Student Loan Refinance Program

Variable APRs ranging from 2.92% to 7.83% (with Autopay)*

Subject to |cl_floor_rate| floor rate

Low Rates, Great Benefits, Apply Today!

  • Simplify Your Finances with one easy monthly payment
  • No Origination Fee there is no origination fee for this loan!
  • Flexible Repayment Options Choose between paying interest only for first 4 years of repayment or standard level repayment the whole term.
  • Cosigner Release Available after |cl_cosigner_release| consecutive on-time principal & interest payments
  • Lower Payment and Competitive Rate possible with extended repayment term
  • 0.25% Interest Rate Reduction when you sign up for automatic ACH payments (subject to 2.75% floor rate).**

Are you a candidate for a Student Loan Refinance?

The ideal candidate for Student Loan Refinance has:

  • |cl_debt_range_undergraduate| in undergraduate student loan debt (|cl_debt_range_graduate| in graduate debt)
  • |cl_gross_monthly_list_item|
  • |cl_citizenships|
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General Questions

What is the cuGrad Student Loan Refinance?

The cuGrad Student Loan Refinance can be used to consolidate and refinance your outstanding student loan debt.


What is a student loan refinance?

A student loan refinance allows borrowers the ability to consolidate and refinance one or multiple loans into one loan at a potentially lower interest rate.


Can I refinance both my federal loans and private loans with the cuGrad Student Loan Refinance?

Yes! You can consolidate federal and private student loans.


Student Loan Refinance Eligibility

Who is eligible for the cuGrad Student Loan Refinance?

To apply for the cuGrad Student Loan Refinance, you must be a |cl_citizenships| who graduated from an eligible school and a member of originating credit union.



How do I know if my school is eligible for a loan?

You can confirm whether or not your school is an eligible school on the first page of the application.


What is a cosigner?

A cosigner is a parent, grandparent, guardian or other adult who is creditworthy and willing to assume legal responsibility for the loan liabilities along with you. The cosigner must be a |cl_citizenships|.


Is a cosigner required to obtain a student loan refinance?

In some instances, a cosigner is required to obtain the cuGrad Student Loan Refinance. A creditworthy cosigner increases the likelihood of your loan approval and may lead to a lower loan rate. Creditworthy borrowers that meet the credit requirements may apply without a cosigner.


Will the cosigner’s credit record be affected?

Yes, in a cosigned loan both the borrower and the cosigner are jointly liable for making all loan payments. The loan will appear on both the borrower and cosigner’s credit report.


Is the cosigner responsible for repaying the loan?

If the borrower fails to repay the loan, then the cosigner is responsible for repaying the loan. |cl_faq_cosigner_release|


Application Process


How much can I borrow?

The minimum you can borrow is |cl_minimum_amount| per year. The maximum you can borrow is |cl_undergraduate_maximum_amount| for undergraduate debt and |cl_maximum_amount| for graduate school debt.


How do I apply for the cuGrad Student Loan Refinance?

The application process must be completed online at http://|domain|


Do I need to be a graduate of an educational institution to be eligible?

Yes, you must provide proof of graduation from an eligible school.


What proof of graduation do I need to provide?

Your graduation date needs to be verified through documentation, such as a school transcript, copy of the degree, diploma or certificate, written or verbal school verification, or through an electronic method such as the National Student Loan Clearinghouse.


What proof of income do I need to provide?

You must provide a copy of your two most recent pay stubs within the last 60 days. Pay stubs submitted for review must clearly display the following five pieces of information:

  • 1) Employer Name
  • 2) Pay Period
  • 3) Employee Name
  • 4) Gross Income
  • 5) Deductions

(See an example pay stub with the required fields)

Depending on your type of employment or financial situation, we may be able to accept alternate proof of income:

  • If you are self-employed, you must provide your two prior years' tax returns and required schedules.
  • If you are retired, you must provide a pension and/or social security award letter or 1099R.
  • If you are a commission-based employee, you must provide your two prior years' W-2's and two recent pay stubs within the last 60 days.

If the loan is cosigned, both the borrower and the cosigner will need to submit these documents.


What payoff information do I need to provide?

You must provide your last statement(s) on your student loans and a payoff letter or screenshot with a payoff 30-45 days into the future. A payoff letter, obtained from the lender, will state the amount that will satisfy the loan obligation through a specified date in the future.


Will both the borrower and cosigner’s credit be checked?

Yes. During the application process, and as part of the underwriting process, a credit bureau report on both the borrower and cosigner is pulled. The borrower’s creditworthiness or ability to repay the loan is assessed based on the credit bureau reports of both the borrower and cosigner.


