LendKey student loans: 2025 review

New vs. refinance student loans with LendKey

LendKey partners with credit unions and banks to provide private student loans and refinancing options on its digital platform. Minimum rates include a 0.25 percent automatic payment discount.

New private student loans

By working with several banks and credit unions, LendKey can offer competitive rates for private student loans, which start at a minimum of $2,000. No matter which loan provider you choose, LendKey services the loan. 

Unusually, these loans have only a single repayment term: 10 years. However, students may choose when they start repaying the loan:

• Deferred payments: Borrowers will have a grace period of six months after they graduate or drop below part-time status before they must start repaying their loans. 
• Fixed payments: Borrowers can pay a nominal $25 payment each month to reduce their principal balance.
• Interest-only payments: Students can choose to pay only the interest charges on their loan while in school to reduce future costs.

Many of LendKey's lender partners offer forbearance during financial hardship. While no monthly payment is required, interest will continue to accrue during this time and may be added to your principal balance once payments resume. 

Student loan refinancing

LendKey offers a student loan refinancing marketplace where borrowers can shop for the best offers from credit unions and banks among partners. You input your information, receive student loan refinancing rate options, then choose your loan and apply.

LendKey's refinance loans allow you to combine multiple student loans into one new loan with one interest rate and payment. You can select which student loans to refinance, including any student loan used to earn at least an associate's degree from any eligible school. While you can refinance both federal and private student loans, you will lose certain benefits, like access to income-driven repayment, if you refinance federal loans.

Where LendKey stands out

• No application or origination fees: LendKey does not charge any application fees or origination fees. While these fees are uncommon among private lenders, federal loans come with an origination fee. Some lender partners may charge a late or insufficient funds fee.
• Streamlined process: Save time and confusion by shopping and comparing options on LendKey's digital platform.
• Referral bonus program: LendKey's Refer and Earn Program awards $200 per referral for both you and the new client you refer. And with no limit, you can refer as many people as possible to keep earning.

Where LendKey falls short

• Cosigner may be required: LendKey's student loans have credit and income requirements. If you have insufficient annual income, a low credit score or a short credit history, you'll need a cosigner.
• Additional requirements: If LendKey matches you with a credit union lender, you may need to become a member of the credit union in order to borrow money.
• Limited private loan terms: While many private student loan lenders offer multiple repayment terms ranging from five to 20 years, LendKey has only one repayment term of 10 years. 

LendKey customer resources

Customer support is available Monday through Friday, from 9 a.m. and 8 p.m. Borrowers can reach out via phone, fax and email.

LendKey's website also features helpful resources, including a scholarship search, refinance guide, student loan calculators and other college planning tools. 

How this lender compares

Do you qualify for a loan with LendKey?

To get a loan from LendKey, you (or a cosigner) need to meet certain financial and scholastic requirements. These include:

• Being enrolled at least half-time in an eligible school and degree-granting program
• Holding U.S. citizenship or permanent resident status
• Maintaining a minimum GPA of 2.0 and meeting the school's SAP
• Earning an annual income of $24,000
• Meeting credit requirements

Keep in mind that some of LendKey's lender partners may have additional requirements, including becoming a member of a credit union.

How to apply for a loan with LendKey

LendKey's application process can be completed entirely online. 

1. Visit the website and select the “Get Started” button. (If you’re seeking refinancing, you’ll need to get preapproved online before continuing with the application process). 
2. Fill out the application — including any required personal, loan and school information.
3. The company will match you with lenders that suit your circumstances and needs. Compare offers and select a lender and rate from the marketplace.

During the application process, you’ll likely need to provide your government-issued ID, Social Security number, co-signer information and proof of income. You’ll also need information on your school if you’re seeking a private student loan and loan statements from your current servicer if you’re refinancing.

How Bankrate rates LendKey student loans

Methodology

Bankrate uses two methodologies to score lenders that have new student loans and refinance products.