LendKey Student Loan Refinance Review

LendKey offers a couple of repayment assistance options to borrowers struggling to make their loan payments. The first of these is forbearance in six-month increments and the second is the option for a one-time monthly payment due date change. 

In addition to this financial flexibility, LendKey makes resources such as an evening call center, financial literacy training, and job and career assistance available to all borrowers. Borrowers can also save money with promotional bonuses such as a $400 sign-up bonus for Mint users, a Tuition.io bonus up to 1% of the loan balance and a $100 bonus for Acorns members. Like most lenders, LendKey offers a 0.25% interest rate reduction when borrowers enroll in automatic payments.

You can quickly and easily check your interest rate with LendKey without affecting your credit. This lender has some of the lowest interest rates, but, please note that the lowest available APR is only available on 5-year loan terms and for credit scores of 810 or higher. If you need a cosigner to qualify, you may release them, but after how many payments depends on which lender has issued your loan. Choose from loan terms of 5-20 years.

LendKey requires a minimum new loan amount of $5,000 to qualify ($6,000 for Massachusetts residents, $10,001 for Arizona residents, and $15,001 for Connecticut residents). Undergraduate degrees make you eligible to refinance up to $125,000, graduate degrees up to $175,000, and select medical degrees up to $300,000. You need to have at least an Associate’s degree in order to refinance with LendKey, but you can refinance while still a student if you meet this criterion.