Refinancing student loans is essential for borrowers in need of financial assistance. It provides the chance to obtain cheaper interest rates, cut monthly payments, and streamline debt repayment.
By refinancing, consumers might save money throughout the life of the loan, enhance cash flow, and attain long-term financial stability.
It also offers the option to alter the terms of payments, which makes it a useful tool for minimizing student loan debt and gaining more financial independence.
We are offering you Laurel Road Student Loan Refinancing today. Laurel Road student loan refinance rates, benefits, terms, repayment alternatives, application procedures, and truthful evaluations have all been discussed here.
A Comprehensive Overview of The Laurel Road Student Loan Refinance
KeyBank’s digital banking platform, Laurel Road, offers customized solutions to assist the financial well-being of professionals in the healthcare and business sectors.
The banking and lending options offered by Laurel Road include customized savings accounts, mortgages, personal loans, student loan cashback credit cards, and student loan refinancing.
More than $9 billion in federal and private student loan debt has been consolidated and refinanced by thousands of professionals with undergraduate and graduate degrees thanks to the assistance of Laurel Road since 2013.
Laurel Road joined KeyBank, a major bank-based financial services company in the country and an FDIC member, in April 2019.
With the technology and ease of use members anticipate from a digital innovator and the openness and security they need from a bank, Laurel Road aims to be their go-to financial partner at every financial turning point.
Laurel Road’s banking and lending products are intended to assist members in navigating their financial journeys and achieving their financial objectives by providing smooth, tailored experiences.
Laurel Road Student Loan Refinance helps you achieve financial independence. Borrowers are given the ability to take charge of their college debt with an all-inclusive solution.
Laurel Road provides easy online application procedures, flexible payback terms, and affordable interest rates.
By refinancing, borrowers might save money and simplify their affairs. Transparency is given priority on the site, which offers instructional materials to assist borrowers in making wise choices.
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How does Laurel Road Student Loan Refinance work?
The Laurel Student Loan Refinance program at Laurel Road operates using a simple procedure:
Check Eligibility: Go to the Laurel Road website to review the requirements for eligibility. Borrowers often require good credit, a qualifying degree, and consistent income.
Get a Rate Quote: Gain a customized rate quote by utilizing Laurel Road’s online resources. To get an estimate of possible interest rates and repayment terms, enter some basic information.
Choose Loan Terms: Examine the terms of the loan, including the interest rate and the available repayment plans. Choose the terms that best suit your interests and financial objectives.
Initiate Application: Launch the online application procedure. As requested, provide personal, financial, and educational details. You might have to attach supporting documentation.
Credit Check: A credit check will be done by Laurel Road as part of the application procedure. Advantageous interest rates and approval chances are increased with a high credit score.
Review Loan Terms: Examine the loan terms carefully after approval, paying particular attention to the interest rate, monthly payments, and any other fees that may apply.
Sign Loan Agreement: To accept the terms, sign the loan agreement electronically. Before moving forward, make sure you comprehend and accept all terms.
Submit Supporting Documents: Provide any required supporting documentation, such as identification or proof of income, upon request.
Loan Approval and Closing: Laurel Road will authorize the loan once all conditions have been met. For the closing procedure, there can be further stages you need to finish.
Start Repayment: Your new loan will go into repayment after closing. Ensure you follow the conditions of the agreement and pay your bills on time each month.
Laurel Road offers materials and customer service to help borrowers along the way. To make an informed choice, it’s critical to thoroughly go over all terms and weigh them against alternative refinancing possibilities.
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Laurel Road student loan refinance Benefits
Here are some of the biggest benefits you can get during your Laurel student loan refinance term. Some will also help you save money.
Lower refinance Interest Rates with a checking account: If you open a Laurel Road Linked Checking account during the refinancing process, you can get student loan refi rates starting at 4.97% variable Annual Percentage Rate (APR) when you set up qualifying monthly direct deposits.
When you convert to Laurel Road Linked Checking during student loan refinancing, you can begin saving right away with an introductory 0.25% discount on your interest rate for the first three months.
Your interest rate discount will be calculated based on your total monthly direct deposit amount; you might reduce your student loan refinancing rate by up to 0.55%.
GradFin Consultation: During a free 30-minute consultation with one of their GradFin student loan consultants, you will learn about student loan repayment, forgiveness, and refinancing choices, as well as design your personalized plan.
GradFin assists debtors in qualifying for student loan forgiveness at an average of more than $110,000.
Income-driven repayment: Employees in the private sector may be eligible for forgiveness under an income-driven repayment arrangement.
IDR enables you to create manageable monthly payments based on your income. That means you decide how much you can afford to spend each month on your journey to forgiveness.
Four of the most popular income-driven options are Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income-Contingent Repayment (ICR), all of which adjust the borrower’s payments based on their adjusted gross income and family size rather than how much they owe.
Forgiveness for government or not-for-profit employees: PSLF is a US government program that allows qualified borrowers who work for non-profits or government entities to have their Federal Direct Loans forgiven after 10 years of repayment under the Income-Driven Repayment (IDR) plan (120 total payments).
