Private Student Loans
Dream big, borrow smart
We offer private student loans from trusted community lenders, covering higher education costs without stress. Borrow up to 100% of your school-certified expenses with competitive rates, no application fees, and in-school payment flexibility.
Cover Full Cost of College
Borrow up to 100% of your school-certified tuition, books, housing, and more—so nothing stands between you and your degree.
No Fees, No Surprises
Enjoy zero application, origination, or prepayment fees with every LendKey loan, so more of your money goes toward your education, instead of hidden charges.
Flexible Repayment Options
Choose a low fixed monthly payment, interest-only, or full principal and interest payments while in school—then transition to full payments after graduation to fit your budget and limit debt growth.
Key Features of a Private Student Loan
Amounts
Borrow up to 100% of school-certified costs
Terms
10-year terms
In-school Payments
$25 Fixed Payment, Interest-Only, or Immediate Repayment (full principal and interest) options, up to 60 months
Cosigner Release
Apply for release after making required payments on time
Forbearance
Up to 18 months for qualifying hardship
Rates as low as1
2.64%
Fixed APR*
3.48%
Variable APR*
*Rates shown include 0.25% autopay discount.
How Private Student Loans Work
Complete Your Application
Apply online and upload the required documents. Your cosigner (if any) can join at this step.
Review and Accept Your Offer
Compare loan options and choose the terms that fit your budget.
Funds Sent to Your School
School certifies loan amount, and funds are sent directly to your college or university.
Why Choose LendKey for Your Private Loan?
Trusted Network
We work with trusted, community lenders who prioritize people over profits, offering a more personal touch.
Dedicated Support
Our support team is here to help you and your cosigner at every step.
Financial Wellness
We provide benefits such as career help and credit health reviews.
Get Better Rates with a Cosigner
A cosigner may improve your chances of approval and help you qualify for better private student loan rates. Borrowers with a cosigner are more likely to be approved and may receive interest rates several percentage points lower than those applying on their own.
Being a cosigner could help make a college education possible for the student, 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. Some private student loan lenders also offer cosigner release after a set number of on-time payments.
Frequently Asked Questions About Private Student Loans
▸What is the difference between federal student loans and private student loans?
Federal student loans are provided by the federal government, while private student loans are offered by private lenders such as banks and credit unions.
A key difference is that federal student loans are more accessible. You can receive a federal student loan without a cosigner or credit history. Furthermore, there are generally beneficial repayment options with federal loans that may not be available with certain private student loans. However, there are borrowing limits on federal student loans, and students may have to supplement them with other funding options, including private student loan options.
A private student loan serves as a way for you to fill the funding gap between the cost of attending school and the amount in federal loans, grants, and scholarships available to you. Because these are credit based private student loans, you may need to demonstrate an established credit history or have a cosigner with an established credit history in order to qualify.
▸When is the best time to apply for a private student loan?
We typically recommend applying for a private student loan 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.
▸Do I need to complete the FAFSA before applying for a private student loan through LendKey?
No, it is not a requirement to complete the FAFSA form before applying for a private student loan through LendKey. Although it is not a requirement, it is strongly advised to submit your FAFSA form ahead of time, so you know what federal aid you qualify for before exploring private student loan options.
▸How much can I borrow with a private student loan?
You may be able to borrow up to 100% of your school-certified cost of attendance with a private student loan. This may include tuition, room and board, textbooks, and other related education expenses.
▸What are the eligibility requirements for private student loans offered through LendKey?
Students can apply for a private student loan through LendKey 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.
▸Do I need a cosigner to qualify for a private student loan?
A cosigner is not required, but it may improve your chances of getting approved. Many borrowers look for student loans without a cosigner, but because private student loans offered on LendKey’s website are credit-based, a credit and income review will be performed.
▸Can private student loans be used for laptops, textbooks, housing, and personal expenses?
Private student loans may be used for qualified education-related expenses that are certified by your institution. This may include tuition, room & board, transportation expenses, laptops, textbooks, and related materials.
▸What repayment terms are available for private student loans?
You can select either a 5-year or 10-year private student loan repayment term.