Many people struggle to keep up with multiple student loan payments for the multiple loans they took out to complete an educational program. If you are one of those people, then you may be considering consolidating your student loans. Consolidation can be beneficial, because it allows you to combine your loans into one single payment, and it typically reduces your monthly payment amount. Conversely, consolidation may also increase the total amount you will repay over time due to interest charges.
Key Bank Options
There are few lenders who are approved to service federal student loan consolidation, and Key Bank is not one of them. If you have private student loans you wish to consolidate, you can pay them off through a Key Bank personal loan.
If you choose to pursue a personal loan to consolidate your private student loan debt, you will want to consider the interest rate and other fees and charges that may apply to determine if it is the best option for your financial situation. Student loans tend to have low interest rates, so you will want to make sure your personal or consolidation loan has a lower rate than what you are currently being charged.
A Key Bank unsecured personal loan will allow you to consolidate your private student loan debts. There is no maximum loan amount established, so even if you have a large amount of debt you may still qualify. These loans do come with a $125 origination fee, and the interest ranges between 6.74% and 12.34%, depending on the amount you borrow and your credit score. The annual percentage rate (APR) is between 6.91% and 15.49%.
Applying for a Key Bank Loan
You can apply in-store or online for a loan if you live in a state that allows debt consolidation loans. If you are 18 years of age or older and can provide proof of your income and other personal information (such as tax returns), then you can apply for a Key Bank loan. They will check your credit score, and the lower your score, the higher your interest rate and APR will be.
If you are looking to consolidate your student loans, you may have difficulty finding a lender who will consolidate both your federal and private loan debt. Although Key Bank does have loan options to consider, you will want to make sure you compare the interest rates to see if consolidation is the best option for you.