LendKey Private Student Loans: 2026 Review
LendKey offers private student loans for undergraduate and graduate students through a network of community banks and credit unions. It also offers student loan refinancing.
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Student loan ratings
LendKey connects borrowers with community banks and credit unions that provide student loans. Borrowers submit a single application and see what LendKey determines to be the best loan offer for several loan terms.
LendKey Private Student Loan review
Pros
- Enables borrowers to shop multiple lenders with one application.
- Retains servicing and support for the duration of the loan.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Following the grace period, borrowers can request two years of interest-only payments.
Cons
- Doesn’t allow borrowers to pre-qualify with a soft credit check.
- Fully deferred payments are not an option.
- Has fewer loan terms than many other lenders.
WIth its marketplace structure, LendKey offers private student loans through a network of community banks and credit unions. It offers loans for undergraduates and for student loan refinancing. LendKey also has graduate loans for medical, law and MBA students, but its products aren't tailored to these degrees.
Borrowers submit a single application and receive what LendKey determines to be the best loan offer from its lending network. Applicants see offers for several different loan terms.
Getting a student loan through a marketplace lender can have benefits, such as more competitive loan offers because multiple lenders are vying for your business. However, it’s important to be aware that some aspects of your loan — such as the amount of any fees you pay — will depend on which lender you match with.
LendKey does keep the servicing of its student loans. That means regardless of the bank or credit union that funds the loan, borrowers will make payments to LendKey and interact with its customer service for the life of the loan.
In our scoring of private student loan lenders, LendKey scored higher in the refinancing categories. Its student loan refinancing product has more borrower-friendly features that aren’t available with its other products, such as pre-qualification with a soft credit inquiry and more loan term choices.
More about LendKey student loans
Loan and borrower requirements
Loan terms: 5, 10 or 15 years. The 15-year term requires immediate repayment. Refinance loans have more term options — 5, 7, 10, 15 or 20 years.
Loan amounts: $1,000 up to the cost of attendance. Refinance loan amount is $5,000 to $250,000.
Minimum credit score: Upper-600s.
Minimum income: $24,000. For refinancing, the minimum is $36,000.
Maximum debt-to-income (DTI) ratio: Does not disclose.
Time requirement after filing for bankruptcy: Applicants may qualify five years after filing for bankruptcy.
Co-signer: Allows but does not require a co-signer. Over 90% of approved borrowers have a co-signer. Co-signer release available after 24 months for undergraduate and graduate loans and after 12 months for refinance loan.
Payment and repayment
Allows greater-than-minimum payments via autopay: Yes.
Allows bi-weekly payments via autopay: No.
Grace period following graduation: 6 months. Following the grace period, borrowers can request two years of interest-only payments.
In-school repayment options: Full payment, interest-only or monthly partial payment of $25.
Post-school repayment options: Interest-only payments and forbearance up to 18 consecutive months, depending on the lender.
Customer experience
Customer service: Has in-house customer service representatives, but borrowers aren’t assigned a dedicated advisor unless they request one. Does have someone committed to handling customer concerns.
Time for application approval: Applicants receive a credit decision immediately in most cases. If additional information is needed, the LendKey care team will contact the applicant.
Loan servicer: LendKey.
Extras
NextJob: Borrowers have access to career-support tools through NextJob, including resume assistance, mock interviews and job-search resources.
Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
 Check Rate on Sallie Mae's website | 2.89-17.49% | Mid-600s | 3.62-16.25% | Check Rate on Sallie Mae's website |
 Check Rate on College Ave's website | 2.59-17.99% | Mid-600s | 3.89-17.99% | Check Rate on College Ave's website |
 Check Rate on Ascent's website | 2.69-16.86% | Low-Mid 600s | 3.65-16.06% | Check Rate on Ascent's website |
 Check Rate on Monogram's website | 3.35-17.17% | Mid-600s | 3.53-17.23% | Check Rate on Monogram's website |
 Check Rate on ELFI's website | 2.99-12.85% | 680 | 6.75-13.05% | Check Rate on ELFI's website |
LendKey Graduate Student Loan review
Pros
- Enables borrowers to shop multiple lenders with one application.
- Retains servicing and support for the duration of the loan.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Following the grace period, borrowers can request two years of interest-only payments.
Cons
- Doesn’t allow borrowers to pre-qualify with a soft credit check.
- Does not offer specialized graduate school loan products.
- Fully deferred payments not an option.
- Has fewer loan terms than many other lenders.
LendKey Student Loan Refinance review
Pros
- Allows borrowers to pre-qualify with a soft credit check (only for refi loans).
- Has a 0.25-percentage-point rate discount with automatic payments.
- Enables borrowers to shop multiple lenders with one application.
Cons
- Refinance loans not available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
Before applying for a LendKey student loan
Before taking out a student loan through LendKey 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 tell you 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 those that specialize in bad or no credit student loans.
Frequently asked questions
Can you pre-qualify for a LendKey student loan?
It depends on the type of loan you’re applying for. LendKey does offer pre-qualification with a soft credit check for student loan refinancing. A soft credit check lets you see rate and term estimates without affecting your credit score.
LendKey’s private undergraduate and graduate student loans do not offer pre-qualification with a soft credit check, so applying will result in a hard credit inquiry.
Does LendKey service its student loans?
Yes. Although student loans are funded by partner banks and credit unions in LendKey’s network, LendKey keeps the loan servicing. Borrowers typically make payments, manage their accounts and work with customer support at LendKey.