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Achieve your dreams of higher education with a low rate student loan.

What Do Our Borrowers Think?

“It seemed like the easiest process! I enjoyed the one-on-one feedback and assistance from all the loan counselors. Their process has a lot of automation and they called you and helped you each step of the way.”

Jennifer
University of Maryland

“You offered a lower rate, had pretty good reviews, and were recommended by others, which made me trust you.”

Kelsey
University of Portland

“They seemed to have the most reasonable rates and everyone I talked with was very professional and seemed like they were on my side.”

Gerald
University of Pittsburgh

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Get Better Rates with a Cosigner

A creditworthy cosigner can make all the difference when it comes to a private student loan application's chances for approval. Cosigners play a critical role in helping borrowers to secure the best private student loans and qualify for a lower loan rate. If you’re a creditworthy cosigner, you can help a student responsibly borrow funds for their education. And often for a rate well below one they could get on their own.

Being a cosigner helps make a college education possible for the borrower, but the responsibility does come with financial risks. If the student defaults on the student loan, the cosigner will be held liable for the remaining loan payments, and his or her credit history may be affected (in addition to the borrower’s). There are also certain requirements the cosigner must meet. The cosigner must have a good credit history and demonstrate certain income requirements.

Student Loan Eligibility

Eligibility for federal, state and university funded financial aid is determined by completing the Free Application for Federal Student Aid (FAFSA). All students are strongly encouraged to apply for federal aid by completing the FAFSA, which can be obtained online at www.fafsa.ed.gov.

Students can check their eligibility for a private student loan with LendKey and our network of private student loan lenders by starting a student loan application.

The Benefits of Making Student Loan Payments While in School

Going into debt for college is often necessary for many families to achieve the goal of a higher education. If not done responsibly, managing debt after graduation can become an overwhelming task. Certain loans, such as the subsidized Stafford loan and the Perkins Loan have interest paid for by the government while the student is enrolled in school. However unsubsidized Stafford loans and private student loans do accrue interest while the student is in school.

In-school payments allow the student to make a standard minimum monthly payment towards the loan. This develops healthy financial habits and can help reduce the amount of total interest expense. More importantly, it helps the student develop a credit history for future loans after graduation.

The ability to make a payment towards loans while in school has been available for both federal and private student loans, but generally not promoted by private student loan lenders, with most student borrowers electing to defer loan payments until after graduation. In-school student loan payments provide the ability to reduce the debt load students face after graduation.

Private Student Loan FAQs

Students can apply for this loan if they are enrolled at least half-time in a degree-granting program from an approved school. This application is credit-based, so if you do not have an established credit history and a steady source of income, a cosigner may be needed. All applicants must be either a U.S. citizen or permanent resident and must be at least the age of majority in their state of residence.

A cosigner is not required, but it may improve your chances of getting approved. Private student loans offered on LendKey’s website are credit-based, so a credit and income review will be performed. It can be difficult as a student to have an established credit history and a steady source of income, so a cosigner may help meet the loan application guidelines. Furthermore, a cosigner with an established credit history may help you qualify for better terms that could save you money in the long-term.

We typically recommend applying at least one month prior to when the funds are due or earlier. Conditional approval for a loan may occur quickly after an initial review of your application and credit report, however it is not final approval since you may be asked to submit additional supporting documentation (e.g., proof of income, identification, etc.). Your school must also certify your loan, which may add more time to your application process. While it generally takes less than thirty days to process and certify a loan, in some instances it may take several weeks.

LendKey’s application process is streamlined and simple, and our partners offer competitive interest rates. Our goal is to improve lives with lending made simple. The lenders we partner with are mostly credit unions and community banks that prioritize customer service and member happiness. These lenders have the advantage of our platform automating much of the loan process, allowing them to pass the savings along to you!

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