10 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

  • Low APRs From 4.49% fixed
  • 0.25% AutoPay interest rate reduction
  • No Application Fee
  • No Early Repayment Penalty Fees
Pros & Cons
  • No hard credit check required
  • Forbearance available up to 18 months
  • Borrow up to $300k
  • Loans are not available in all states
Author  Lorien Strydom
Last updated: February 13, 2023
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Refinance Student Loans

Your yearly income and credit history are likely to have improved depending on how long you’ve been out of school. You may save money on your interest rate if you refinance your existing student loans, perhaps by a few points.

With LendKey you can apply for loans from $5,000 to $125,000 for undergraduate degrees; up to $250,000 for graduate degrees; and up to $300,000 for medical, dental, or veterinary degrees.

If you have student loan debt, it’s typically recommended to at least explore the option of student loan refinancing, especially as checking your rate won’t hurt your credit.

Refinancing student loans allow users to receive one low rate loan. By qualifying for a lower interest rate and reducing the payback period of your loan, you could save a lot in interest over the life of the loan.

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

18-month forbearance is longer than most other lendersLoans aren’t available in Maine, Nevada, North Dakota, Rhode Island, or West Virginia
Best for students who value working with a credit union or bankNo payment postponement is available if borrowers return to school or serve in the military.
See if you qualify without a hard credit check

Rates and Fees

With LendKey, student loan refinancing rates range from 1.90% to 5.25% variable APR with AutoPay and 2.49% to 7.93% fixed APR with AutoPay.

Refinancing through LendKey does not have origination fees, and many lenders have flexible options, such as interest-only payments for the first few years.

Late fees may apply, depending on the lender.

Repayment Options

Loan terms for refinancing student loans range from five to 20 years.

On five, seven- and 10-year loans, postpone payments for up to four months at a time, for up to 12 months total. On 15- and 20-year loans, postpone payments for up to six months at a time, for 18 months total.

Cosigners can be released from a loan after 12 months of on-time payments.

Who Can Get a Private Student Loan?

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

  • Be a U.S. citizen or a permanent resident
  • Have a credit score of at least 660
  • Have a minimum income of $24,000 per year or $12,000 with a cosigner
  • Maximum DTI ratio of 50%, excluding housing costs
  • Credit history or a cosigner can be beneficial

No loans are available in Maine, Nevada, North Dakota, Rhode Island, or West Virginia.

How To Apply for Student Loan Refinancing

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.

*Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 5 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.

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