The loan proceeds will be sent to the school by check or through electronic funds transfer (EFT). The check will usually be mailed within 5-7 business days after you accept the final disclosure unless the school requests a later date. Typically, once the school receives the funds, they will process the amount owed, and send the remaining funds to the student.

The repayment term begins 6 months after you graduate or stop to be enrolled at least half-time in an eligible degree-granting program. Once repayment begins, you have 10 years to repay the loan.

School certification is normally completed by the school’s financial aid staff and will include information like the Cost of Attendance and the registration status of the student. Certification ensures that the student is not over-awarded in total funding beyond the Cost of Attendance

If you are a returning student, you must provide an unofficial copy of your most recent graded transcript as proof of enrollment at the school you are attending to complete the application process. If you are an incoming freshman, your school will confirm your enrollment during the certification process.

Federal student loans follow guidelines set forth by the U.S. Department of Education and typically offer fixed and lower interest rates compared to private student loans. However, federal loans, unlike most private loans, have borrowing limits, which may not allow a student to borrow enough to cover the entire cost of education.

Private loans help students fill the funding gap between the cost of attending school and the amount of federal loans, grants, and available scholarships.

Both private and federal student loans typically allow students to defer full principal and interest payments while in school and some offer economic forbearance options once a student completes school. Unlike federal loan programs, private lenders assess the credit history of the borrower and cosigner before making a loan.

​You’ll be in the best position to refinance your student loan with us if you:

• Have a credit score of at least 660. Approved LendKey borrowers have credit scores of 757 on average.
• Earn at least $24,000 a year. Approved borrowers earn $63,000 a year on average.
• Graduated from an eligible school. Borrowers must have graduated from a school that participates in the federal government’s Title IV federal student aid programs.
• Are a U.S. citizen or permanent resident.
• Do not live in Maine, Nevada, North Dakota, Rhode Island or West Virginia. We don’t refinance loans for borrowers in these states.

If you think you cannot qualify on your own, you can use a co-signer to refinance your student loan.