If you’re looking for a way to finance your college education, LendKey and SoFi are two solid options. While SoFi is a more traditional student loan lender, offering specific loans for undergraduates, graduates, law students and more, LendKey is a loan comparison tool that matches you with small banks and credit unions. The choice between the two comes down to how much you value flexibility in your loan choices and what features you prioritize.

Loan Student
Key takeaway
LendKey is better if you’re looking to quickly compare several loan companies, while SoFi is better if you want an established company with plenty of opportunities for discounts and member benefits.

SoFi vs. LendKey

SoFi LendKey
Interest rates 5.24% to 12.82% Variable, 4.24% to 13.55% Fixed (with autopay) 5.80% to 10.80% Variable, 4.89% to 10.90% Fixed (with autopay)
Repayment terms 5 to 15 years 10 years
Loan amounts $1,000 to full cost of attendance $2,000 to full cost of attendance
Benefits No fees; membership rewards and discounts; unemployment protection benefit Compare several lenders at once; low APR caps; no application fees
Drawbacks High rate caps; associate degrees not eligible One repayment term option; loan details and fees vary by lender

Details accurate as of June 15, 2022

SoFi student loans: Pros and cons

SoFi offers undergraduate, graduate, law and MBA student loans. While it’s one of the more well-known student loan lenders, it’s important to think through the benefits and drawbacks before applying.


  • No fees: There are no origination fees, application fees or late fees with SoFi.
  • Rewards opportunities: SoFi offers membership rewards points for actions as simple as logging into the app and checking your credit score. As you earn those points, you can use them to help pay down your loans faster.
  • Membership discounts: If you already have an account with SoFi, you could earn a 0.125 percent discount on your student loan.
  • Unemployment protection: If you lose your job, SoFi’s unemployment protection policy can help adjust your payments while you get back on your feet. SoFi also offers assistance with planning your professional life and searching for jobs.


  • High APR: If you have a below-average credit score, a SoFi loan could be expensive. Its interest rate maximums are well over 12 percent for some of its loans.
  • Poor customer reviews: Between bad rankings on Trustpilot and many complaints from past customers logged with the Better Business Bureau, the company’s track record is far from perfect.
  • Limited eligibility: Borrowers looking to fund an associate degree will have to look outside of SoFi; the company only accepts borrowers who are enrolled at least half time in a four-year degree program or graduate school.

LendKey student loans: Pros and cons

LendKey does not offer separate loan products for undergraduate, graduate, medical and law students, as many companies do. If you’re looking for a student loan, you’ll go through a single portal, and your information will be reviewed by several companies. Here’s what to know before starting the process.


  • No application or origination fees: None of the lenders that partner with LendKey charge fees for applying or originating your loan.
  • Compare rates from multiple lenders: LendKey isn’t a student loan lender itself; instead, it matches borrowers with banks and credit unions that it partners with. Because of this, borrower information will be processed for multiple lenders at once, making LendKey a quick way to compare several companies.
  • Resources for students: LendKey goes beyond offering student loans. Its website also includes a scholarship search tool, a downloadable guide to paying for college and a hub with useful student loan-related articles.
  • Outstanding customer reviews: Borrowers who have worked with LendKey in the past give the company excellent grades on Trustpilot.


  • Loan details vary by lender: The biggest downside of LendKey’s model is that borrowers won’t have an idea of rates, terms or fees until they’re matched with a lender. Some of LendKey’s lenders may charge late fees, and some may not offer sufficient forbearance.
  • Limited repayment terms: LendKey’s loans all come with a 10-year repayment term, which is extremely limiting when compared to other student loan companies.
  • Relatively short grace period: Regardless of the lender you’re matched with, all student loans through LendKey have a six-month grace period. Some other companies offer grace periods of nine months or longer, especially for borrowers in graduate school.

Which is better: SoFi or LendKey?

SoFi and LendKey are both strong options for student loans. Both companies offer competitive rates for borrowers with good credit, and they both offer several unique perks that can make the student loan process easier.

If you have great credit and want a more full-service lender, SoFi is for you. SoFi will loan you money for your education, but it will also want to entice you to use it for basically everything else in your financial life — and if you do, you can earn impressive discounts and membership benefits. It’s the more digitally savvy of the two options, too, with online chat support.

If you’re hoping to stick with a credit union or you want to take some of the hassle out of comparing lenders, LendKey may be better for you. It’s an easy way to submit your loan details to several companies, and you’ll end up with a small bank or credit union that may offer more personalized service.

In any case, it’s always smart to get quotes from several sources before taking out a loan. If you have the time, compare quotes from both SoFi and LendKey to see which offers you the best combination of interest rates, terms, perks and fees. From there, you can decide which lender is truly right for your needs.