A brand of KeyBank, N.A, Laurel Road is an online lending service that helps with refinancing for both federal and private student loans. If your parents or know someone who has taken loans for their children, you can learn how to refinance with Laurel Road. Continue reading below for our complete review over Laurel Road.
Laurel Road In A Nutshell
| Loan Terms | 5, 7, 10, 15 or 20 years |
| Loan Amounts | $5,000 up to your total outstanding loan balance |
| Loan Types | Variable, fixed |
| Refinance Parents’ PLUS Loan | Yes |
| Cosigner | Yes |
| Autopay Discount | 0.25% |
Laurel Road Features
Laurel Road offers affordable rates to help families struggling to pay back their loans. You are able to refinance 100% of your student loans in a flexible manner and with limits that best suits your financial needs. Some key features include:
Cosigners Welcomed
You can have a cosigner to better your chances for approval and improved rates. This is helpful if you don’t think that can qualify on your own.
Borrower Protections
Borrowers are protect with the following:
- Laurel Road honors grace periods and delayed payments for recent graduates until time’s up.
- You can apply for forbearance if you experience a qualifying economic hardship such as involuntary job loss or unpaid maternity leave. In these instances, you can postpone your monthly payments for up to three months at a time, for a total of 12 months during the term of your loan.
- In the unfortunate circumstances that you become permanently disabled or die, Laurel Road will forgive the total amount of your refinanced student loan.
Reduced Payments for Medical & Dental Residents
When you get matched to a residency program, you can refinance your student loans with Laurel Road and pay only $100 per month throughout your residency or fellowship and up to six months after training.
Referral Bonus
If you refer a friend and they refinance with Laurel Road, you can earn a $400 cash bonus for each person.
Laurel Road Rates & Fees
Depend on yours or your cosigner’s credit history and financial profile, your rates will vary. For your own customized rate estimate, simply head to Laurel Road’s website and submit your information. These rate checks are done with a soft credit check, so your credit score won’t be effected.
Once approved, you can sign up for automatic payments to get a 0.25% interest rate discount.
| Application Fee | None |
| Origination Fee | None |
| Prepayment Penalty Fee | None |
| Late Payment Fee | 5% or $28, whichever is less |
Laurel Road Requirements
To qualify for student loan refinancing with Laurel Road, you must:
- Be a United States citizen or permanent resident with a valid I-551 card.
- Be a working professional with a four-year undergraduate or graduate degree from Title IV accredited institutions, a professional with an associate degree in a designated profession, or a parent who took on debt to finance your child’s education.
Laurel Road is available in all 50 states, the District of Columbia and Puerto Rico.
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Bottom Line
If you are looking to refinance your student loans, Laurel Road is a good option to consider. This is especially true for medical students in residency, parents who took out for a child’s education, looking for flexible terms, or want to apply with a cosigner.
Before you decide on Laurel Road, make sure to consider all other options and compare rates and terms from other lenders to best suit your needs. For more ways to save more, check out our post on how save money online and bank guides here on HMB!
(Click the link to learn more at Laurel Road)
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