KeyBank Student Loan FAQs
Key Student Loan Consultation
For borrowers with federal student loans, or a combination of federal and private loans, our student loan experts can help you weigh your options. During your consultation, a specialist will break down your student loan profile, provide a chart on what your new loan payoff could look like, answer questions about what terms are the best for your unique situation, and answer any application questions you may have. If student loan refinancing is determined to be your best option, they can help you understand what information impacts the interest rate that you might expect to be offered on your loan refinancing. Items such as your FICO score, income level, student loan balance, and current interest rate structure can impact your offer, and your specialist can walk you through how to qualify for the lowest rates on your loans.
If you’re looking to review your financial cost for education of a current or upcoming program, our specialists will provide a funding report that will show options with federal loans, private loans, out-of-pocket costs, and if there is a funding gap.
Our student loan consultation is designed to help you explore your federal and private student loan repayment options. After you request a consultation, you'll receive an email with a link to our secure online portal where you'll be asked to provide several items to build out your profile so that your consultant can give you the most accurate assessment based on your unique situation. This information will include:
- Types of loans that you currently hold (federal, private, direct, subsidized, unsubsidized, etc.)
- If you have any federal loans, you will be asked to provide the My Aid Data file, which you can obtain via your studentaid.gov account
- The balance and interest rate for each of your loans
- Current payment schedule
- Authorization to conduct a soft credit pull, which generally does not affect your credit score
If you’re looking to discuss funding current or upcoming education, this information will be useful:
- Whether you’re looking to discuss your own funding needs or for a dependent
- The borrower’s current level of education (high school, undergraduate, graduate, etc.)
- Any scholarships, grants, or other forms of funding you expect to receive
- Any other information that might be relevant to your educational needs and plans
Once your profile is complete, you will be able to schedule your free student loan consultation.
Anyone can schedule a consultation to discuss their student loan needs. Our student loan experts can discuss a wide range of topics, including:
- Refinancing existing student loans, and reviewing offers from various lenders
- Taking out new student loans
- Federal student loan repayment options
- Forgiveness and discharge options
If you’re not sure if a student loan consultation is right for you, please call our Student Loan Consultation Support Team at 1-844-472-3346 (dial 711 for TTY/TRS) Monday through Friday, 9:00 a.m. ET to 5:00 p.m. ET, or email your questions to studentloans@key.com.
Student Loan Repayment & Forgiveness
Income-Driven Repayment (IDR) was introduced to provide federal student loan borrowers with options other than forbearance to help make monthly payments more manageable. All IDR plans adjust federal borrower’s payments based on their adjusted gross income and family size — not how much they owe. Those pursuing Public Service Loan Forgiveness (PSLF) are typically enrolled in an IDR plan.
For more information, go to the IDR page on the Federal Student Aid website.
Public Service Loan Forgiveness (PSLF) is a U.S. government program that allows eligible borrowers employed full-time at qualifying nonprofits and government entities to have their Federal Direct Loans forgiven after 10 years of qualifying repayment (120 payments total), usually under an Income-Driven Repayment (IDR) plan. To be eligible for the program, you must:
- Be employed by a qualifying nonprofit OR U.S. government organization at any level (federal, state, local, or tribal) — including U.S. military service
- Work at least 10 years on a full-time basis for a qualifying agency or organization
- Have Federal Direct Loans (or consolidate other federal student loans into a Direct Loan)
- Be enrolled in a qualifying repayment plan
- Make 120 qualifying payments
For more information, go to the PSLF page on the Federal Student Aid website.
Key Student Loan Refinance
For help with student loan questions, you can email us at studentloans@key.com. For direct help with student loan applications, call us at 1-855-245-0989, or for general inquiries call 1-800-KEY2YOU® (1-800-529-2968). Dial 711 for TTY/TRS.
Refinancing student loans with us is simple - the application process is completely online, and you can view your potential rates in as little as 5 minutes.
- Request preliminary rates by completing the first portion of the application with basic information about your loan, education, and employment. Once you authorize a soft credit pull and provide sufficient information, you will receive your preliminary rates, which are subject to change following further underwriting review and a hard credit pull.
- Complete the application by uploading supporting documents and authorizing a hard credit pull. Once we receive your completed application, we will underwrite your loan and provide you with your final rates and loan terms, if approved.
- Select your loan type and term. Securely e-sign all necessary disclosures and your promissory note online.
