Laurel Road’s innovative engineering culture is enhanced by the scale and resources that
come with being part of KeyBank N.A., Member FDIC. To see the full job details and apply
for this role, you’ll be redirected to our KeyBank recruiting site.
For some borrowers refinancing to a lower interest rate may provide a more significant benefit than the CARES Act waiver and other federal benefits. It is important for borrowers to weigh the federal benefits they receive against the potential interest rates savings realized through refinancing. To help borrowers understand the potential interest rate savings, Laurel Road developed a calculator to estimate the impact on a borrower’s federal loans under the COVID-19 program, if you are paying based on the Standard Repayment Plan, and compares that to the estimated monthly payments and loan costs that a borrower may see if they refinanced with Laurel Road. For physicians and dentists, the calculator will also show the estimated impact of Laurel Road’s special price reduction. You can access the calculator here.
The specialized rates are offered to applicants who are physicians, dentists, optometrists, and physician assistants with the following degrees: Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Medicine in Dentistry or Doctor of Dental Medicine (DMD), Doctor of Dental Surgery (DDS), Doctor of Optometry (OD), Physician Assistant Master of Science in Medicine (PA). Not available to residents, fellows, or students.
If you are experiencing an impact to your income as a result of COVID-19, you can request a forbearance of 3 monthly payments. If you believe you will experience financial hardship beyond the initial forbearance of 3 monthly payments, you may have the option to request an additional three-month forbearance period if your account was current prior to entering into COVID-19 forbearance and you have not previously used in total 9 months of COVID-19 forbearance. 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 or other hardship options if needed, please contact MOHELA at 1-877-292-6845 (TTY: Dial 711).
If you have previously refinanced your federal student loan with Laurel Road, you do not qualify for this federal program under the CARES Act.
If you are an existing Laurel Road customer and are experiencing an impact to your income as a result of COVID-19, you may be eligible for a forbearance or an extension of your existing one. To inquire about forbearance and hardship due to COVID-19, please contact MOHELA at 1-877-292-6845 (TYY: Dial 711).
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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 $7 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products, personal loans and mortgages that helps simplify lending through technology and personalized service. In April 2019, Laurel Road was acquired KeyBank, one of the nation’s largest bank-based financial services companies. 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.
If you are refinancing any federal student loans with Laurel Road, you will no longer be able to take advantage of federal income driven repayment programs or student loan forgiveness, including but not limited to: Income Based Repayment (IBR), Pay As You Earn (PAYE) or Revised Pay As You Earn (REPAYE), and Public Service Loan Forgiveness (PSLF). For more information about the benefits of these federal programs and other federal student loan programs, please visit https://studentloans.gov.