FAQs: Lendkey Private Student Loans

At Wheatland FCU, we’ve walked alongside generations of Lancaster County families as they send their children off to college. It’s a season full of pride and excitement, but we know it often includes a whole lot of information processing as you try to navigate the cost of higher education.

Most families begin with FAFSA, scholarships, and other federal aid. But what happens when those sources don’t quite cover the bill? That’s where a private student loan can act as a bridge, helping your student close that funding gap. Since we believe in keeping things simple and transparent, we’ve put together this quick guide on what you need to know about navigating this process with a private lender like LendKey.

What to Know Before You Apply

The main difference between federal student loans and private student loans is the lender. Federal loans are provided by the federal government, while private loans are offered by private lenders like banks and credit unions. Federal aid is more accessible in that a student can receive it without a cosigner or credit history. And while federal loans may have beneficial repayment options, there are borrowing limits and students may have to supplement with other funding options.  

A private student loan is designed to fill the gap between the financial aid your student may have already received and the total cost of attending school. Private student loans may be used for qualified education-related expenses and may include:

• Tuition
• Housing and meals
• Books and supplies
• Laptops or other necessary technology
• Travel and personal expenses

You’ll need to know the school you’re attending, the academic period you’re applying for, the loan amount you’re requesting, and personal information (like Social Security numbers) of the borrowers.

Who Can Apply?

Generally, the student must be a U.S. citizen or permanent resident, enrolled at least half-time in an approved school, and meet certain credit requirements.

Because many students are just beginning to build their financial history, they often don’t have a long credit track record. This is where a cosigner comes in.

The Power of a Cosigner

Think of a cosigner, often a parent or grandparent, as a “financial anchor. A cosigner with a strong credit history can often help the student qualify for a significantly lower interest rate, saving the family money over the life of the loan. They share the same responsibilities as the primary borrower for the loan, which includes ensuring monthly payments are made on time.

It’s a beautiful way to help a young adult start their journey toward financial independence while having the safety net of a trusted loved one. Lean more about cosigner information on LendKey’s FAQ page.

Timing Your Request

“When is the best time to apply?” is a commonly asked question. A good rule of thumb is to start the process about 30 days before your school’s tuition bill is due. While the application itself is often quick, your school must “certify” the loan, meaning they confirm the student is enrolled and the amount requested matches their needs. Giving yourself that month-long cushion ensures a stress-free start to the semester.

Borrow Wisely

Keeping with our mission of assisting our members in building a solid financial future, we encourage families to borrow only what is truly necessary. You can apply for a loan to cover the entire academic year or just a single semester. Many families find that applying for the full year is more convenient, but it’s important to understand what will work best for you and your student.

A Trusted Partnership for Your Journey

To provide our members with the best possible student lending options, we partner with LendKey. While WFCU helps connect you to these resources, LendKey serves as the lender and will be your point of contact for the life of the loan. This allows us to offer our Lancaster County neighbors access to competitive rates and a seamless, digital-first application process, all while maintaining the high standard of care you expect from your credit union.

Want to Learn More? Visit LendKey’s FAQ page all about Private Student Loans.

Ready to take the next step?

If you’re feeling overwhelmed by the numbers, you don’t have to figure it out alone. Give us a call at 717-898-7673, option 3. We’ve been helping Lancaster County families reach their dreams for a long time, and we’d be honored to help you with yours.

Have questions for LendKey? Reach out to their team directly at servicing@lendkey.com or 1-888-966-9268.