Income-Driven Repayment (IDR) was introduced to provide federal student loan borrowers with options other than forbearance to help make monthly payments more manageable. Different IDR options include Income-Based Repayment (IBR), Income-Contingent Repayment (ICR), and Pay As You Earn (PAYE). All IDR plans adjust federal borrower’s payments based on their adjusted gross income and family size – not how much they owe. Those pursuing Public Service Loan Forgiveness (PSLF) are typically enrolled in an IDR plan.

Our student loan consultation is designed to explore your federal and private student loan repayment options, so you will need to upload a federal student aid file before you can schedule your Laurel Road consultation. After submitting your initial consultation form, you'll receive an email with a link to our secure online portal where you'll be asked to provide a number of items to build out your profile so that your consultant can give you the most accurate assessment based on your unique situation. This information will include:

• Types of loans that you currently hold (federal, private, direct, subsidized, unsubsidized, etc.)
• For your federal loans, you will be asked to provide the My Aid Data file, which you can obtain via your studentaid.gov account
• The balance and interest rate for each of your loans
• Current payment schedule
• Authorization to conduct a soft credit pull, which will not impact your credit score

In 2024, the Department of Education (ED) conducted a one-time account adjustment to borrower accounts that will count time toward IDR and PSLF forgiveness, including:

• any months in a repayment status, regardless of the payments made, loan type, or repayment plan;
• 12 or more months of consecutive forbearance or 36 or more months of cumulative forbearance;
• months spent in economic hardship or military deferments after 2013;
• months spent in any deferment (with the exception of in-school deferment) prior to 2013; and
• any time in repayment on earlier loans prior to consolidation of those loans into a consolidation loan.

PSLF is a US government program that allows qualifying borrowers employed at nonprofits and government entities to have their Federal Direct Loans forgiven after ten years of qualifying repayment (120 payments total), usually under an Income-Driven Repayment (IDR) plan. To be eligible for the program, you must:

• Be employed by a qualifying nonprofit OR a US government organization at any level (federal, state, local, or tribal) – including US military service
• Work full-time for that agency or organization
• Have Federal Direct Loans (or consolidate other federal student loans into a Direct Loan)
• Be enrolled in a qualifying repayment plan
• Make 120 qualifying payments

For borrowers with federal student loans, or a combination of federal and private loans, our student loan experts can help you weigh your options. During your consultation, a specialist will break down your student loan profile, provide a chart on what your new loan payoff could look like, answer questions about what terms are the best for your unique situation, and answer any application questions you may have. If refinancing is determined to be your best option, they can help you understand what information impacts the interest rate that you might expect to be offered on your loan refinancing. Items such as your FICO score, income level, student loan balance, and current interest rate structure can impact your offer, and your specialist can walk you through how to qualify for the lowest rates on your loans.

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.

Based on current Federal rates and offerings, Laurel Road will not be offering Graduate Loans for the upcoming 2024-2025 academic year. For information on alternative financing options, please contact your school’s financial aid office for resources and information regarding scholarships, grants, and federal student aid. Most schools will likely have a list of private lender options for students in need of a private loan option.

If you continue with an application after checking rates, we will ask you to authorize a hard credit inquiry, which may affect your credit score.

For most of our loans, you will only need to provide a photo ID. We do require a school certification but we will request that from your school after you consent to a hard credit pull. If you have a co-signer, it may be necessary for the co-signer to provide proof of income.

Both standard and partial payments are applied first toward any outstanding late fees, next to outstanding accrued interest, and then to the principal balance. Payments less than the required monthly amount may cause your account to become delinquent. We may report information about your account, late payments, missed payments, or loan defaults to consumer reporting agencies.

Yes. If you choose to prepay the loan or pay more than the minimum monthly payment amount, you will not incur any penalty for doing so. Additional payments are applied to your principal balance after all outstanding interest is satisfied.

Yes. There are several payment options that you can choose from, including in-school deferment. Each deferment option includes a six-month grace period following graduation or termination of enrollment. Any interest accrued during any period of deferment or grace will be added to the principal balance at the beginning of the full repayment period.

There will be a six (6) month grace period which begins at the end of your in-school period, except for borrowers who choose Immediate Repayment. The grace period is triggered by the student either a) dropping below half-time attendance, b) withdrawing from the eligible institution, or c) graduating. The Repayment Term will begin within thirty (30) days of the end of the grace period. Any interest accrued during any period of deferment or grace will be added to the principal balance at the beginning of the full repayment period.

If the loan adjustment amount is lower than your initial amount please reach out to Laurel Road Member Services for assistance. If your adjustment amount is higher than your initial amount you must reapply.

Because Laurel Road is providing a private loan, we do not require FAFSA, an application for a federal loan.

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 student 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 StudentAid.gov

You may not need a cosigner, but if you do not meet our credit criteria, a cosigner may improve your chances of being approved.

Laurel Road Graduate Loans are available to individuals attending medical or dental schools, individuals pursuing a masters or doctorate degree in nursing, and individuals pursuing a degree to become a physician assistant. Students that have accepted an offer to enroll at least half-time or are currently enrolled at least half-time at an eligible school program, are eligible to apply for a graduate school loan with Laurel Road. Not all degrees are eligible at all schools. .

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.