To qualify for the program, you must:
- Be employed by a non-profit (must be tax-exempt under Section 501(c)(3) of the Internal Revenue Code) OR a United States government agency at any level (federal, state, municipal, or tribal), including military service.
- If you work full-time for the agency or organization.
- Have Federal Direct Loans (or consolidate other federal student loans into a Direct Loan)
- You must enroll in an income-driven repayment (IDR) plan
- Make 120 qualifying payments
Competitive Interest Rates: Laurel Road provides fixed interest rates ranging from 5.49 to 10.74%, as well as variable interest rates ranging from 5.24 to 10.64%, which might result in significant savings during the loan’s term.
Grace period: Except for borrowers who select Immediate Repayment, you will have a six (6) month grace period that begins at the end of your in-school time.
The grace period begins when the student drops below half-time attendance, withdraws from the eligible institution, or graduates.
The Repayment Period will commence within thirty (30) days following the completion of the grace period.
Any interest earned during any period of deferment or grace will be applied to the principal balance at the start of the full repayment period.
No fees: There are no origination or prepayment penalties associated with this loan.
Flexible Repayment Terms: Borrowers can select payback lengths ranging from 5 to 20 years to create a plan that best suits their financial objectives and circ*mstances.
Cosigner Release Option: Borrowers can release a cosigner from the loan after meeting specific criteria.
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Laurel Road student loan refinance eligibility requirements
While eligibility criteria may differ, standard requirements for Laurel Road loan refinance often include:
- U.S. citizens and permanent residents with a valid I-551 form (“permanent green card”) can refinance student debts with Laurel Road.
- Laurel Road refinances student loans for working professionals with four-year undergraduate and/or graduate degrees from Title IV qualified institutions, as well as those with an associate degree in a certain profession.
- To be eligible for the Parent Student Loan Refinancing Program, the child must have attended a Title IV school but has not graduated.
- The graduate must work for at least 12 months in the same field of study as their associate degree.
- You need at least a 660 credit score
- The applicant must be either currently enrolled and in the final term of an associate degree program at a Title IV eligible school, with an offer of employment in the same field in which they will receive the associate degree, or have graduated from a Title IV eligible school with an associate degree in one of the eligible programs listed below.
- Cardiovascular Technologist (CVT)
- Dental Hygiene
- Diagnostic Medical Sonography
- EMT/Paramedics
- Nuclear Technician
- Nursing
- Occupational Therapy Assistant
- Pharmacy Technician
- Physical Therapy Assistant
- Radiation Therapy
- Radiologic/MRI Technologist
- Respiratory Therapy
- Surgical Technologist
It’s important to note that eligibility requirements can change, and Laurel Road may have specific criteria. Prospective borrowers should check directly with Laurel Road or the lender of their choice for the most accurate and up-to-date eligibility information.
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Step-by-Step Guide Laurel Road Student Loan Refinance Application Process
Here is a step-by-step guide to applying for the Laurel student loan refinance.
Visit Laurel Road website: First, you must visit the Laurel Road website. Then click on the lending menu on the menu bar and choose student loan financing. Then it will open in a new tab and click on the CHECK MY RATE.
If you have a Laurel Road User ID, log in to begin or continue an application. If you don’t have any id then click on the Get Started button.
Provide Your Information: Now you need to provide your information like:
- Name, Email, Date of Birth, Phone Number, Permanent Address, Zip Code, Citizenship Status
- Social Security NUmber, Employment Status, Annual Income,
- Your Degree Details, Graduation date.
After filing all the details click on the continue button.
Credit check: Laurel Road will run a credit check as part of the application process. A solid credit score is frequently an important component in establishing your eligibility and interest rate.
Submit Supporting Documents: Upload any necessary supporting documents, such as proof of income or identification, to help with the verification process.
Review and Sign: Review the loan conditions, interest rate, and any extra information offered by Laurel Road. If everything matches your requirements, electronically sign the loan agreement.
Loan Approval and Closing: Once your application is approved, Laurel Road will assist you with the closing process. Review the final loan details and sign the required documents to complete the refinancing.
Always follow Laurel Road’s application guidelines and contact customer service if you have any issues during the process.
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Laurel Road student loan refinance rates, Terms & Repayment
Here’s an overview of the Laurel Road refinance rates:
Interest Rates: Laurel Road often provides both fixed and variable interest rate choices. The rates can vary depending on your creditworthiness, loan period, and whether you select a fixed or variable rate.
Fixed rates offer consistency with a steady monthly payment, whereas variable rates may start low but fluctuate over time. Laurel Road refinance rates are fixed and variable, and they differ depending on the loan period (5, 7, 10, 15, or 20 years).
| Term | Fixed APR With Discounts | Variable With Discounts |
|---|---|---|
| 5 year | 5.49 – 9.95% | 5.24 – 9.85% |
| 7 year | 7.00 – 10.15% | 6.90 – 10.05% |
| 10 Year | 7.20 – 10.35% | 7.10 – 10.25% |
| 15 Year | 7.40 – 10.55% | 7.30 – 10.45% |
| 20 Year | 7.60 – 10.74% | 7.50 – 10.64% |
Repayment & Terms: Laurel Road normally provides a standard repayment plan with a variety of payback options, allowing borrowers to select the timeframe that best meets their financial goals.
