LendKey Student Loan Refinance has increased its range of variable rates up to 4.76% to 7.86% APR.
LendKey Student Loan Refinance offers variable rate APRs that range from 4.76% to 7.86% for student loan refinancing loans. Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 4.49% to 10.68%. With loans ranging from $5,000 to $300,000 and terms of 5 to 20 years, LendKey offers borrowers a wide range of options when it comes to refinancing their student loans.
What does this mean for borrowers?
The difference in cost based on the rate you get can be significant. To illustrate, let’s compare two scenarios for a $10,000 loan over a 10-year term. With a fixed interest rate of 4.49%, the monthly payment would be $103.62, and the total cost of the loan would be $12,430. On the other hand, with a fixed interest rate of 10.68%, the monthly payment would be $136, and the total cost of the loan would be $16,313. That’s an increase in monthly payments of $101.14 and a total cost increase of more than $3,880 over the 10-year loan term. For variable-rate loans, borrowers could expect to pay anywhere between 4.76% to 7.86%, which means the cost difference could be even greater depending on the interest rate they receive.
LendKey Student Loan Refinance does not charge an origination fee or a prepayment fee, which can be a significant saving for borrowers. Borrowers can also add a cosigner to either meet eligibility requirements or qualify for lower interest rates.
LendKey is a leading online platform that connects borrowers with community banks and credit unions to offer low-cost loans for student loan refinancing, private student loans, and home improvement loans. Founded in 2008, LendKey has helped thousands of borrowers refinance their student loans and save money on interest payments. With a wide range of loan options, competitive interest rates, and excellent customer service, LendKey is a great choice for borrowers looking to simplify their finances and achieve their financial goals.