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  • LendKey offers student loans, student loan refinancing, and home loans
  • Refinancing available at 2.70% variable APR with AutoPay
  • Get connected with a lender that fits you
  • Well Reviewed
Pros & Cons
  • No hard credit check required
  • Forbearance available up to 18 months
  • Borrow up to $300k
  • Loans are not available in all states

Private Student Loans

LendKey’s private student loans are not through the government and are often used for additional expenses that federal student loans don’t cover.

>> Read more about Federal Student Loans

These loans are ideal for those who value working with a credit union or bank, and those who like the option of a longer forbearance period.

Their forbearance period is up to 18 months, which is longer than most other lenders. Loan amounts are available from $1,000 up to the total cost of attendance.

Here are some of the pros and cons of a private student loan from LendKey:

18-month forbearance is longer than most other lendersYou can’t qualify without a hard credit check
Best for students who value working with a credit union or bankPayment required while in school and during the grace period

Rates and Fees

Private student loans do not require FAFSA. The rates for private student loans are from 2.99% variable APR or 5.35% fixed APR.

Your credit history will determine interest rates. There is no application fee when applying for them with LendKey. There are no prepayment penalties.

LendKey offers a 0.25% interest reduction when your loan is on AutoPay. However, conditions apply.

A creditworthy cosigner can improve the approval chances for a private student loan application. Cosigners can also help students qualify for a lower student loan rate

Repayment Options

LendKey offers loan terms of between five and 15 years.

In-school repayment options include a flat fee of $25 per month while you’re in school, up to 60 months, with the full payment due after that.

You can also opt for an interest-only option, where you make monthly interest payments while you are in school, up to 60 months, with the full payment due after that.

Post-school payment options include a grace period of six months and a co-signer release that is available after 24 months.

Borrowers are also eligible for a forbearance period of 18 months, in increments of six months, during the life of the loan.

Who Can Get a Private Student Loan?

To be eligible for a private student loan from LendKey, you must:

  • Be a U.S. citizen or a permanent resident
  • Have a credit score of at least 660
  • Maximum DTI ratio of 33%, excluding housing costs
  • Credit history or a cosigner can be beneficial

Eligibility for federal, state, and university-funded financial aid is determined by completing the Free Application for Federal Student Aid (FAFSA).

All students are strongly encouraged to apply by completing the FAFSA, available online from www.fafsa.ed.gov.

Students can check their eligibility for a private student loan with LendKey by starting a student loan application.

How To Apply for a Private Student Loan from LendKey

Step 1

Visit LendKey

Click on the “Get Started” link above to be redirected to LendKey.

Step 2

Apply Online

Click on the apply link, select your loan type, and fill out your information.

Step 3

Review Your Decision

Get an instant decision based on your information.

Step 4

Choose Your Loan

Select the loan that fits your needs.

*In the event that you would like to move forward with any of the conditional offers, you will be required to complete an application with the lender on this website, at which point a hard credit inquiry will be conducted (which may affect your credit score).

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