You handled the hard part. As a graduate, you might have questions about what comes next — chiefly about how best to manage your student loan debt. Good news! We have partnered with LendKey to help you get a clear idea of where you are with your student loan payments, where you’re headed, and how best to get there.
LendKey sharse the same mission of providing customers with an efficient, secure and seamless way to easily manage their financial life. LendKey's innovative cloud technology offers customers their best options for a transparent, accessible and low-cost lending experience. LendKey manages more than $1.8 billion in loans on behalf of hundreds of banks and credit unions and has an A+ rating from the Better Business Bureau.
A division of Customers Bank, an FDIC insured bank. We believe in empowering people to take responsible steps toward becoming their best financial selves.
By qualifying, your new loan will be the amount needed to pay off the loans you’re refinancing, so you have one monthly payment with a new, low interest rate and a repayment plan that works for you. If you do qualify and borrow with BankMobile Student Refi, you’ll also get some great features and benefits!
Refinancing student loans allow you to do a few things. If you have multiple loans, you can combine them into one brand new loan making it more convenient to stay on top of personal finances. You’ll also sometimes have the opportunity to release cosigners on your existing loans eliminating them from any liability for your loans. But probably most exciting is the opportunity to save money. With a student loan refinance, you are replacing all of your existing student loans (or a single student loan if you only have one) with a new loan with new terms. By qualifying for a lower interest rate or reducing the payback period of the new loan, you could save thousands in interest over the life of the loan.
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.
We are looking forward to helping you replace those high interest rates with a rate that better fits your budget and lifestyle.
According to the Department of Education (December 2018) the average student graduates college with more than $30,000.00 dollars in student loans. Those that go on to graduate school will graduate with even more debt, many times in the six figures for professional degrees. Borrowers don’t always realize that their loans are costing them more than they think. Interest is tacked on to the loan amount (i.e., principal) making the total cost of the loan greater. While there is no way to eliminate student loan debt without paying it off, there are some tactics to reduce the overall cost of the principal and interest combined. One way is with a student loan refinance.
Pay your loan off quickly, or keep your monthly payments as low as possible.
Many types of loans come with the option of a fixed or variable interest rate. With a fixed rate, your interest rate will remain the same for the entire life of the loan; it will not be subject to fluctuations in the market, so you’ll never have to worry about it increasing. A variable interest rate, on the other hand, can increase or decrease based on current market conditions.
There are inherent advantages and disadvantages of both fixed and variable interest rates on a student loan. With a fixed interest rate, for example, you’ll enjoy the peace of mind knowing that your rate will never increase. As a result, you can know exactly how much you’ll need to pay monthly until your loan is paid off.
However, a fixed interest rate also means that if the market improves and student loan interest rates drop across-the-board, you won’t get to reap the benefits of lower payments unless you refinance.
With a variable rate student loan, there isn’t as much predictability. Your rates could increase with changes in the market, which could lead to higher monthly payments. On the flip side, a variable rate loan could also save you money if interest rates decrease. You also won’t have to go through the process of refinancing to enjoy those lower rates.
If you took out Federal loans to pay for school, your interest rate is likely to be fixed. Private student loans, on the other hand, are offered with both fixed and variable rates, so it’s important to know which type of rate you currently have. If you took out different loans to pay for your education (such as a new loan each semester), you may have a combination of both fixed and variable rates.
Before you refinance, you should look at where you are making payments each month so that you can figure out how much you owe and whether each loan is a fixed or variable interest rate loan so you can compare with what we offer.
"What makes a difference in the lenders you choose is how responsive they are to your inquiries and their customer service. I shopped around looking for a combination of the description above and low rates. LendKey offered both and I am a completely satisfied customer. Thank you LendKey."
"LendKey has always been easy to work with and their staff is always ready and willing to answer questions and help."
"The application process was a breeze, but mostly, I am very impressed regarding the quality of customer service that I’ve received."
"Lendkey offered me the best rate and the process was painless"
"I got a great rate with LendKey, and refinancing was easy. When I had trouble getting the necessary info from my current load provider at the time, they helped me figure out what I needed. Very good experience!"
"It took a week and 2 days from start to end. Lend Key made if very easy!! Refinancing student loans is not easy - with good credit was turned down by 3 other lenders. Lend Key came through for me and will be saving so much!!"
Once you’re conditionally approved, you may be asked to submit the following documents: proof of identity, proof of graduation, proof of income, and account statements for the loans that you wish to refinance.
Yes, you must be a graduate of an eligible school to refinance your loan(s) with BankMobile.
Yes, you can! Please be aware that you may lose certain benefits (e.g., favorable repayment options,loan forgiveness options, extended loan terms, etc.) associated with your federal student loans by refinancing with a private loan. We strongly advise you to review and understand your options and the potential benefits and drawbacks of refinancing your federal loans before doing so.
Although these terms are often used interchangeably, they actually describe two specific benefits of our loans. “Consolidating” combines multiple loans into a single loan and monthly payment, while “refinancing” creates a new loan with new terms, which may or may not reduce the interest rate. While you can generally consolidate and refinance, some people apply with just one student loan because they’re simply interested in refinancing and potentially obtaining a better interest rate that may require lower monthly payments. Likewise, some people are interested in consolidating multiple loans even if their interest rate doesn’t change because they want the ease of one payment.
A creditworthy cosigner increases the likelihood of loan approval and may lead to a lower rate. However, if you meet the credit and income requirements on your own, you may apply without a cosigner.
Yes. During the application process, we obtain a credit report on the borrower (and cosigner, if applicable). We then assess creditworthiness and ability to repay the loan.
The minimum you must borrow is $5,000.00. The maximum you can borrow in a given lifetime is $100,000.00 for undergraduate debt and $250,000.00 for graduate school debt.
We are BMTX, Inc., a wholly owned subsidiary of BM Technologies, Inc. (NYSE: BMTX), a technology company.
We believe in empowering people to take responsible steps toward becoming their best financial selves.
Are you a current BankMobile Student Refi borrower impacted by Coronavirus (COVID-19)?
Important Information:
On January 4, 2021, Customers Bancorp, the parent company of Customers Bank, completed the sale of its wholly owned subsidiary, BankMobile Technologies, Inc.
What do you need to do?
Not a thing! We will continue to operate as an independent technology provider to Customers Bank. Your accounts with Customers Bank remain FDIC-insured and will not be impacted by the sale of BankMobile. More information will be coming to you soon. If you are exploring a new deposit, credit or loan relationship, accounts and loans are issued by Customers Bank, Member FDIC and Equal Housing Lender.
While our intention in providing this link is to guide you to information or an opportunity from Lendkey, we are required to inform you that we are not liable for any failure of products or services offered on Lendkey’s site nor do we support or condone any opinions or comments expressed or shared on Lendkey’s site. Furthermore, as our own privacy policy and security policy are not applicable to Lendkey, we encourage you to seek out and read their policies.
