Laurel Road’s Kaitlin Walsh-Epstein Talks to CNBC on How to Get Started Paying Back Your Student Loans
For recent college grads just now facing their first bill, here’s what you need to know. Laurel Road's…
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Learn MoreLaurel Road’s Kaitlin Walsh-Epstein Talks to CNBC on How to Get Started Paying Back Your Student Loans
Laurel Road Awarded In U.S. News & World Report’s Roundup of the Best Private Student Loans of 2019
FinTech Breakthrough Awards Recognize Laurel Road in 2019 Awards Program
Medical student loans: Federal Repayment vs. Private Refinancing
Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
If you are refinancing any Federal Student Loans with us, you will no longer be able to take advantage of Federal Student Loan repayment options, including but not limited to Income Based Repayment (IBR), Public Service Loan Forgiveness (PSLF), or Pay As You Earn (PAYE) or Revised Pay As You Earn (REPAYE). Additionally, Federal Student Loans offer deferment, forbearance and loan forgiveness options that may not be available with Laurel Road. For more information about these benefit programs and other Federal student loan programs, please visit https://studentloans.gov.
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower's economic hardship. During any period of forbearance, interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principal amount of the loan.
Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower's bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.