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  • How is my repayment schedule impacted after my COVID-19 forbearance?
    While in COVID-19 forbearance, your previous payment schedule is inactivated. Interest continues to accrue but is not added to the principal balance of your loan. A new payment schedule is recalculated after forbearance to pay the remaining term (including any term extensions as a result of forbearance(s)) of your loan with the outstanding interest that accrued. As a result, your monthly payment will likely increase and your first payments following forbearance will be applied first to the unpaid interest. Please note, if the accrued interest is not paid and you use a different type of forbearance or deferment in the future (one other than the COVID-19 hardship forbearance), the interest could be capitalized at that future time. The below scenarios can provide you a general idea of how much interest may accrue on your loan over a 90-day vs. 180-day forbearance and how the repayment schedule is impacted thereafter.  These scenarios are examples only—they do not reflect your repayment terms, rate, recalculated payment amount, or amount of accrued interest.
    • You have a $180,000 loan with a 15-year fixed rate of 5.25%
    • Your original monthly payment prior to forbearance is $1,446.98
    • You enter forbearance after 12 months into repayment on your loan with an outstanding balance of $171,893
    After 90- of COVID-19 forbearance:
    • You exit forbearance with $2,256 in accrued interest
    • Your new monthly payment is $1,465.88
    To account for the interest that accrued in forbearance, in this example your monthly payment would increase by approximately $19 per month for the remainder of your loan term. After 180-day of COVID-19 forbearance:
    • You exit forbearance with $4,512 in accrued interest – approximately twice as much more interest than with 90-day of forbearance
    • Your new monthly payment is $1,484.78
    To account for the interest that accrued in forbearance, in this example your monthly payment would increase by approximately $38 per month for the remainder of your loan term.
  • I need to extend my COVID-19 hardship forbearance, as my current situation has not improved, and I am not able to make payments at this time. What are my options?
    If you are continuing to experience economic hardship related to the COVID-19 pandemic and require additional relief/assistance, you have the option to request an additional three months of COVID-19 hardship forbearance (if you have not previously asked for an extension and you were current on your account prior to your forbearance). If your loan was delinquent prior to forbearance, please contact us for other options. The COVID-19 forbearance does not count against your total allowance for economic hardship forbearance under the terms of your loan agreement. Additionally, the COVID-19 forbearance will have no effect on meeting the requirements for cosigner release if available under terms of your loan (e.g., if you had made 30 out of the 36 required consecutive payments immediately prior to entering the COVID-19 forbearance, your 31st payment towards meeting the requirement would be due approximately 1-month after exiting the forbearance). To inquire about extending your forbearance please contact MOHELA at 1-877-292-6845 (TTY: Dial 711). Please be aware that your loan’s maturity date will be extended by the number of months that you are in forbearance. Interest still accrues but it will not be added to the principal balance of your loan (commonly referred to as capitalizing interest). Rather, the repayment of the interest that accrues during your forbearance period and your outstanding principal balance will be re-calculated over the remaining term of your loan to determine your new monthly payment. Your new monthly payment will likely be higher than your original monthly payment because of the interest that accrued during the forbearance period. Please see your Promissory Note for more information regarding the application of your payments. As a result of the interest that accrues during the forbearance period, you may pay more interest over the life of your loan than what was originally disclosed to you, even if you make timely payments. (Note: If the interest accrued during your COVID-19 hardship forbearance is not paid and you use a different type of forbearance or deferment in the future, the interest could be capitalized at that future time).
  • I took out a student loan with Laurel Road. Now you’re part of KeyBank. What does this mean for me?
    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).
  • Will Laurel Road be offering forbearance for those impacted by COVID-19?
    If you are experiencing an impact to your income as a result of COVID-19, you can request a forbearance of 3 monthly payments. With this COVID-19 forbearance option: Your loan’s maturity date will be extended by roughly the number of months of the forbearance period. Interest will still accrue but it will not be added to the principal balance of your loan. The repayment of the interest that accrued during the forbearance period and your outstanding principal balance will be re-calculated over the remaining term of your loan to determine your new monthly payment. Your new monthly payment will likely be higher than your original monthly payment because of the interest that accrued during the forbearance period. (Note: If the interest accrued during your COVID-19 hardship forbearance is not paid and you use a different type of forbearance or deferment in the future, the interest could be capitalized at that future time). The COVID-19 forbearance will not count against your allowance for economic hardship forbearance under the terms of your loan agreement. Additionally, the COVID-19 forbearance will have no effect on meeting the requirements for cosigner release if available under terms of your loan (e.g., if you had made 30 out of the 36 required consecutive payments immediately prior to entering the COVID-19 forbearance, your 31st payment towards meeting the requirement would be due approximately 1-month after exiting the forbearance). To inquire about this forbearance please contact MOHELA at 1-877-292-6845 (TTY: Dial 711).
  • How does the student loan refinancing process work?
    It’s actually pretty simple – the entire application is completed online, and you can receive preliminary rate in as little as 5 minutes.
    1. 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.
    2. 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.
    3. Select your loan type and term, and e-sign all necessary disclosures and your promissory note in the Laurel Road dashboard.
    Laurel Road will pay off your student loans to your current lenders and provide you with instructions to set up the servicing of your new loan. Your first payment to Laurel Road will be due one month from your disbursement date.
  • Will applying for a loan with Laurel Road impact my credit score?
    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.
  • Graduate-School Loans
    See all Graduate-School Loans FAQs
  • How are your loans different from federal government loans?
    While in some instances Laurel Road may provide more competitive rates and flexible terms and repayment options, it does not offer Income-Based Repayment and Loan Forgiveness options that may be available through federal Loans. Be sure to explore all options available to you including grants, scholarships, and federal loans. For more information about federal student loan options visit StudentLoans.gov.
  • When do I need to start making monthly payments on my loans?
    If you choose to make in school payments (e.g., flat payments, interest only, immediate repayment) then your first payment will be due about one month after your final disbursement (i.e., the last semester covered by your loan). If you select either the flat or interest only payment options your first payment of both principal and interest will be due about a month after your grace period ends. If you choose to defer payments while in school, then your first payment will be due about a month after your grace period ends. For more information, you should review your final closing documents for a detailed overview of your repayment terms.
  • Where does Laurel Road send the funds?
    Once you are approved, accept the terms of the loans, and your school provides certification, you can execute your final documents and all funds will be sent directly to your school.
  • Personal Loan
    See all Personal Loan FAQs
  • I took out a personal loan with Laurel Road. Now you’re part of KeyBank. What does this mean for me?
    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.
  • Can I pick a term besides 3, 4, or 5 years?
    For our standard product, only 3, 4, or 5-year loan terms are available at this time. Available loan terms differ for our physician and resident programs.
  • Will applying for a personal loan affect my credit?
    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.
  • What is the personal loan application process like?
    It’s actually pretty simple – the entire application can be completed online, and you can receive conditional rates in as little as two minutes.
    1. 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.
    2. 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.
    3. Select your loan type and term; you can e-sign all necessary disclosures and the promissory note in the Laurel Road dashboard.
    The loan will be disbursed on the date shown in your final Truth in Lending statement.  
  • Mortgage
    See all Mortgage FAQs