LendKey is a great choice for applicants looking to lessen some of the headaches involved in the student loan application process, Due to its partnerships with several lenders.
Discover offers some of the best customer service and interest rates in the industry, but only with a co-signer.
- LendKey vs Discover: Student Loan Refinancing Comparison
- LendKey vs Discover: Private Student Loan Comparison
- Discover Advantages
- LendKey Advantages
- How Do LendKey and Discover Differ in Their Eligibility Requirements?
- How Should You Decide Between Discover and LendKey?
- Our Methodology
- Frequently Asked Questions
LendKey vs Discover: Student Loan Refinancing Comparison
|Fixed APR||2.99-9.93%||Does not disclose.|
|Variable APR||4.13-7.39%||Does not disclose.|
|Loan Amounts||$5,000 to $125,000 for undergraduate degrees; up to $250,000 for graduate degrees||$5,000 up to $150,000|
|Minimum Credit Score||660||Does not disclose.|
|Loan Term||5, 7, 10, 15, or 20 years.||10 or 20 years.|
LendKey vs Discover: Private Student Loan Comparison
|Loan Amounts||$1,000 up to the total cost of attendance.||$1,000 minimum. Up to 100% of the school-certified cost of attendance.|
|Minimum Credit Score||660||Does not disclose|
|Loan Term||5, 10, or 15 years.||15 years undergraduate students; 20 years graduate students.|
International students can qualify with a co-signer for Discover Private Student Loans, which offer considerable repayment flexibility for troubled borrowers.
A degree is not required to be eligible for refinancing through Discover Student Loans. The only conditions are that you satisfy the necessary minimum student loan debt level, the necessary income and credit standards, and the eligibility requirements based on your citizenship.
While enrolled in school, you can refinance as long as you can demonstrate that you have a source of income.
If you want to refinance your student loans with this lender, you cannot refinance certain loan types such as post-graduate loans, private parent loans, or loans taken out when you were enrolled less than half-time.
With the help of LendKey, you can easily compare a variety of offers from hundreds of smaller lenders who provide favorable rates and exceptional customer care.
LendKey does not impose application, origination, or prepayment fees, in contrast to certain lenders who may.
Borrowers should submit a loan application at least one month before they need it in order to give enough time for approval, processing, certification, and distribution.
Checking your rate with LendKey will have no effect on your credit score. They won’t perform a thorough credit check; just a quick one.
LendKey will give a full justification if it decides to decline your request for a refinance. A six-month grace period for repayment will eventually be offered by LendKey.
Check out our comprehensive review of LendKey.
How Do LendKey and Discover Differ in Their Eligibility Requirements?
While the eligibility requirements for loans differ depending on the lender, LendKey has standardized standards for student loan applications. Borrowers are required to:
- You must be a citizen of the United States or a valid permanent resident in order to participate. Loans are not available in West Virginia, North Dakota, Maine, Nevada, or North Dakota. A two-year associate’s degree is a minimum requirement.
- A student must have gone to an institution that receives funding from the federal government. Despite not being required, 37% of borrowers use a co-signer.
However, most LendKey lenders need the following:
- The co-annual signer must earn at least $12,000 each year, or $24,000 without.
- The typical credit score for cosigners or authorized borrowers is 751.
- Credit scores must be at least 660.
- The typical annual salary of qualified borrowers is $65,000.
- The debt-to-income ratio for refinancing cannot exceed 50%.
Discover withholds detailed information on the requirements for its student loans. The requirements for borrowing include being 18 years old, passing a credit check, having a good credit history, and earning enough money to cover their loans.
Discover did not reveal the minimum income, does not publish the usual credit score of co-signers or accepted applicants, and did not reveal the typical income of accepted borrowers.
How Should You Decide Between Discover and LendKey?
Discover Student Loans was established in 2007 by Discover Bank, which is well known for its credit card business.
Borrowers who might require some payment flexibility or those who failed to graduate could use its refinancing loan. Students who might require wriggle space on payments could use its private loan.
For users who want to cut out on some of the difficulties associated with loan comparison, LendKey is a great alternative. You may quickly evaluate numerous offers from hundreds of smaller lenders through the network that provide competitive rates and first-rate customer service.
Financeive is dedicated to providing objective, comprehensive reviews of student loan companies to students.
We gathered over 30 data points from different lenders to ensure that our information supports borrowers in choosing the optimal educational loan choices for their circumstances.
Frequently Asked Questions
Abdulrahman is the founder of Financeive and a financial advisor with +3 experience writing about loans and debts. He took the Nanodegree from Udacity with a degree in Business Administration and had previously finished his bachelor’s degree in Accounting as well.
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