Skip links

LendKey vs Laurel Road: Student Loan Refinancing

Laurel Road and LendKey are popular options. Let’s examine the benefits and term alternatives for each lender so you can choose the best one for you with more knowledge.

LendKey vs Laurel Road: Student Loan Refinancing Comparison

LendKeyLaurel Road
Fixed APR2.99-9.93%3.99% to 6.40%
Variable APR4.13-7.39%2.50% to 6.30%
Loan Amounts$5,000 to $125,000 for undergraduate degrees; up to $250,000 for graduate degrees$5,000 up to your total outstanding loan balance.
Minimum Credit Score660660
Loan Term5, 7, 10, 15, or 20 years.5 – 20 Years
Financeive’s rating4.9/54.2/5

Laurel Road Advantages

Losing government safeguards like forbearance and forgiveness is one of the main disadvantages of refinancing federal loans.

These advantages are not often provided by private lenders. Though Laurel Road fixes that issue. The lender is one of the few on the market to provide cheap interest rates as well as safety features like forbearance and forgiveness under specific conditions.

Also, in the event that the borrower passes away, the lender will repay the whole debt. Disability-related eligibility might also result in full or partial forgiveness for borrowers.

If your financial situation or personal circumstances change, this flexibility may be very helpful to you. The lender also guarantees savings, claiming that throughout the course of their loans.

When medical students are matched to a fellowship or residency program, Laurel Road offers a unique refinancing option that enables them to do so immediately.

Check our Laurel Road vs Splash Financial comparison for more information

LendKey Advantages 

Using only one application and one login, you may compare the interest rates and loan terms offered by more than 300 community banks and credit unions through LendKey.

The LendKey experience, in other words, is created to match your requirements by providing alternatives. As well as guiding you through the options if you need them, LendKey’s loan experts are available.

To allow for permission, processing, certification, and disbursement, borrowers should submit a loan application at least one month before they need it.

Your credit score will not be affected by checking your rate with LendKey. They will run a light credit check rather than a complete one.

In the event LendKey denies your request for refinancing, it will provide a thorough explanation. LendKey will ultimately feature a six-month grace period for repayment.

Check out our in-depth evaluation of LendKey, LendKey vs Earnest, LendKey vs Discover, and LendKey vs Commonbond.

How Do LendKey and Laurel Road Differ in Their Eligibility Requirements?

LendKey Requirements

LendKey maintains established criteria for student loan applications, even if the eligibility conditions for loans vary based on the lender. Those who borrow must:

  • Be U.S. citizens or lawful permanent residents. 
  • The minimal prerequisite is an associate’s degree with two years of coursework.
  • Have attended a college or university that is funded by the federal government. 

37% of borrowers employ co-signers despite it not being necessary. To be specific, the majority of LendKey lenders require

  • The co-annual signer’s yearly income must be at least $12,000, or $24,000 in absence of any income.
  • Cosigners and approved borrowers often have a credit score of 751, or good.
  • Minimum credit scores are 660.
  • The average yearly income of qualifying borrowers is $65,000.
  • Refinancing cannot be done with a debt-to-income ratio higher than 50%.

How Should You Decide Between Laurel Road and LendKey?

LendKey is a wonderful option for candidates hoping to reduce some of the hassles associated with the student loan application process.

Health care workers may bank online using the KeyBank brand and platform Laurel Road. The ideal candidates for its loans are those who wish to refinance while doing a residency in either medicine or dentistry.

LendKey is a wonderful substitute for people who wish to avoid some of the challenges involved with loan comparison. Through the network, you can rapidly compare a wide range of offers from hundreds of smaller lenders who provide favorable rates and top-notch customer support.

Our Methodology

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