William Will Save $10,000 On His Loans – And You Can Too

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LendKey student loan refinancing

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When William Weaver graduated from the University of New Orleans, he had nearly $50,000 in student loan debt. Frustrated with how much of his payment went towards interest on his debt, rather than the principal, William explored other options to manage his loans. And because he did his homework, he’s now on track to save over $10,000 by refinancing with LendKey.

Below, find out how William decided to take control of his debt.

Looking for options

William is a financial analyst for Algiers Charter School Association in New Orleans. As an analyst, it’s his job to assess whether or not an investment is a good idea. And that mindset applied to his student loans, too.

His minimum payment was $250 a month and his loans had a 5% interest rate. If he kept up with just the minimum payments, it would take him ten years to pay off the debt. And after interest charges, he’d pay back nearly $60,000.

To make it more difficult, Wiliam also had a cosigner on his original loans. That meant the person was responsible for the debt if William missed a payment, a responsibility William wanted to take on himself.

When William decided to look into refinancing his student loans, he looked at all of his options.

“I shopped at least ten different lenders before I settled on LendKey,” says William.

Refinancing student loans with LendKey

LendKey works differently than other financial institutions. LendKey connects individuals with credit unions and community banks to get more borrower-friendly terms. By working with LendKey, borrowers can get multiple offers and have a greater chance of getting a loan that will have significant student debt savings.

William found the process to be quick and easy. He was able to get real-time offers with only a soft credit check in just a few minutes. Once he was ready to submit his application, he found the experience to be straightforward and intuitive.

“[The] application was simple. To complete the full app only took an hour or so with the proper documentation already prepared. Approval was within a few hours,” he says.

His new loan had a shortened repayment term and lower rate. With his new refinancing loan, William will save thousands and get out of debt faster.

“I refinanced for a shorter loan period, to release a cosigner, and a much lower interest rate,” says William. “The amount saved over the life of the loans was in the $10,000 plus range, thus making the need for refinancing urgent.”

Soft credit vs. hard credit inquiries

When shopping around, it’s important to keep in mind how comparing estimates can affect your credit. LendKey does a soft credit inquiry, so you can compare offers from multiple lenders through their platform before submitting your application. For William, this feature was a big benefit.

“Check all the options out there with soft credit checks. Only ask for a hard check if you are confident you will get the loan with that lender based upon the initial quote.  Multiple hard checks will put hard inquiries on your credit score, thus hurting your score,” he advises.

Because LendKey lets you compare offers before performing a hard credit pull, you can protect your credit while ensuring you get the best terms for you.

The LendKey customer experience

LendKey focuses on transparent, low-interest lending. They know that refinancing student loans can be overwhelming and confusing. That’s why they created a simplified platform where you can find, customize, and apply for a loan, all in one place.

LendKey has more generous income requirements and credit score minimums, as well. If you’ve been turned down with other lenders, LendKey may be an option.

They work with over 275 community banks, credit unions, and non-profit lenders to increase your chances of getting a loan. Borrowers get the best of both worlds; they can compare multiple offers but only need to submit their information once.

And by working with a credit union or non-profit lender, you get more dedicated customer service, personalized attention, and you support local communities. These lenders offer the same products as the big banks, but often at a lower rate and with more affordable terms.

And unlike some institutions, LendKey actually services the loan. So after you apply and get the funds, you continue to work with LendKey and their customer service team for the life of your loan.

LendKey is known for its excellent service and responsiveness. If you have questions about refinancing, or are already a borrower and want to ask about your account, their team is available via phone Monday to Friday, 9:00 am to 8:00 pm ET. Or, you can email them at customer.care@lendkey.com.

Apply for a refinancing loan with LendKey

For William, working with LendKey was a smart decision. Within 30 days, he had the new loan and was able to pay off his old debt. He saved thousands of dollars and is one step closer to being debt free.

“The best advice to anyone considering [refinancing] is that you owe it to yourself to consider all your options. You could end up saving large sums of money over the course of the loan life,” says William. “To anyone with a loan, the right decision is to find out if there is money for you to save.”

If you’d like to learn more about refinancing and options available to you, check out your rate and compare offers with LendKey.

Sponsorship disclosure: We’re so happy to work with LendKey to bring you this post. We’d share it even if they weren’t paying us to!