LendKey Student Loan Refinancing Review

By Mentor Staff | Edited By Mentor Staff

Updated On October 29, 2021

Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.

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LendKey is a student loan marketplace that connects borrowers to credit unions and community banks to refinance student loans.

In this LendKey student loan refinancing review, we will discuss:

LendKey student loan refinancing: Best For

Best For: LendKey is best for borrowers who want to work with a credit union or community bank rather than an online lender or traditional bank.

Overview

Variable APR:
1.90% - 5.25%
Fixed APR:
2.49% - 7.75%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes

LendKey student loan refinancing: Pros and Cons

Pros:

  • Access to low rates from various credit unions and community banks
  • Ability to receive forbearance for up to 18 months
  • Ability to compare rates from multiple credit unions and community banks

Cons:

  • Not available in certain states such as ME, NV, ND, RI and WV
  • No academic deferment or military deferment
  • Does not refinance student loans for borrowers with no degree

LendKey student loan refinancing: Overview

While not a direct lender, LendKey compares offers from community banks and credit unions to help you refinance student loans. LendKey reviews your information and then finds community banks and credit unions that match your financial and geographic profile. LendKey offers both variable and fixed interest rates with repayment terms ranging from 5 to 20 years.

Advantages of Refinancing With LendKey

Here is what we like about LendKey student loan refinancing:

  • Ability to compare rates from multiple credit unions and community banks
  • Ability to pause your student loan payments for up to 18 months
  • Access to low fixed and variable interest rates

Drawbacks of Refinancing With LendKey

LendKey can improve in these key areas:

  • Offer student loan refinancing in all 50 states
  • Refinance student loans for borrowers without a degree.
  • Offer academic and military deferment options

LendKey student loan refinancing review: Details

How to refinance student loans with Lendkey:

You can check your new interest for free in two minutes with no impact to your credit score. If you like your interest rate, you can apply online to refinance your student loans with LendKey. The application comes about 10-15 minutes to complete.

Is LendKey student loan refinancing right for you?

LendKey student loan refinancing may be right for you if:

  • You have a credit score of at least 660
  • You have stable and recurring monthly income of at least $24,000
  • You want to refinance with a credit union or community bank

LendKey caters to borrowers with good to strong credit. The minimum income for a LendKey borrower is $24,000 and the minimum credit score is 660. The average LendKey customer earns enough income to pay student loans, other debt obligations and monthly living expenses. When you apply through LendKey, your student loans will be refinanced by one of its partner banks or credit unions. You will also get to become a member of the credit union or bank that funds your student loans. Community banks and credit unions are known for high-touch customer service, low rates and personalized service. While LendKey is not available to borrowers in all 50 states, LendKey offers one of the longest unemployment protection periods of all student loan refinance companies. LendKey enables you to pause payments for up to 18 months if you become unemployed. 

Top Picks For Student Loan Refinancing

January 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
1.74% - 6.59%
2.49% - 6.94%
1.74% - 6.94%

View Details

on SoFi's website

Overview

Variable APR:
1.74% - 6.59%
Fixed APR:
2.49% - 6.94%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 5.64%
2.44% - 5.79%
1.74% - 5.79%

View Details

on Earnest's website

Overview

Variable APR:
1.74% - 5.64%
Fixed APR:
2.44% - 5.79%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except KY or NV
Hardship Deferment:
Yes
Co-signer Option:
No
-
2.44% - 6.22%
2.44% - 6.22%

View Details

on ISL's website

Overview

Variable APR:
-
Fixed APR:
2.44% - 6.22%
Minimum Credit Score:
670
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except OR and ME
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.86% - 6.01%
2.47% - 5.99%
1.86% - 6.01%

View Details

on ELFI's website

Overview

Variable APR:
1.86% - 6.01%
Fixed APR:
2.47% - 5.99%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$15,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 6.15%
2.30% - 6.25%
1.74% - 6.25%

View Details

on Splash's website

Overview

Variable APR:
1.74% - 6.15%
Fixed APR:
2.30% - 6.25%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 20 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
Yes
1.89% - 5.90%
2.50% - 6.00%
1.89% - 6.00%

View Details

on Laurel Road's website

Overview

Variable APR:
1.89% - 5.90%
Fixed APR:
2.50% - 6.00%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.90% - 5.25%
2.49% - 7.75%
1.90% - 7.75%

View Details

on LendKey's website

Overview

Variable APR:
1.90% - 5.25%
Fixed APR:
2.49% - 7.75%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes

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