Common payback lengths include five, seven, ten, fifteen, and twenty years. Shorter terms typically result in greater monthly payments but lower total interest costs, whereas longer terms may have lower monthly payments but higher total interest costs.
It is critical to thoroughly evaluate Laurel Road’s current terms and conditions, including any fees, discounts, and eligibility requirements.
Also, keep in mind that interest rates and terms may change depending on market conditions and individual financial profiles.
Before starting with loan refinancing, you must evaluate offers from multiple lenders to ensure that you get the best conditions possible.
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Pros & Cons of Laurel Road Student Loan Refinance
Here is a list of all the advantages and disadvantages of Laurel Road Student Loan Refinance so that you can make an informed decision to refinance your loan from here:
Pros
- You can refinance parent PLUS loans under your name.
- Refinancing is offered to medical and dental residents.
- No Origination Fees
- Autopay Discount
- Flexible Repayment Terms
- Cosigner Release Option
- Fixed and variable APR
- Available in All States
Cons
- 600 Credit Score Required
- Borrowers must meet specific eligibility criteria related to education, employment, and other factors.
Before refinancing with Laurel Road or any other lender, thoroughly research the terms, compare offers from various lenders, and consider your financial goals and situation. Be mindful of future changes in interest rates and market conditions.
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Laurel Road Student Loan Refinance reviews
There are numerous third-party websites, such as Trustpilot and Better Business Bureau, where we may locate reliable Laurel Road Refinance reviews from actual customers.
Laurel Road Student Loan Refinance Reviews On Trustpilot: There are 543 reviews with 3 stars and an average rating on Trustpilot.
Laurel Road Student Loan Refinance Reviews On BBB: There are only 8 reviews with 1 star with an A+ rating on Better Business Bureau.
Laurel Roadcustomer service
You can contact Laurel Road customer care Monday-Friday 8:00 AM – 8:00 PM ET using the following methods:
Phone: Call Laurel Road’s customer service hotline at 1-833-427-2265.
If you are an existing customer, you may find a customer service phone number on your loan statements or in your online account.
Online Contact Form: Visit Laurel Road’s official website and navigate to the “Customer Support” section.
Email: There is an email address help@laurelroad.com which is specifically designated for customer inquiries on the official Laurel Road website.
If you are an existing customer, check if there’s an email address provided in your account information.
Live Chat: Laurel Road has a live chat feature for exploring their site or contacting them during business hours.
Social Media: Laurel Road maintains an active presence on sites such as Twitter and Facebook.
Mail: If you prefer traditional mail, you can mail at their address Laurel Road, 3 Corporate Drive, 4th Floor, Shelton, CT 06484 for customer inquiries.
When contacting customer service, be prepared to provide important information, such as your loan account number or any other facts about your inquiry.
Additionally, visit their official website for precise contact information and hours of operation. Keep in mind that response times may vary, and it is generally beneficial to be patient while waiting for a response.
Best alternative to the Laurel Road Student Loan Refinance
Several lenders provide student loan refinancing, each with their unique set of terms, prices, and perks.
The “best” alternative to Laurel Road Student Loan Refinance is determined by your own financial circ*mstances, choices, and demands. Here are some options to consider:
SoFi: SoFi is well-known for its member advantages, which include cheap rates and a choice of repayment options. They also offer career coaching and financial services.
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Earnest: Earnest is known for its flexible repayment alternatives and tailored interest rates based on individuals’ financial backgrounds. They examine variables other than credit score.
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CommonBond: CommonBond offers affordable rates and a “Hybrid Loan” option, which allows borrowers to fix the interest rate for a portion of the loan term while keeping the rest flexible.
LendKey: LendKey is a marketplace that connects borrowers with community banks and credit unions, providing affordable rates and flexible repayment options.
Citizens Bank: Citizens Bank provides student loan refinancing with both fixed and variable rate options. They also offer multi-year approval for eligible borrowers.
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Splash Financial: Splash Financial specializes in student loan refinancing and provides affordable rates while simplifying the refinancing procedure.
Discover Student Loans: Discover provides student loan refinancing at low rates and flexible payback arrangements. They also have a reputation for providing exceptional customer service.
Before selecting a lender, thoroughly consider the terms, interest rates, repayment alternatives, and any additional benefits or features provided by each.
Consider your financial goals, creditworthiness, and preferences to determine the best option for you. It is also recommended to look for any current reviews or testimonials to get a sense of other borrowers’ experiences with each lender.
Conclusion
Finally, selecting the best student loan refinancing option is an important decision that is dependent on your financial goals and circ*mstances.
While Laurel Road has affordable rates, flexible terms, and good customer service, it’s important to look into other options like SoFi, Earnest, CommonBond, and others.
Each lender offers its own set of characteristics, so borrowers should carefully examine interest rates, repayment alternatives, and other advantages to discover the best fit.
Finally, choosing a refinancing plan that corresponds with personal financial goals and provides the best conditions will allow for a more manageable and cost-effective student loan repayment journey.