How do I check the status of my application?

The status of your application is available by signing in to your account. The green status bar you see immediately after login indicates which state your application is currently in.


What do the stages of the status bar mean?


The borrower started the application but it has not been credit reviewed for one of two reasons:

  • The borrower hasn't submitted the application yet
  • The borrower invited a cosigner that has yet to complete his/her portion of the application


  • LendKey forms an initial credit decision on the borrower and cosigner (if applicable)


  • The borrower is conditionally approved
  • The borrower uploads the requested documents


  • cuGrad makes a final review of the application


  • The application is final approved
  • The borrower signs the loan agreement and disclosures


  • The loan disbursement is scheduled

After filling out an application, is there a commitment to borrow?

No. A borrower may withdraw a request at any time and has up to 3 days after signing the loan agreement to cancel the loan.


Student Loan Refinance Terms

What is the repayment term of the cuGrad Student Loan Refinance?

You will have 15 years to repay the principal and interest of the loan.


How is the interest rate calculated?

The London Interbank Offered Rate (or LIBOR) is a daily reference rate based on the interest rates at which banks borrow unsecured funds from other banks. This offered rate is the funding cost to a bank and is commonly used as a benchmark for the bank's lending rate.

This loan has a variable interest rate that is based on a publicly available index, the 1-Month LIBOR, as published in The Wall Street Journal. Your rate may change each month and will be calculated by adding the 1-Month LIBOR to a margin between 2.84% and 7.84%. There is no limit on the amount that the rate could increase at one time, however your rate will never exceed 18%. The APR for a variable rate loan may increase during the life of the loan if the index increases. This may result in higher monthly payments.


Do you offer any borrower benefits?

Yes! Qualified borrowers can enjoy:

  • Simplify Your Finances with one easy payment
  • Lower Payment and Competitive Rate possible with extended repayment term
  • Cosigner Release Available after |cl_cosigner_release| consecutive on-time principal & interest payments
  • 0.25% Interest Rate Reduction when you sign up for automatic ACH payments (subject to 2.75% floor rate). Requires continued enrollment of automatic payments. If the automatic payment is cancelled at any time after enrollment, the rate reduction will discontinue until automatic payment is reinstated. May be suspended during periods of forbearance and deferment.

What documentation is provided to borrowers?

Borrowers receive electronic monthly statements summarizing all account activities.


What are the Forbearance policies?

Borrowers have the option to request Forbearance in certain cases of economic hardship. Borrowers may be eligible to receive forbearance for a total of up to 18 months over the life of the loan, though there are restrictions on the number of months that a borrower can be in forbearance and the number of months in between periods of forbearance. We encourage borrowers to speak with our customer service team if a borrower is having trouble meeting his or her loan obligation. Interest continues to accrue during Forbearance and the term of the loan is not extended.



Is there a floor rate on the loan?

Yes, the floor rate is |cl_floor_rate|.


Is there a ceiling rate on the loan?

Yes, the ceiling rate is |cl_ceiling_rate|.


How are payments made?

All monthly loan payments are made to LendKey Technologies, Inc., the loan servicer, using either a monthly electronic transfer from a financial institution account designated during the application process or mailed in by check. Checks can be made payable to:

LendKey Technologies, Inc.
Dept. CH 19873
Palatine, IL 60055-9873


Can a borrower prepay the loan at any time?

Yes, a borrower may prepay the loan either partially or in full at anytime without incurring any fees or penalties.


Privacy & Security

Will my personal information be shared with third parties?

Only information that is necessary and required to complete the loan application process, make payments, and transfer funds may be shared. Please consult our privacy policy for additional details.


How is financial information protected?

LendKey servers are equipped with Secure Socket Layer (SSL) certificate technology, which encrypts the user’s entire online session. Automatic sign out occurs after a period of inactivity. All banking information and social security numbers are stored in a secure off-site data center. All users must pass through our secure verification systems to prevent identity theft. Please consult our privacy policy for additional details.


How does identity verification work?

All borrowers must provide a valid state issued photo identification and a social security number. This information is used to obtain non-credit based questions from an identity verification agency. The user is asked a series of questions that must be answered correctly. Since these questions are not based on a person’s credit history, obtaining another person’s credit report does not provide sufficient information to pass our identity verification test. Those who violate our security and privacy protections are subject to disciplinary action, including prosecution to the fullest extent allowable by law. Please consult our privacy policy for additional details.

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