Don't stress out --
We'll help to get your loans in line

Refinancing your student loans doesn’t have to be complicated.  That’s why BankMobile has partnered with LendKey to make sure that every move you make towards managing your finances is hassle-free.

Apply now

First, congratulations  :-)

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! BankMobile Student Refi has 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.

Wait, who’s LendKey…?

BankMobile chose to partner with LendKey because we share 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.

Wait, who’s BankMobile…?

A division of Customers Bank, an FDIC insured bank. We believe in empowering people to take responsible steps toward becoming their best financial selves.

BankMobile Student Refi can help by simplifying your multiple loan payments into one convenient monthly payment.

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!

How does refinancing work?

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.

What’s the difference between consolidating and refinancing?

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. 

Be sure to check out our BankMobile Student Refi Loan Calculator to see how you can save!

Refinancing works —
but don’t take our word for it.

"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!!"

FAQs

What documentation is required during the application process?

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.

Do I need to have graduated to refinance?

Yes, you must be a graduate of an eligible school to refinance your loan(s) with BankMobile.

Can I refinance both my federal loans and private loans 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.

What’s the difference between consolidating and refinancing?

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.

Am I required to have a cosigner?

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.

Will my credit score be checked?

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.

How much can I borrow?

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.

Read More FAQs

Allow us to introduce ourselves—
We’re BankMobile.

A division of Customers Bank, an FDIC insured bank. We believe in empowering people to take responsible steps toward becoming their best financial selves.

Learn more about BankMobile