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Laurel Road Student Loan Refinance Rates
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Laurel Road Student Loan Refinance Review
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Bottom line: Laurel Road is a great option to refinance your student loans, as the company offers the best APR on its fixed rate loans and a multitude of repayment options. However, its variable rates start out slightly higher than the competition.
With Laurel Road, you pay no basic fees or prepayment penalties, and you can save on interest by refinancing your student loans. Be careful before doing this with federal loans as you will lose important protections like income-based repayment plans and debt relief programs.
According to the Laurel Road website, only 11% of applicants who applied between July 2019 and June 2021 were eligible for the best rate, so don’t aim for the highest advertising rate.
Laurel Road Student Loans Review
If you are pursuing a bachelor’s degree in dentistry, nursing, medicine, or studying as a paramedic, you are eligible for a loan from Laurel Road. Undergraduates and any doctoral students studying disciplines other than those listed will not be able to benefit from the loan.
The APR on Laurel Road’s fixed rate loans are among the best in the business. In fact, none of the fixed rate loans on our list of the best private student loans have a low starting rate.
Laurel Road has significantly better price points than Sully May and is competitive with Earnest. Here’s how the three companies compare:
Earnest and Sally May both have college and graduate loans, but Laurel Road only refinances those loan types. You can get a healthcare graduate loan with all three companies.
Refinance Medical School Loan For Doctors| Laurel Road
Sally May sets the reimbursement period for undergraduates and one reimbursement period for graduate students. Laurel Road has five repayment terms to choose from, and Earnest has six.
Laurel Road offers a discount of up to 0.55% when you open a checking account with the company and make a certain amount of monthly direct deposits. When you set up an automatic payment, you will receive an interest rate discount of 0.25% on both Earnest and Sally May,
Laurel Road offers student loan refinance on undergraduate and graduate student loans and generates medical graduate student loans. You can add a cosigner to your loan, who can qualify if your cosigner has good credit and earns you a lower rate.
You can usually get advanced terms and protections through the government, look at federal student loan options before going after private student loans, including the Laurel Road loan.
Laurel Road Review: Refinancing, Graduate Loans
If you sign up for the Laurel Road checking account, you will receive an initial 0.25% discount on the three-month interest rate. You can get a 0.55% discount depending on the amount of money you deposit into that account each month.
To contact Laurel Road customer support, call the lenders between 7:00 am and 11:00 pm. ET, seven days a week. You’ll also be able to send emails or use the company’s live chat feature.
Checking your rates through Laurel Road has no effect on your credit score. However, if you continue the request after reviewing the rates, the lender will conduct a physical credit survey, giving the company a comprehensive view of the credit history but potentially damaging the score.
Laurel Road offers several options for repaying medical graduate loans: deferred, lump sum, interest-only, and instant payments. The best repayment plan for you depends on your situation. The Laurel Road Student Loan Refinance Payment Fund will commence 30 days after the due date.
Laurel Road Review 2022
Deferred and lump sum payments cost more than interest-only or instant payments because interest accrues when you go to school and during the grace period. This interest is then compounded, which means it will be taxed on the loan balance after the term, deferral, and unpaid periods after the grace period. This will add to your loan balance and therefore you will pay interest on a larger amount, increasing the overall cost of your loan.
Laurel Road is rated A by the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. BBB evaluates companies by responding to customer complaints, evaluating the truthfulness of advertising and clarity of business practices.
Laurel Road hasn’t been involved in any scandals or controversies in recent years, so you should feel comfortable taking out a loan from the company.
However, you may not have a good relationship with Laurel Road due to the company’s brilliant BBB score and clean history. Reach out to your friends and family about their experiences with lenders and find out what other customers have to say about the online business.
Laurel Road Student Loan Review
Ryan Wangman is a junior reporter who reports to Personal Finance Insider on Personal Loans, Student Loans, Student Loan Refinancing, Debt Consolidation, Auto Loans, RV Loans, and Boat Loans. He is also a Certified Academic in Personal Finance (CEPF). In his past personal finance experience, he has written about credit scores, financial literacy, and home ownership. He is a graduate of Northwestern University and previously wrote for The Boston Globe. Learn more about how Personal Finance Insider selects, evaluates and covers financial products and services >>
Disclosure: This post can highlight financial products and services that help you make better decisions with your money. We do not offer investment advice or encourage you to adopt a particular investment strategy. What you decide to do with your money is up to you. If you take action on one of our recommendations, we receive a small share of the revenue from our business partners. It does not affect whether we feature a financial product or service. We operate independently of our ad sales team. Read our editorial standards. By clicking Continue, you will be directed to a third party website. Laurel Road, Keybank NA The Brand is not responsible for the content, links, privacy or security policies of any third party websites.
Laurel Road’s innovative engineering culture is reinforced by the scale and resources that come with being a part of KeyBank N.A., an FDIC member. To see full employment details and apply for this role, you will be redirected to our Keybank recruiting site.
The calculator on this page compares a person’s current student loan to a Laurel Road refinanced student loan. The calculator assumes that: (1) the current loan is repaid under a standard repayment schedule, where the user makes consecutive monthly payments based on the number of monthly payments remaining on the input loan; (2) the current loan has a fixed interest rate for the remainder of the loan; And (3) the monthly payment amount of user inputs pays off the loan in the number of remaining monthly payments.
Laurel Road Student Loans: 2022 Review
Interactive information and calculators are made available to you as self-help tools for your free use and are not intended to provide investment advice, legal, financial or tax advice. We do not and cannot guarantee their applicability or accuracy with respect to your personal circumstances. All examples are for fictional and illustrative purposes. We encourage you to seek personalized advice from qualified professionals on all personal finance matters. The calculators do not cover the fees and restrictions that some products may have. This calculator does not indicate if you are eligible for the Laurel Road Loan. Visit the applicable banking product pages for specific terms and conditions.
If you are refinancing federal student loans with Laurel Road, you will no longer be able to enjoy any federal benefits, including but not limited to: COVID-19 Payment Compensation, Income-Based Refund (IBR), Pay As You Earn (Pay) or Revised Payment as You Earn (Reimbursement) and amnesty of the public service loan (PSLF). For more information on the benefits of these federal programs and other federal student loan programs, visit https://studentaid.gov.
Assumptions: The following repayment examples assume a loan amount of $ 10,000 and repayment begins immediately after repayment. Refund examples do not include the 0.25% Autopay discount, Laurel Road Linked Savings discount, or special pricing.
Annual Percentage Rate (“APR”): This term represents the borrower’s actual cost of financing over the life of the loan, expressed as an annual rate.
Laurel Road Student Loan Refinancing Review
Variable rates: current
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