@Dashrender said:
Isn't using a SSH key and a password considered two factor authentication?
It is not generally considered to be this. An SSH Key is just a really, really long password that you probably can't remember. Would you consider having two passwords, both entered from the same place, to be two factor? I would not. It's more like one factor plus. It's an incredibly secure single factor, but the key itself is still a single factor, just a really strong one.