Lendkey student loans is a financial service provider that offers loans specifically for student pursuing higher education. These loans are designed to cover various expenses associated with attending college or university, such as tution fees, textbooks, accommodation, and living expenses.
Lendkey acts as a platform that connects students with community of banks and credit unions across the united states, allowing borrowers to access funds at competitive interest rates. The platform simplifies the loan application process, making it more accessible and user-friendly for students.
Key Features of Lendkey student loans
Lendkey student loan are flexibility in repayment options. Borrowers have the opportunity to choose from a variety of repayment plans that suit their financial circumstances. These plans may include standard repayment, income-based repayment, or even deferment options for students still in school.
Lendkey emphasizes exceptional customer support, providing assistance to borrowers throughout the loan application process and beyond. The platform’s customer service team is available to address any queries or concerns that borrowers may have, a smooth and hassle free borrowing experience.
Lendkey student loan forgiveness
Lendkey student loans does not directly offer loan forgiveness programs. However, borrowers may be eligible for loan forgiveness through government programs or othe initiatives, depending on their specific circumstances.
For Federal student loans obtained through lendkey, borrowers may qualify for loan forgiveness programs such as public service loan Forgiveness (PSLF) or Teacher Loan Forgiveness. These typically require borrowers to meet certain criteria, such as working in eligible public service or educational roles for a specified period of time while making qualifying loan payments. For example
- Any government job in any level of government. This includes working as a teacher or being a member of the armed forces.
- Any job at a 501(c) (3)nonprofit organization.
- Non profit jobs at organization that don’t qualify for 501 (c) (3) status, but still fulfill an exempt purpose according to th IRS.
Student Loan Forgiveness For Teachers
Teachers working in public schools do count as government employees, making them eligible for public service loan forgiveness. However, for teacher who are interested in other opportunities, or who do not want to wait for 10 years to have their student loans forgiveness, there are other options.
- Teacher loan forgiveness program will forgive upto 17,500 of Direct subsidized and unsubsidized loans or federal staff loans for teacher who:
- Teach at a low income school or education service agency.
- Teach at that school or agency full time for at least five years.
- Have completed a Bachelor’s Degree in education and are fully certified as teachers in their state of employment.
- Teachers who met these requirement can apply for the TLFP through the department of education.
Student Loan Forgiveness for Nurses
If you’re trying to pay off your student loans as a nurse, there are options for you, as well. Nurses are often in high demand across the country and because of this nurses who work in particular areas or field of great need may be eligible to have some or all of their student loans forgiven
- A licensed registered nurse.
- An advanced practice registered nurse or nurse practitioner.
- A faculty member who teaching nursing.
- In order to receive student loan forgiveness, qualified non-faculty nurses must work in facilities with a critical shortage of nurses. Faculty must work in an accredited school of nursing.
Applicants for the program initially agree to a two-year commitment, after which 60% of their initial student loan debt will be forgiven. After that, an additional year is available for nurses who wish to earn another 25 percent in student loan forgiveness for a total forgiveness fora total of 85% of the initial balance at the time of application.
Student Loan Forgiveness for Military
Serving in the military counts as a government job for the purpose of the PSLF program, so service members are eligible for loan forgiveness following 10 years of service under an income based repayment plan. Service members who are interested in more immediate loan relief have a few option.
Military College Loan Repayment Program (CLRP)
The college loan repayment program is available to recruits in any branch of the armed forces. New recruits will be offered a certain amount in loan forgiveness as an incentive for joining up. However different branches will adjust the amount of loan forgiveness that they offer depending on their recruitment needs at any given time. There are some terms of the CLRP that are fixed across branches of the military.
- It must be your first time serving in the military to be eligible.
- By accepting CLRP laon forgiveness you forfeit your right to GI Bill benefits.
- You must havea high school diploma. A GED is not an acceptable substitute for a diploma in this case.
- No branch can offer more that $65,000 in total loan forgivenes.
- Private student loan forgiveness
- Most student loan forgiveness programs are only applicable to federal student loan debt.
Generally, private lenders do not offer loan forgiveness for private student loans. Depending on the terms, third party program that offer loan assistance, such as employer incentive programs, may be applied towards private student loans.
Lendkey student loan rates
- Soft credit check to qualify and see what rate you’ll get.
- Loan terms: 5,7,10,15 or 20 Years.
- Loan amount: $5,000 to $250,000.
- Can transfer a parent loan to child: No
- Application or original fee: No
- Prepayment penalty: No
- Late Fees: Vary by lender.
Compare Lendkey range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your or your co signer’s credit history and financial situation. To see what rate lendkey will offer you, apply on its website.
Requirements
- Minimum credit score : 680 ; 660 with co-signer.
- Minimum income: $24,000per year; $12,000per year with a co-signer.
- Typical credit score of approved borrowers or co-signers: 754.
- Typical income of approved borrowers: $90,000 per year.
- Maximum debt to income ratio: 33%-50%, depending on credit score.
- Can qualify if you’ve filed for bankruptcy: Yes, after five years.
Others:
- Citizenship must be a U.S. citizen or permanent resident.
- Location: No loans available in Maine, Nevada, North Dakota, Rhode, Island or West Virginia.
- Must have graduated: Yes, must have atleast an associate degree.
- Must have attended a school authorized to receive federal aid.
- Percentage of borrowers who have a co- signer:9%.
Visit Official site for more detail information Lendkey student loan
