loan consolidation

loan consolidation

LendKey Student Loans: An In-Depth Review

LendKey partners with a network of credit unions and community banks to give you the best rates and pricing to help you refinance your student loans and help you get out of debt faster. LendKey provides you with lower monthly payments and lower interest rates to consolidate your student loans into one monthly payment.

One key thing that makes LendKey stand out from the other lenders is how they use the smaller credit unions and community banks to offer lower interest rates. They have a high customer satisfaction level and strive to put people over profits. The customer service aspect of LendKey is phenomenal and has a longstanding reputation.

The LendKey Basics

The application process is very similar to any other online student loan consolidation lender. It only takes 2 minutes. First, you input all your basic personal information to kick off the application process. Then you tell all your loan information and where you went to school. Once submitted, it starts the credit check process which does a “soft hit” on your credit report to check your interest rates. By using LendKey, you will be connected with smaller credit unions and community banks to offer you the best interest rate possible to fund your loan. Without the overhead of advertising costs, the smaller lenders are able to pass along the savings to you.

What Are The LendKey Interest Rates?

The biggest advantage to using LendKey is the low interest rates. At the time of this writing, LendKey offers the lowest student loan refinancing interest rates starting at 2.49%. The fixed rates start at 3.15%. Fixed rates stay the same throughout the life of the loan. Variable rates can change depending on the current state of the market. Other factors that affect your interest rate include credit score and salary. With the national average federal student loan interest rate at 6%, you can definitely see why using a private loan lender can save you money and lower your monthly payment.

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How To Apply For Student Loan Refinancing with LendKey

1) Provide Personal Details

To start the application process, LendKey needs to gather some personal information. This includes Name, Address, Annual Income, School, Loan Amount & Type. Once you finish step one, you will submit you information and LendKey will do a “soft hit” to check your credit score.

2) See your options

After your credit score is retrieved, you will be presented with multiple offers that contain different rates and terms. Below is an example I got when I put in my information for $25,000 in federal student loans and $75,000 salary. Keep in mind, your interest rates will vary by salary, loan amount, credit score and possibly geographical location.

LendKey Student Loan Interest Rates

3) Choose your refinancing option

It’s now time to choose the student loan refinancing option that you would like to go with. Once you’ve decided on a loan term length and interest rate, make sure it’s a monthly payment that you can afford and not get yourself into a bind trying to make the payments. You still want to have money leftover for basic essentials.

4) Finalize the account

Once you have selected the loan refinancing option that you want, you will enter your social security number and email to create your account. LendKey then does a “hard hit” on your credit. They will then review all information again before confirming your loan and contact you with the details.

LendKey Student Loan Refinancing Pros

  • Over 300 credit unions and community banks
  • Longstanding customer satisfaction and personal service
  • Lowest variable interest rates starting at 2.49%
  • No origination fees
  • No prepay penalties
  • Unemployment protection up to 18 months

Frequently Asked Questions About LendKey

Below are some of the most frequently asked questions about LendKey. If you are looking for student loan refinancing and have specific questions about LendKey, please ask in our comment section below.

Does LendKey charge any refinancing fees?

LendKey does not charge any origination fees or service fees to use their service. Also, there are no prepayment penalties. The only costs involved are the monthly interest payments with the loan.

What is the maximum amount LendKey will refinance?

The minimum amount of student loans to refinance is $5,000 and the maximum is $300,000.

Do you get discounts for auto pay?

Most lenders offer a .25% discount on interest rates if you set up automatic payments. LendKey is no different and offers the same interest rate discount. For example, if you got approved for a 3% interest rate and signed up for automatic monthly payments, your interest rate would be 2.75%.

Final Thoughts

If you are looking to refinance federal loans, private loans, or both, then LendKey offers very competitive rates starting out at 2.49%. Using LendKey simplifies the student loan repayment process and helps to lower your monthly payments and save money. The average savings is over $16,000 by using LendKey. Are you drowning in student loan debt? LendKey could help you save thousands.

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Is Student Loan Consolidation Right For You?

student-loansSix months after you graduate, those lenders are going to want their money, and that means you may have to manage some serious debt.

I’m up to my eyeballs in it and considering consolidation. It may sound like a scary word for you new borrowers out there, but, like it or not, loan consolidation may be necessary if you’re having a hard time keeping up with your student loan payments. But keep in mind, it’s not right for everybody.

Here are five points you must consider before choosing student loan consolidation.

Read the rest of this entry »



NextStudent.com finds student loans and scholarships

Student LoansStarting at an early age, parents encourage their children to strive for great things. Children are taught that if they do well in school and work hard, they can be anything they want to be professionally. Without an advanced education though, these goals can be difficult to achieve. The professional workforce is constantly changing. Pressure is being placed on those that want good careers to receive higher education. A high school diploma is no longer enough to be what many deem as successful. For many aspiring to go to college or graduate school, the world of student loans can be an important part of making dreams a reality.
If you are newly entering college, finding and understanding student loans can be very intimidating. It’s helpful to have someone explain how everything works and walk you through the process of filling out applications.

One helpful site for such information is NextStudent.com. This site provides helpful information on applying for student loans as well as consolidating them. NextStudent.com offers a free scholarship search engine with over 5.9 million individual awards, free one-on-one counseling with a personally assigned Education Finance Advisor, financial aid top tips and low-cost student loans. There are also many helpful resources available like a directory of schools and a feature that compares loans. With NextStudent.com you can even apply for student loans directly through the web site.

Many student loan sites cater only to undergraduate students. NextStudent.com offers tools for graduate students including fellowships and graduate student loans to help pay for post-graduate education. NextStudent.com has private student loans available with many features not available through other student loan providers. NextStudent.com features a fast and easy application with approval in as little as 15 minutes. You can also enjoy loan amounts up to the full cost of your tuition, no application fees, no application deadlines, no payments for students until after you’ve graduated or dropped below half time enrollment, money sent directly to you and possible tax deductible interest.

Some of the benefits of applying for NextStudent.com Graduate PLUS Student Loans allow you to lock in your graduate student loan payments, no application fees or prepayment penalties and generous borrowing limits. The last thing you need to be worried about while in school is paying back student loans. This way you can focus on learning so that you’re ready for that dream job after graduation. Once you’ve graduated and it’s time to pay back your loans, you can also use NextStudent.com for loan consolidation. You’ll bundle all your federal student loans into one easy-to-manage loan with one monthly payment. By consolidating your loans, you can quite possibly cut monthly payments in half.

If you’re going to college or graduate school, chances are you’re going to need some help paying for it. Get help applying for your loans from a site you can trust and do all your loan shopping in one location. NextStudent.com can help you get the academic edge without stressing about money. Get your money when you need it so you can head down the path to success.





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