallet's student loan rating system. Ratings prioritize low interest rates and flexible repayment options that allow borrowers to repay loans faster and avoid default.
- Is LendKey legit?
LendKey was founded in 2009 and is a marketplace that connects borrowers with private student loans and refinanced student loans from established credit unions and community banks.
- Does LendKey have a prepayment penalty?
No. LendKey doesn't penalize borrowers for paying off their loans early.
