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Laurel Road Teams with American Psychological Association to Offer Student Loan Refinancing Benefits to Members

Press Release

Published March 04, 2020

New benefit program with digital lending platform Laurel Road to provide refinancing benefits and financial education resources for APA members 

WASHINGTON – Digital lending platform Laurel Road, a brand of KeyBank, has joined with the American Psychological Association (APA), the leading scientific and professional organization representing psychology in the United States, to offer APA’s 121,000 members exclusive savings through student loan debt refinancing. Access to refinancing discounts via Laurel Road’s easy to use, digital-first platform and helpful educational resources can potentially save APA members thousands over the life of their loans.[1]

“Laurel Road recognizes the unique financial circumstances of psychology professionals,” said Paul Bamundo, senior vice president and head of business development and marketing partnerships for Laurel Road. “With the rising costs of attaining graduate and professional degrees, psychology professionals need to generate savings and manage their finances quickly and easily, so they can put more time and effort into helping patients. The digital-first offerings from Laurel Road can help APA members achieve their personal and professional goals.”

According to APA, the median psychology graduate student debt load—excluding undergraduate debt—is $110,000. Psychology students face particularly difficult circumstances. The median first-year salary of early career psychologists—$60,000—makes debt repayment even more daunting than for graduates in higher paying professions. According to a Laurel Road survey, 46% of millennials with student loan debt spend three or more hours at work per week thinking about or dealing with personal finance issues. Laurel Road offers APA’s members the potential to maximize savings over the life of their loans and helps alleviate stress through the time saved by using Laurel Road’s simplified, personalized process.

“The American Psychological Association is thrilled to bring this important benefit to our members,” said Ian King, chief of strategic implementation and membership at APA. “As the foremost association representing all of psychology, we understand the unique set of challenges faced by the researchers, educators, clinicians, consultants and students who make up APA’s membership. Psychology is at the heart of solving some of the world’s most intractable problems, and APA strives to provide the resources, information and services our members need professionally and personally. Laurel Road will provide APA members with the tools to maximize savings on their student debt and the freedom to continue elevating their expertise.”

As a pioneer in developing student loan solutions for health care professionals, Laurel Road also maintains affiliate relationships with the American Medical Association and American Dental Association to promote financial wellness for medical professionals in those organizations. Laurel Road’s digital-first lending platform and partner program can be tailored to fit the needs of any professional organization.

For more information on how APA members can take advantage of this benefit, please visit www.LaurelRoad.com/APA. To learn more about how professional associations can offer student loan benefits, visit www.LaurelRoad.com/Partnerships.

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About Laurel Road

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $5 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products, mortgages and personal loans that helps simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. For more information, visit www.laurelroad.com. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. The mortgage product is not offered in Puerto Rico. KeyBank is a Member FDIC, Equal Housing Lender. NMLS ID # 399797.

About the American Psychological Association

APA is the leading scientific and professional organization representing psychology in the United States, with more than 121,000 researchers, educators, clinicians, consultants and students as its members. Its mission is to promote the advancement, communication, and application of psychological science and knowledge to benefit society and improve lives. For more information about APA, please visit www.apa.org/about.

[1] 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.