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Refinance Student Loans
Save thousands by refinancing through credit unions and community banks that prioritize people over profits. With LendKey’s student loan consolidation and refinancing, you can combine your federal and private student loans into one convenient payment with a lower interest rate. That could help you better manage your finances, and save over the life of your loan.

Get the LendKey Student Loan Refinance and enjoy the financial freedom today!

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Refinance Your Federal & Private Student Loans

Consolidate Federal and Private Student Loan
Back when you were in college, it was easy to just focus on the funds that you needed to borrow for the upcoming semester. But now that graduation is behind you and you’re making your way in the real world, you might have a different view of the ragtag assortment of federal and private loans that you’ve collected over the years to finance your education. It may be quite an inconvenient and overpriced mess.

With LendKey’s student loan consolidation and refinancing, you can combine your federal and private student loans into one convenient payment and lower your monthly payments.

How it works

  • List your existing student loans in your application.
  • Once your application is approved, all of the loans that you’re seeking to consolidate will be completely paid off by your new lender.
  • You’ll now have one new loan reflecting the total of all your combined loans that’s refinanced at a lower rate, with only a single payment to make each month.
  • You can find out if you’re eligible in as little as 15 minutes, and you can use our easy online application to get started.

Why it makes sense to refinance your federal and private student loans:
Make one monthly payment instead of several payments to different lenders, with a refinancing that combines all of your federal and private student loans into a single, simple loan

Use our student loan refinancing calculator to see how much money you can save on your monthly payments over the remainder of your loan by refinancing your federal and private student loans. Many of our lenders offer even more ways for you to save, including:
- A .25% rate reduction when you sign up for automatic ACH payments (subject to floor rate)!
- No origination fee!

Fluctuating market conditions
Interest rates can fluctuate and change from year to year. If you’re currently paying high interest rates on your federal and private student loans, you could take advantage of lower interest rates that may not have been available to you a few years ago.

Improved cash flow
Your outstanding federal and private student loans may require a bigger monthly payment than you can afford. Refinancing can help restructure your loan balance to decrease the amount of money that you owe each month, which would put more cash in your pocket to use for living expenses or savings.

Improved credit history
You might be able to increase your chance of getting approved for a refinanced loan (and ramping up your credit score) if you have a creditworthy co-signer. After making 12 to 36 consecutive, on-time, full principal and interest payments, you could be eligible for a co-signer release, depending on the terms offered by your lender.

Some things to keep in mind about student loan consolidation…
Federal student loans may offer you certain benefits, options, and protections that private loans don’t, such as extending the amount of time that you may need to repay your loan, or giving special considerations for members of the military. For instance, the Income-Based Repayment (IBR) program lets some borrowers reduce the amount of their monthly payments due to financial hardship. Check your eligibility for these options before deciding whether you need them or want to keep them. Refinancing your federal student loans into a private loan would result in the loss of these options.

FAQ - Student Loan Refinancing

What is the difference between consolidation and refinancing?
When you consolidate student loans, you’re combining multiple loans together into one single loan, with one payment. You’re still paying the same total amount and same total interest. You now just have one loan instead of multiple loans.

When you refinance student loans you basically consolidate them into a single loan with a new interest rate, new terms, and monthly payment amount. The lender will evaluate you and your creditworthy cosigner’s (if applicable) financial information to offer you a new low and a lower rate.

Can I refinance my federal and private student loans together?
If you want to combine your Federal and private student loans together, you have to do it through a private lender. The Federal Direct Consolidation Loan program does not consolidate private loans into Federal loans. However, many lenders in our network do allow you to combine your private and federal loans into one payment.

What is the difference between interest rate and APR?
The interest rate is simply the percentage of the loan amount that is charged for borrowing money. The APR reflects not only the interest rate, but also any other fees charged by the lender. The APR represents the total cost of borrowing and for that reason is usually higher than the interest rate.

What are the benefits of applying with a cosigner?
While you may apply on your own, applying with a creditworthy cosigner can make all the difference when it comes to a loan application’s chances for success and approval—and even result in a lower rate.

Should I choose a fixed interest rate or variable interest rate loan?
A fixed rate student loan is one that maintains the same interest rate on the loan for the entire life of the loan. A variable rate student loan is where the interest rate can adjust each month based on the current interest rates available. Whether you choose a fixed or variable rate, it’s always important to remember to pick a loan that is right for you and your particular financial situation. Remember that interest rates could rise higher than the past highs. If you’re comfortable assuming a little more risk in your payment amount, a variable rate loan does have the potential to offer savings. - Student Loan Refinance

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