The $200 PSLF/IDR Membership discount (“Discount”) is available to members who sign up for a new PSLF or IDR Counseling membership ("Membership") and in conjunction successfully open a new Laurel Road Freedom Plus Checking account ("Account”) and meet the following “Criteria”: (i) make 1 or more qualifying direct deposits totaling at least $1,500 into the Account, and (ii) make at least 1 qualifying student loan payment from the Account. You must meet the Criteria in the third (3rd) statement month after Account opening for the initial Membership term, and in the statement month immediately prior to membership renewal for subsequent Terms (the “Fulfillment Period”).
Qualifying Direct Deposit. A qualifying “Direct Deposit” is a pre-arranged electronic direct deposit through the Automated Clearing House (“ACH”) Network from most employer payrolls, payroll providers (excluding third-party advance payroll service providers), benefits payers such as Social Security or Military Pay, or pension. Non-qualifying deposits include, but are not limited to: point-of-sale (“POS”) and internet-initiated mobile entry (“WEB”) ACH transactions; incoming Person-to-Person (“P2P”) payments made via the ACH Network such as Zelle, PayPal, Cash App, or Venmo (including payroll-related transactions made via P2P providers); mobile check deposits; wire transfers; cash deposits; one-time direct deposits such as tax refunds and corporate reimbursements; internal transfers between Laurel Road or KeyBank accounts; external transfers from another financial institution; and insurance payments and other similar transactions. You may be eligible for an exception from making at least one (1) qualifying Direct Deposit into Your Account if, during Your Fulfillment Period for that Term (“Direct Deposit Exception”); (a) You are unemployed, (b) You are on a special pay schedule, or (c) You are changing employment. Laurel Road, in its sole discretion, reserves the right to deem any deposit either a qualifying or non-qualifying direct deposit, as applicable.
Qualifying Student Loan Payment. A qualifying student loan payment from your Account must be an electronic payment towards any student loan serviced by a federal student loan servicer. Non-qualifying student loan payments may include, but are not limited to, student loan payments made via check or other non-easily identifiable means and those student loan payments to a non-federal student loan servicer. You may be eligible for an exception from making at least one (1) qualifying student loan payment from your Account, if your federal student loan status is any of the following during the Fulfillment Period for that Term (the “Student Loan Exception”, together with Direct Deposit Exception, collectively “Exceptions”); (a) you are in a grace period where no student loan payment is due per the terms of the student loan, (b) your application for the Program is not yet approved by the U.S. Department of Education, (c) you consolidated with your federal loan servicer, (d) your student loans are in forbearance, (e) your student loan payment is zero U.S. ($0) dollars, or (f) other circumstances as determined by Company. Laurel Road, in its sole discretion, reserves the right to deem any student loan payment either a qualifying or non-qualifying student loan payment, as applicable.
The Discount is subject to cancellation without notice and cannot be combined with any other checking account offer. You must request any Exceptions each Fulfillment Period and will be required to provide supporting documentation of Your Exception request prior to the end of Your Fulfillment Period. For full details, please see your Membership Agreement.
