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Laurel Road offers a few different payment options while in school. Full deferment: You can defer your interest payments while enrolled in school, in addition to the six-month grace period following graduation or termination of enrollment. Afterward, unpaid accrued interest is added to your loan balance and you will begin making full principal and interest payments. *Flat $50 payments: You can make monthly payments of $50 beginning approximately one month after the final loan disbursement date up until completion of the six-month grace period. Afterward, unpaid accrued interest is added to your loan balance and you will begin making full principal and interest payments. *Interest-only payment: You can choose to pay only the interest each month while you’re in the deferment period. This is a great way to make a dent in your interest while in school, without having to make the full repayment. Payments begin 1 month after each final loan disbursement date up until completion of the six-month grace period. Afterward, you will begin making full principal and interest payments. *Immediate Repayment payment: You can pay the full principal and interest payment every month while you’re in school. This plan is for students who want to begin paying down their student loans while enrolled in school. *When selecting a flat, interest-only, or an immediate repayment option, payment is required only after the final disbursement for loans with multiple disbursements. Interest will accrue between disbursements and will be added to the principal amount of your loan at the beginning of the full repayment period. For more information, review your final closing documents for a detailed overview of your repayment terms.
No action is required for existing Laurel Road members with a LIBOR-based variable loan. Laurel Road will transition these loans to a SOFR-based index by June 30, 2023; after this date, these loans will be based on the FTSE USD IBOR Consumer Cash Fallback (“FTSE Consumer Index”). Our team will provide timely updates to existing members who are impacted in advance of the scheduled transition. Your student loan refinance documents specify that in the event LIBOR is no longer available, an alternative published benchmark will be selected to serve as the index. It’s important to note that once your current variable loan transitions to the FTSE Consumer Index, the new index change will not change most other terms of the loan, such as the maximum interest rate payable during the term of the loan or the timing of any interest rate resets. For additional information on the discontinuation of LIBOR, we recommend visiting the LIBOR Transition FAQs webpage, maintained by the Consumer Financial Protection Bureau. Or if you have specific questions about your existing student loan, please contact a Laurel Road Specialist at 877.292.6845 or send a secure message by logging into your web account at laurelroad.mohela.com.
Yes, as a current Laurel Road Student Loan Refinance member you may be eligible to refinance your loan(s) again. If you currently have a student loan with Laurel Road and choose to refinance your student loan again with us, keep in mind that you will not be eligible for current new customer interest rate offers. A new application, including consent to a new hard credit inquiry will also be required. The rates and loan terms offered are dependent on current market rates and the applicant’s current financial standings, including but not limited to income, credit score, and debt-to-income ratio. If approved, the previous Laurel Road student loan balance will be paid off with a new Laurel Road loan.
If you refinanced your student loans with Laurel Road at any time, there are no changes to your account number, loan terms, payment amount or due date of your loan. Servicing will continue to be handled by MOHELA, our student loan servicing partner. You can continue to contact Laurel Road at (855) 245-0989 with any questions regarding your loan (customers using a TDD/TTY device, please use (800) 539-8336.) or can contact MOHELA about statements and billing at (877) 292-6845 (customers using a TDD/TTY device, please dial 711).
It’s actually pretty simple – the entire application is completed online, and you can receive preliminary rate in as little as 5 minutes.
- Fill out a short application with basic information about your loan, education, and employment. Once you authorize a soft credit pull and assuming you have provided enough information, we will provide you with preliminary rates, which are conditional upon further underwriting review and authorize a hard credit pull.
- Upload your supporting documents to Laurel Road’s secure dashboard and authorize a hard credit pull to complete your online application. Once we have received your application, we will underwrite your loan and provide you with your final rates and loan terms if approved.
- Select your loan type and term, and e-sign all necessary disclosures and your promissory note in the Laurel Road dashboard.
Laurel Road will perform a soft credit pull at the start of the application process to provide you with conditional rates and loan terms; this has no impact on your credit score. If you choose to move forward with your loan application, Laurel Road will make a hard credit inquiry so that we may view your full credit report and make final rate offers. These hard credit inquiries are common and necessary to obtain any loan, but do show up on your credit report.
Rest assured, with our Mastercard Zero Liability fraud protection you will not be responsible for any charges you did not authorize.1 If you notice an unauthorized transaction on your account, report it by calling 1-833-427-2265 and following the prompts for fraudulent activity.
- Please see terms and conditions which can be found at laurelroad.com/zeroliability. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Our Laurel Road Perks! offers vary. Please check each offer’s terms and conditions for details about how it can be used and when it expires.
Our Perks! offers vary. Please check each offer’s terms and conditions for details about how it can be used and when it expires.
Some of our Laurel Road Perks! offers are exclusive and may not be combined with other offers by Laurel Road Perks! partners. Be sure to check the details for each offer and the terms and conditions of the participating brand to see if any restrictions apply.
For personal loans that close on or after April 1, 2019, your account number, loan terms, payment amount, and due date will all remain the same. KeyBank will be servicing your loan, and you can contact us at (855) 201-2042 with any questions. If you took out a personal loan with Laurel Road prior to April 1, 2019, you may call (855) 201-2042 with any questions about loan servicing. Customers using a TDD/TTY device, please use (800) 539-8336.
Laurel Road will perform a soft credit pull at the start of the application process to provide you with conditional rates and loan terms; this has no impact on your credit score. If you choose to move forward with your loan application, Laurel Road will make a hard credit inquiry so that we may view your full credit report and make final rate offers.These hard credit inquiries are common and necessary to obtain a loan and may impact your credit score.
It’s actually pretty simple – the entire application can be completed online, and you can receive conditional rates in as little as two minutes.
- Fill out a short application with basic information including information about your employment and history. Once you authorize a soft credit pull and assuming you have provided enough information, we will provide you with conditional interest rates.
- Upload your supporting documents to Laurel Road’s secure dashboard to complete your online application. Once we have received your application, we will underwrite your loan and provide you with your final rates and loan terms.
- Select your loan type and term; you can e-sign all necessary disclosures and the promissory note in the Laurel Road dashboard.