- We set up your new loan. We send money to your current lenders and provide you with instructions to set up servicing of your new loan. Your first payment to KeyBank will be due one month from your disbursement date.
Refinancing your student loans may add up to significant savings. For example, if you refinance multiple loans into one loan with a lower rate and keep the loan term the same, you will accrue less interest, saving you money on a monthly basis and over the life of the loan.
Yes, as a current KeyBank client you may be eligible to refinance your loan(s) again. If you currently have a student loan with KeyBank and choose to refinance your student loan again with us, a new application, including consent to a new hard credit inquiry, will also be required. The rates and loan terms offered are dependent on current market rates and the applicant’s current financial standings, including but not limited to income, credit score, and debt-to-income ratio. If approved, the previous KeyBank student loan balance will be paid off with a new KeyBank loan.
KeyBank refinances student loans for working professionals with four-year undergraduate and/or graduate degrees from Title IV accredited institutions, as well as for professionals who have an associate degree* in designated professions. Graduate students and undergraduates can refinance student loans as early as their final semester of school, so long as they have a signed contract or letter of employment. We also refinance student loans for parents who took out debt to finance their child’s education. To be eligible for the Parent Student Loan Refinancing Program, the child must have attended a Title IV School but does not need to have graduated. Loan eligibility depends on lending criteria, such as your credit profile, monthly income, and monthly debt payments.
*Additional eligibility requirements for associate degree applicants:
The applicant must have been employed for a minimum of 12 months in the same field of study of the associate degree. Also, the applicant must either (1) be currently enrolled in and in the final term of the associate degree program at a Title IV eligible school or (2) have graduated from a school that is Title IV eligible with an associate degree in the following eligible programs:
- 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
- Surgical Technologist
- Associate Degree of Applied Science (AAS) in any of the above fields
To find out more about refinancing your loans for programs not listed above, and to review offers from other lenders, please schedule a student loan consultation.
KeyBank will refinance up to $50,000* for associate degree loans in an eligible healthcare field. Please see full eligibility requirements here.
*Parents who are borrowing on behalf of their dependents are not subject to the $50,000 loan maximum.
If you refinanced your student loans with Laurel Road at any time, there are no changes to your account number, loan terms, payment amount or due date of your loan. Servicing will continue to be handled by MOHELA, our student loan servicing partner. For more information, please visit MOHELA’s website at keybank.mohela.com. You can continue to contact KeyBank at 1-800-KEY2YOU (1-800-529-2968) with any questions regarding your loan (Dial 711 for TTY/TRS) or contact MOHELA about statements and billing at 1-877-292-6845 (Dial 711 for TTY/TRS).
Yes, KeyBank refinances both federal and private student loans, even if you have already refinanced or consolidated your student loans with another lender.
No, 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.
Student loans refinanced with KeyBank will continue to be serviced by MOHELA, our student loan servicing partner. If you have any questions about your student loan payments after funding your loan with KeyBank, please call MOHELA at 1-877- 292-6845. Dial 711 for TTY/TRS. For more information, please visit MOHELA’s website at keybank.mohela.com.
Checking your rate with KeyBank requires a soft credit pull, which generally does not affect your credit score. To proceed with an application, a hard credit pull is required and could affect your credit score. For more information, visit Consumer Financial Protection Bureau.
To complete a student loan refinance application, you will need to provide proof of graduation, current proof of income, and any applicable payoff statements. We may also request additional documents to help us round out your financial profile. If you intend to have a co-signer for refinancing, the co-signer may need to provide proof of income.
You may not need a cosigner, but if you do not meet a lender's credit criteria, a cosigner may improve your chances of being approved.
You may make additional payments greater than the installment amount at any time without penalty. Additional payments are applied to your principal balance after all outstanding interest is satisfied.
Standard Payment Application: Payment is applied first toward any late fees, next to outstanding accrued interest then to the principal balance. Partial Payments: Payments less than the required monthly installment amount are applied using the standard payment application. Payments less than the required monthly amount may cause your account to become delinquent. We may report information about your account to consumer reporting agencies. Late payments, missed payments, or defaults on your account may be reflected on your credit report.
