Start My Answer

How to Settle a KeyBank Student Loan

George Simons | January 27, 2025

George Simons
Co-Founder of SoloSuit
George Simons, JD/MBA

George Simons is the co-founder and CEO of SoloSuit. He has helped Americans protect over $1 billion from predatory debt lawsuits. George graduated from BYU Law school in 2020 with a JD-MBA. In his spare time, George likes to cook, because he likes to eat.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: If you've fallen behind on your KeyBank student loan payments, Solo can help you validate the debt and send an Answer to the court before the deadline.

When you took out a student loan with KeyBank, it likely felt like a step toward building a brighter future and achieving your goals. But sometimes, unexpected financial challenges can arise, making it difficult to keep up with payments. If you’ve defaulted, you may now be hearing from KeyBank debt collectors.

It’s important to understand that their goal isn’t to frustrate you but to recover the owed money so they can continue supporting other borrowers. As you interact with them, keep in mind that you have rights under the Fair Debt Collection Practices Act. This law ensures you’re treated with fairness and respect throughout the process. KeyBank debt collectors are trained on these guidelines and are aware of their responsibility to honor your rights as a consumer.

Letting KeyBank debt collectors know that you know your consumer protection rights will help ensure a smooth process. To further assist you in preparing for their call, email, or message, we will discuss KeyBank more, look at some reviews, and discuss what action to take when they contact you.

Settle debt with KeyBank

You can negotiate debt settlement at any stage of the collections process. SoloSettle makes it easy.

Settle with SoloSettle

What is a KeyBank student loan?

KeyBank is among the 20 largest banks in the United States and has an A+ accreditation from the Better Business Bureau (BBB). It has been in business for over 90 years and offers banking services, credit cards, mortgages, auto, and personal loans. For student loans, they work with Laurel Road to offer financial support to students, graduates, and parents borrowing for their children's education. Once you show interest in getting a student loan from KeyBank, they transfer you to Laurel Road for further discussions and loan processing. KeyBank’s headquarters contact information:

Address: 127 Public Sq, Cleveland, OH 44114-1217
Website: https://www.Key.com
Phone Number: 1-800-539-2968

Who does KeyBank student loan collect for?

KeyBank helps individuals and organizations by providing loans to support educational goals. They collect payments only for loans issued directly by KeyBank and not for loans managed by other companies. If KeyBank reaches out to you regarding a student loan, it’s likely tied to a loan you borrowed directly from them, ensuring that all communication and repayment are directly managed through their system.

Ask KeyBank to verify your student loan.

When KeyBank contacts you, do not accept any debt figures without sending a Debt Validation Letter to confirm the exact debt amount, the date of the last payment, and other important account information. The statute of limitations on debt starts on the date of the last payment. If your debt has exceeded the statute of limitations, it is “time-barred,” which means that KeyBank cannot file suit against you to collect the debt. Making a payment resets the clock on the statute of limitations.

Solot can help you draft a Debt Validation letter in less than 10 minutes.

Check out this video to learn how to make a Debt Validation Letter in 2 easy steps:

KeyBank has different types of loans.

KeyBank student loans fall under two categories: The Federal KeyBank student loans, which cover your education fee with the benefits of a federal loan, and the Private KeyBank student loan, which is the additional loan you take on top of the federal loan to cover additional expenses. Their private student loan has three options:

  • Key Alternative Loan: Covers the financial gap between your federal student loans and other expenses.
  • Key Career Loan: Fits the undergraduate or graduate student attending loan-approved institutions for career enhancement training.
  • Achiever Loan: This is for students with parents, sponsors, or families who want to help a student pay for costs associated with achieving higher education.

Regardless of the student loan you took, KeyBank has a legal right to ask you to update your payments if you default. Let's look at what you can do when KeyBank contacts you.

What to do when KeyBank debt collectors contact you

When KeyBank debt collectors contact you, it's an opportunity to address your pending debt and work towards a positive resolution. These conversations are a chance to explore payment options and develop a plan that works for your current financial situation. The following are steps you can take to protect yourself and have a positive outcome:

Ask for proper identification

You may encounter people who want to use KeyBank’s name to scam you, yet they are not their employees. To avoid communicating with a scammer, you need to ask for the proper identification of the debt collector contacting you. Request their full name, employee number, company they represent, address, and website information. Debt collectors who want to scam you using KeyBank’s name will become upset if you probe for this information. Stop further communication with them until they give you these details.

Do not admit to any debt.

Do not confirm any information regarding your debt that KeyBank debt collectors mention to you without first requesting debt validation. You may be giving up your legal rights if you admit to debt without getting a written document from KeyBank. Debt collectors sometimes make mistakes by contacting the wrong person, giving you inaccurate debt figures, and collecting a legally expired student loan.

Verify the debt by sending a debt validation letter

Consumers have a right to request a creditor to validate their debt. Sending a debt validation letter will help you confirm the details are correct. Once you send it, they must respond to the letter with extensive information on the debt (i.e., the exact amount owed, the name of the creditor that owns the debt, etc.).

Wait for debt verification.

Once you send a debt validation letter, the law gives the creditors 30 days to respond. Within that period, they should cease further debt collection. Do not send money to KeyBank student loan until you receive their debt verification; otherwise, they will consider the payment an admission to the debt as they had quoted.

