Welcome to our comprehensive guide on LendKey Student Loan Refinance! Student loans are a significant financial burden for millions of Americans. According to the Federal Reserve, student debt in America has surpassed $1.7 trillion, and it continues to rise. Fortunately, LendKey offers an excellent solution to help you manage and pay off your student loans.
What is LendKey?
LendKey is an online lending platform that offers student loan refinancing options. Founded in 2009, LendKey has helped thousands of borrowers reduce their interest rates and save money on their student loans. The company partners with community banks and credit unions to provide borrowers with competitive rates and excellent customer service.
How does LendKey Student Loan Refinance work?
LendKey Student Loan Refinance simplifies your repayment process by consolidating your existing federal and private student loans into one manageable loan. By refinancing, you can potentially lower your interest rate, save money, and simplify your monthly payments.
When you refinance with LendKey, you can choose from fixed or variable interest rates and flexible repayment terms. LendKey’s online application process is simple and fast, and you can check your rate without impacting your credit score.
What are the benefits of using LendKey?
There are many benefits to refinancing your student loans with LendKey, including:
Benefits |
Details |
|---|---|
Lower interest rates |
LendKey partners with community banks and credit unions to offer competitive rates. |
Flexible repayment terms |
Choose repayment terms that suit your budget and financial goals. |
Simplified payments |
Consolidate multiple loans into a single loan with one easy payment. |
No fees |
LendKey charges no origination fees, application fees, or prepayment penalties. |
Excellent customer service |
LendKey’s customer service team is available to answer any questions you have, every step of the way. |
Who qualifies for LendKey Student Loan Refinance?
To qualify for LendKey Student Loan Refinance, you must meet the following criteria:
- You must be a U.S citizen or permanent resident
- You must have graduated from a Title IV accredited institution
- You must have a minimum credit score of 660 (or a cosigner with a credit score of 660+)
- Your debt-to-income ratio must be below 50%
- You must have at least $5,000 in student loan debt to refinance
How to apply for LendKey Student Loan Refinance?
Applying for LendKey Student Loan Refinance is a straightforward process:
- Check your rate: Fill out LendKey’s online application form to check your rate without affecting your credit score.
- Choose your loan: Select the loan that best fits your financial goals and budget.
- Upload your documents: Upload your ID, proof of income, and other necessary documents to complete your application.
- Get approved: LendKey will review your application and let you know if you’re approved within a few business days.
- Sign your loan agreement: If you’re approved, sign your loan agreement and start enjoying the benefits of LendKey Student Loan Refinance.
FAQs
1. Is LendKey legit?
Yes, LendKey is a legitimate and trustworthy online lending platform. The company is accredited by the Better Business Bureau and has an A+ rating.
2. Can I refinance only my private loans with LendKey?
Yes, LendKey offers refinancing options for both federal and private student loans.
3. What is the maximum loan amount I can refinance with LendKey?
LendKey allows borrowers to refinance up to $300,000 in student loans.
4. Will refinancing with LendKey affect my credit score?
Checking your rate with LendKey won’t affect your credit score. However, if you decide to proceed with refinancing, a hard credit inquiry will be conducted, which could potentially affect your credit score.
5. Can I apply for LendKey Student Loan Refinance with a cosigner?
Yes, you can apply for LendKey Student Loan Refinance with a cosigner. A cosigner can help you qualify for a lower interest rate and increase your chances of approval.
6. Does LendKey offer any special benefits for military service members?
Yes, LendKey offers special benefits for active-duty military service members and veterans, such as lower interest rates and extended benefits.
7. Can I make extra payments towards my LendKey loan?
Yes, there are no prepayment penalties with LendKey, so you can make extra payments towards your loan at any time without incurring additional fees.
8. How long does it take to get approved for LendKey Student Loan Refinance?
Typically, LendKey can approve your application within a few business days if you have submitted all the required documents and meet the eligibility criteria.
9. Will I lose any federal loan benefits if I refinance with LendKey?
Yes, refinancing your federal loans with a private lender like LendKey means you’ll lose access to federal loan benefits, such as income-driven repayment plans and loan forgiveness programs. However, you can still refinance your private loans with LendKey.
10. What happens to my existing loans when I refinance with LendKey?
LendKey pays off your existing loans on your behalf, and you’ll have one new loan with LendKey that you’ll need to repay.
11. Can I switch from a variable interest rate to a fixed rate?
Yes, LendKey offers the option to switch from a variable to a fixed interest rate, subject to eligibility criteria and other conditions.
12. What happens if I miss a payment?
If you miss a payment, LendKey may charge a late fee, and it could have a negative impact on your credit score. It’s important to contact LendKey’s customer service team and make payment arrangements as soon as possible to avoid any penalties.
13. How do I contact LendKey’s customer service team?
You can contact LendKey’s customer service team by phone or email. Visit LendKey’s website for more information and contact details.
Conclusion
In conclusion, LendKey Student Loan Refinance is an excellent option for anyone struggling to manage their student loan debt. By refinancing with LendKey, you can potentially lower your interest rates, save money, and simplify your monthly payments. We highly recommend LendKey for its competitive rates, flexible repayment terms, and excellent customer service. Don’t hesitate to explore your options with LendKey today.
Thank you for reading our comprehensive guide on LendKey Student Loan Refinance. We hope it provided valuable insight and helped you make an informed decision about managing your student loan debt.
Disclaimer
The information in this article is for educational purposes only and should not be considered financial advice. Borrowers should conduct their research and consult with a financial advisor before making any decisions about refinancing their student loans. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of LendKey.