A payoff statement is a document from your current student loan servicer(s) that tells us how much we need to pay them in order to pay off your student loan with your current lender. This is different from the monthly statement you receive, as it considers future dated interest you may owe and is typically generated when the borrower requests it from the servicer either online or over the phone. Each student loan servicer has its own process for generating payoff statements and providing them to borrowers. Once you begin your application, a Payoff Statement Guide can be accessed within the dashboard that provides more information about payoff statements and how you can obtain one from your current lender(s).
If your student loans are currently in a grace period, KeyBank can match the grace period on your new refinance loan for generally up to 6 months. Additional documentation may be requested during this time.
Yes. There are several payment options that you can choose from, including in-school deferment. Each deferment option includes a six-month grace period following graduation or termination of enrollment. Any interest accrued during any period of deferment or grace will be added to the principal balance at the beginning of the full repayment period.
New Student Loans
Once the college and program are determined by the student, the first step is to see what the total cost of attendance will be and if the student is eligible for any financial aid. Comparing the overall cost for the college program, any financial aid, or any personal college funding, the student will have to help cover the cost. The remaining cost to cover the college program will be either out of pocket, federal student loans, private student loans, or a combination of all three.
Federal student loans are issued by the government once the Free Application for Federal Student Aid (FAFSA) is submitted and processed. Federal student loans have fixed interest rates that the government decides on an annual basis, various repayment options, various postponement of payments options, and forgiveness and discharge options. Federal student loans have origination fees and limitations on borrowing limits.
Private student loans are not associated with the government and instead are associated with a bank or private company. There is typically a higher borrowing limit with private student loans compared to federal, where the student could obtain private student loans for almost their entire educational journey. Private student loans require a credit check when acquiring a student loan, and interest rates can be fixed or variable with different repayment term options. The loan could be disbursed faster compared to federal loans. Private student loans may require a cosigner to help the student obtain private student loans.
While in some instances private loans may provide more competitive rates and flexible terms and repayment options, borrowers will not have access to the repayment or forgiveness programs that may be available for federal student loans. For more information about federal student loan options, visit studentaid.gov.
Private student loans cannot be consolidated or refinanced into federal student loans, whereas federal loans can be refinanced into a private student loan. Private student loans can be refinanced into a new private student loan, which is subject to eligibility guidelines that are determined by the lender. The lender will decide whether the student will have options for postponing their payments or the ability to lower their monthly payment.
Students and parents should review all options prior to taking out private or federal student loans.
Students who are just starting out and do not have a long credit history or a consistent income yet may need a cosigner due to their credit profile not meeting the minimum requirements for the lender. Students who are continuing their higher education and have a long credit history and established income might not need a cosigner.
A cosigner is reviewed on a case-by-case basis for the student when determining their eligibility for private student loans.
New Student Loan Legislation Updates
The OBBBA introduces sweeping reforms to, among other things, the federal student loan system, which are set to take effect starting July 1, 2026. The law, signed on July 4, 2025, introduces new repayment plans, adjusts borrower limits, and redefines eligibility for forgiveness through Income-Driven Repayment (IDR) programs. Understanding these changes is critical for making informed financial decisions. To review what those changes are and how it could impact student loans, please review our informational article.
On March 10, 2026, the courts ended the legal challenges involving the federal SAVE repayment program. Borrowers may no longer apply for SAVE. If you are currently enrolled in the SAVE IDR Plan, the forbearance that your student loan servicer placed on your account will remain until a new repayment plan is applied to your account. Per DOE guidance, this forbearance will not count towards PSLF or IDR loan forgiveness.
Borrowers who are impacted by SAVE need to apply and move to an available repayment plan. Starting July 1, 2026, any remaining borrowers who have not switched to an available repayment plan will have 90 days to make that change. If they do not, they will automatically be placed on the Standard Repayment Plan. For the most up to date information, please visit www.studentaid.gov.
If you would like to discuss your options for your federal student loans, call our Student Loan Consultation Support Team at 1-844-472-3346 (dial 711 for TTY/TRS). They are available Monday through Friday from 9 a.m. EST to 5 p.m. EST. Clients using a TTY/TRS device, please dial 711. You can also email at studentloans@key.com.
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.
This information is provided for informational purposes only and is not intended to constitute professional financial, legal, accounting, or tax advice. KeyBank is a private national banking association and is not affiliated with, endorsed by, or acting on behalf of the United States Department of Education. We do not guarantee outcomes, estimates, availability, or timeframes. We offer an optional, complimentary service to clients who seek assistance in exploring student loan funding options.