What if KeyBank sues me over a student loan debt?

If KeyBank is suing you for your unpaid student loan, you have options. The worst thing to do is ignore the lawsuit. Failure to respond to a debt lawsuit can lead to a default judgment against you, giving KeyBank the legal right to garnish your wages, put liens on your property, etc. For this reason, the first step to beating KeyBank in court is to file a written Answer.

Solo can help you draft your own Answer, have an attorney review your documents before sending them in, and file your Answer with the court. You don't need an attorney for your case with KeyBank.

Just remember that filing an Answer doesn’t end the lawsuit. Until the lawsuit is dropped or resolved, you need to keep track of your case and respond to any deadlines while working toward a settlement resolution.

Settle debt with a KeyBank student loan.

Once you send an Answer, approach KeyBank via SoloSettle and ask them to settle the debt for less than you owe. Let’s explore the steps for debt settlement.

  1. Review your financial situation to determine how much you can realistically offer to pay in a lump sum.
  2. Contact KeyBank to make an offer and explain why you need to settle the debt for less than you owe.
  3. Keep track of all correspondence between you and KeyBank. Be prepared for a counteroffer, and know exactly how much you can afford to pay.
  4. If they accept your offer, get a signed copy of the Settlement Agreement and send your payment.
  5. Fulfill your end of the agreement. If, down the road, you experience troubles making your payments on time, reach out to KeyBank and be upfront about your situation.

The SoloSettle software has a customizable template that allows you to personalize it to KeyBank. Ensure the reasons you give for wanting to pay less than you owe are valid, as they are likely to investigate before returning with a counteroffer. Once you reach an agreement, Solo will take care of the paperwork while protecting your personal and financial information.

Learn more about debt settlement with the following video:

Read KeyBank student loan reviews online.

Reading what other consumers say about KeyBank will help you understand how to interact with them. It may save you time and effort if you know the different approaches you can use to communicate with them, which can lead to more positive results. Here are some reviews to explore from these reliable platforms:

You may have noticed mixed reactions as you interacted with the reviews about KeyBank. Here is what Dan had to say about his overall experience with them.


“Everyone I have worked with, for anything I need. They have all been great. Even if I just stop by to get some advice. They are always very helpful, always very nice.”

Taking Dan's approach as you interact with KeyBank's agents will help you address your debt and become debt-free sooner rather than later. Ensure you have an open mind and clearly communicate your position and desire to find a workable way to clear the debt. SoloSettle is a great tool to help you negotiate with KeyBank to settle your debt and document all communications.

Settle with SoloSettle

Make an Offer

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

Guides on how to resolve debt with every debt collector

Are you being sued by a debt collector? We’re making guides on how to resolve debt with each one.

Resolve your debt with your creditor

Some creditors, banks, and lenders have an internal collections department. If they come after you for a debt, Solosuit can still help you respond and resolve the debt. Here’s a list of guides on how to resolve debt with different creditors.

Settle your medical debt

Having a health challenge is stressful, but dealing medical debt on top of it is overwhelming. Here are some resources on how to manage medical debt.

Guides on arbitration

If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.

Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.

Stop calls from debt collectors

Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.

Federal debt collection laws can protect you

Knowing your rights makes it easier to stand up for your rights. Below, we’ve compiled all our articles on federal debt collection laws that protect you from unfair practices.

Get debt relief in your state

We’ve created a specialized guide on how to find debt relief in all 50 states, complete with steps to take to find relief, state-specific resources, and more.

Debt collection laws in all 50 states

Debt collection laws vary by state, so we have compiled a guide to each state’s debt collection laws to make it easier for you to stand up for your rights—no matter where you live.

Statute of limitations on debt state guides

Like all debt collection laws, the statute of limitations on debt varies by state. So, we wrote a guide on each state’s statutes. Check it out below.

Statute of Limitations on Debt Collection by State (Best Guide)

Check the status of your court case

Don’t have time to go to your local courthouse to check the status of your case? We’ve created a guide on how to check the status of your case in every state, complete with online search tools and court directories.

How to stop wage garnishment in your state

Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in all 50 states.

Other wage garnishment resources

How to settle a debt in your state

Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created a guide on how to settle your debt in all 50 states. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

How to settle with every debt collector

Not sure how to negotiate a debt settlement with a debt collector? We are creating guides to help you know how to start the settlement conversation and increase your chances of coming to an agreement with every debt collector.

Other debt settlement resources

Personal loan and debt relief reviews

We give a factual review of the following debt consolidation, debt settlement, and loan organizations and companies to help you make an informed decision before you take on a debt.

How to repair and improve your credit score

Debt has a big impact on your credit. Below is a list of guides on how to repair and improve your credit, even while managing major debt.

How to resolve student loan debt

Struggling with student debt? SoloSuit’s got you covered. Below are resources on handling student loan debt.

Civil law legal definitions

You can represent yourself in court. Save yourself the time and cost of finding an attorney, and use the following resources to understand legal definitions better and how they may apply to your case.

Get answers to these FAQs on debt collection

How-to debt guides

Learn more with these additional debt resources

Contents