LendKey Review

Established in 2009 and headquartered in New York City, LendKey is an online service that allows you to find and compare student loan refinancing offers from multiple lenders.

LendKey claims that you can reduce your interest rate, lower your monthly payments, and save thousands over the lifetime of your loan by refinancing your federal and private student loans through their network of over 300 lenders. So far, they’ve helped over 99,000 borrowers and funded over $3.1B in loans. They also boast an A+ Better Business Bureau (BBB) rating, as well as an “Excellent” 4.6/5 score on Trustpilot, indicating an overwhelmingly positive customer experience.

If you’re in the market to refinance your student loans, read below to learn more about LendKey and to see if it’s for you.

Key Features

Through lenders found on LendKey’s marketplace, you’re able to refinance federal and private loans of $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.

Many of their lenders offer flexible repayment options, including fixed and variable rate loans ranging from 5 – 20 years. As of January 2021 they offer:

These rates include LendKey’s 0.25% autopay discount.

To qualify for refinancing through LendKey, you must be a US citizen or permanent legal resident and live in a supported area. Currently, loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.

If you meet all of the above requirements, you can then use LendKey’s student loan refinancing calculator to see how much you could be saving if you were to refinance. Through this calculator, you can plug in your remaining debt and monthly payment to figure out how much a student loan refinance can improve your finances. Additionally, because LendKey allows you to customize your loan terms and type of interest rate, their refinancing calculator will help you understand how each loan feature can impact your savings.

After using their calculator, you can fill out LendKey’s online application to find out the rates you qualify for. This application takes just minutes to complete and requires you to provide the following information:

After submitting your application, LendKey will show you relevant offers from different lenders. There’s also no commitment at this point to choose any of the options presented to you.

Additionally, many lenders in LendKey's network allow you to combine your private and federal loans into one convenient loan with a lower interest rate. This can help you better manage your finances, and save over the life of your loan.


Because LendKey is not directly providing the loan and simply connects you with relevant lenders through their marketplace, LendKey's service is free to use. Additionally, there are no application fees, origination fees, or prepayment penalties. You can even take advantage of a 0.25% interest discount by enrolling in autopay payment.

There are, however, late fees ranging from $5-$15, depending on the lender, after payment is 15 days late.

LendKey also offers forbearance. On 5-, 7- and 10-year loans, you can postpone payments for up to four months at a time, for up to 12 months total. On 15- and 20-year loans, you can postpone payments for up to six months at a time, for 18 months total.

That said, no payment postponement is available if you return to school or serve in the military.

LendKey Borrower Benefits

In addition to finding a refinancing lender with LendKey, there are other benefits to help borrowers reach personal and financial goals. Here are some highlights as provided by LendKey:


If you need to refinance your student loans but don’t know where to start, it’s hard to find an easier and more convenient solution than LendKey.

They support all loans, offer plenty of flexibility in terms of loan terms and rates, and have a free online application that takes just minutes to complete. LendKey also offers plenty of free educational articles, guides, and tools (like their student loan refinancing calculator) to help educate their customers.

With virtually no risk involved or commitment required, it’s worth paying LendKey a visit and filling out a free application.