All credit products are subject to credit approval
IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans, you will no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans, which may include, but are not limited to, Public Service Loan Forgiveness, Income-Driven Repayment plans, forbearance, or certain forgiveness options granted to Parent Plus borrowers. Please carefully consider your options when refinancing federal student loans and consult studentaid.gov for the most current information.
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Estimated Student Loan Refinance Post-residency Payment Examples
Borrowers employed full time as an intern, resident, fellow, or similar postgraduate trainee at the time of loan disbursement are eligible to make $100 monthly payments throughout their training (“Residency Period”). These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to the loan principal and monthly payments of principal and interest will begin when the Residency Period ends.
Assumptions: Repayment examples shown below are based on an original loan amount of $100,000 and assume that you make $100 monthly payments during the Residency Period of 36 months before the full repayment term begins. Repayment examples do not include any discounts.
| Fixed Rate Loans |
| Term |
Interest Rate |
APR |
Monthly Payment |
Total Payments |
| 5 years |
|
3.93% - 5.53% |
36 months of $100
60 months of $1,998 - $2,181 |
$123,506 - $134,441 |
| 7 years |
4.35% - 5.85% |
4.26% - 5.68% |
36 months of $100
84 months of $1,514 - $1,656 |
$130,755 - $142,743 |
| 10 years |
4.59% - 6.03% |
4.51% - 5.88% |
36 months of $100
120 months of $1,147 - $1,273 |
$141,188 - $156,336 |
| 15 years |
4.81% - 6.33% |
4.74% - 6.19% |
36 months of $100
180 months of $866 - $994 |
$159,391 - $182,595 |
| 20 years |
4.91% - 6.63% |
4.84% - 6.50% |
36 months of $100
240 months of $728 - $876 |
$178,294 - $213,828 |
| Variable Rate Loans |
| Term |
Interest Rate |
APR |
Monthly Payment |
Total Payments |
| 5 Year |
3.98% - 5.62% |
3.90% - 5.44% |
36 months of $100
60 months of $1,994 - $2,170 |
$123,256 - $133,780 |
| 7 Year |
4.25% - 5.75% |
4.17% - 5.58% |
36 months of $100
84 months of $1,505 - $1,647 |
$129,982 - $141,921 |
| 10 Year |
4.40% - 5.93% |
4.32% - 5.78% |
36 months of $100
120 months of $1,131 - $1,264 |
$139,272 - $155,248 |
| 15 Year |
4.65% - 6.23% |
4.58% - 6.10% |
36 months of $100
180 months of $853 - $986 |
$157,078 - $181,001 |
| 20 Year |
4.90% - 6.53% |
4.83% - 6.40% |
36 months of $100
240 months of $727 - $867 |
$178,100 - $211,642 |
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the 30-day Average Secured Overnight Financing Rate (“SOFR”) and changes in the SOFR index may cause your monthly payment to increase. Borrowers who take out a loan with variable interest rate will have a maximum interest rate of 15%. There is no limit on the amount your interest rate can increase at one time. The Index is currently published by the Federal Reserve Bank of New York (“New York Fed”).
If the Index is no longer available, it will be replaced by a replacement Index according to the terms of the promissory note.
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If you choose to make monthly payments automatically by electronic fund transfer (EFT) from a bank account, the interest rate will decrease by 0.25%. The discounted interest rate will no longer apply if you stop making monthly payments (or if we stop accepting monthly payments) made automatically by EFT from your bank account. The 0.25% AutoPay/EFT Discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan faster.
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The student loan consulting services are an optional and free service, and do not constitute legal, tax, investment, accounting or other professional advice. For full details, please refer to the KeyBank Student Loan Consulting Services Terms & Conditions.
Eligibility Requirements
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Borrowers may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school.
Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment.
For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.
LOAN AMOUNT
For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing.
For eligible Associates degrees in the healthcare field (see Eligibility & Eligible Loans section above), Lender will refinance up to $50,000 in loans for non-Parent PLUS refinance loans. Note, parents who are refinancing loans taken out on behalf of a child who has obtained an associates degrees in an eligible healthcare field are not subject to the $50,000 loan maximum.
FEE INFORMATION
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of September 23, 2021. Information and rates are subject to change without notice.