You can send our Member Services team a message by emailing us at [email protected] or by using the live chat function on our website. To speak directly with a Member Services representative, you can call us at 1-833-427-2265. Members using a TTY/TRS device, please dial 711. If your Laurel Road graduate loan has been disbursed, you should contact our loan servicing partner MOHELA at (877) 292-6845 (TTY: Dial 711) Monday – Thursday, 7:00 AM – 9:00 PM CT and Friday, 7:00 AM – 5:00 PM CT.

If you are a member who requires financial assistance, please contact our servicing partner MOHELA at 1-877-292-6845 (TTY: Dial 711) to discuss Laurel Road economic hardship forbearance options that may be available to you, as you may be eligible for full or partial forbearance for a period. All requests for forbearance are subject to review, including acceptable documentation of the nature and expected duration of the economic hardship. Please contact us directly to discuss your individual options. Please note: interest will continue to accrue in forbearance and any unpaid accrued interest will be capitalized and added to the remaining principal of the loan at the end of the forbearance period.    

The AutoPay/EFT Discount is a 0.25% interest rate discount for making recurring monthly payments via electronic fund transfer (EFT) from a bank account. When applied your rate will be decreased by 0.25%. If, however, you stop making automatic payments via EFT, then your rate will increase by 0.25%. The 0.25% AutoPay/EFT Discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster. Rates advertised on this site typically include the 0.25% AutoPay/EFT Discount. However, if you stop making automatic payments or if Laurel Road cancels your automatic payments due to returned payment, delinquency, or forbearance, or otherwise, then your rates will go back to their regular levels. Discount not available during periods of deferment when no payment is required. In your welcome letter, you will receive instructions on how to set up automatic payments.

It’s pretty simple – the entire application is completed online. You will generally receive rates shortly after you complete your application. Fill out a short application with basic information about you, your loan, education, and cosigner if relevant. After you authorize a hard credit inquiry and have provided any supporting information requested, we will request cost of attendance information from your school, review your application, and we will provide you with a decision. If you are conditionally approved, you will be able to select your loan type and term, and accept and e-sign all necessary disclosures and your promissory note in the Laurel Road dashboard. The timing of your first payment to Laurel Road is dependent on the loan type you choose.

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.

No, we do not have application fees, origination fees, or disbursement fees, nor do we have prepayment penalties.

The minimum loan size that you can borrow with Laurel Road is $5,000. The maximum loan size is the total Cost of Attendance (COA) with certification of enrollment, degree, and graduation year from your school.

The industry-wide transition to a new alternative rate index for adjustable (variable) rate products due to concerns about LIBOR (the London Interbank Offered Rate), has been in the works for several years. In anticipation of this move, the ICE Benchmark Administration (IBA), which administers LIBOR, has taken steps to eventually phase out LIBOR. Given the transition to a new variable rate benchmark, per regulatory and Alternative Reference Rate Committee (ARRC) guidance, Laurel Road began limiting new LIBOR-based student loan refinances on October 29th, 2021, and will adopt the Refinitiv USD IBOR Consumer Cash Fallback – a SOFR-based index – as the selected alternative USD index rate.  

When you take out a student loan with Laurel Road, you’ll receive an interest rate on that new loan. How is the interest rate determined? Financial institutions and lenders use a benchmark to determine the interest rate they’ll charge you, with an additional margin set by the lender that factors in your current credit standing. For decades, the most common adjustable rate benchmark index used by lenders for loans with a variable interest rate has been LIBOR, or the London Interbank Offered Rate – the average rate a panel of international banks charge each other for short-term loans on the London interbank market. LIBOR will be phased out by June 30, 2023, due to concerns it has become an increasingly inaccurate indication of the true costs of borrowing. Beginning in 2021, newly originated loans were based on SOFR, or the Secured Overnight Financing Rate – a benchmark interest rate based on the most recent overnight borrowing costs on interbank transactions in the U.S. Treasury securities repurchase marketplace. Laurel Road began limiting new LIBOR-based student loan refinances on October 29^th, 2021, and adopted SOFR as the selected alternative USD index rate for new student loans with a variable interest rate. Borrowers with a fixed rate loan will not be impacted by this update.  

The AutoPay/EFT Discount is a 0.25% interest rate discount for making recurring monthly payments via electronic fund transfer (EFT) from a bank account. When applied your rate will be decreased by 0.25%. If, however, you stop making automatic payments via EFT, then your rate will increase by 0.25%. The 0.25% AutoPay/EFT Discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster. Rates advertised on this site typically include the 0.25% AutoPay/EFT Discount. However, if you stop making automatic payments or if Laurel Road cancels your automatic payments due to returned payment, delinquency, or forbearance, or otherwise, then your rates will go back to their regular levels. Discount not available during periods of deferment when no payment is required. In your welcome letter, you will receive instructions on how to set up automatic payments.

Yes. If you set up automatic loan payments from a bank account via electronic fund transfer (EFT), Laurel Road will lower your interest rate by 0.25% (the AutoPay/EFT Discount). That lower interest rate will continue as long as you make payments via EFT. The 0.25% AutoPay/EFT Discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster. Rates advertised on this site typically include the 0.25% AutoPay/EFT Discount.

Laurel Road recognizes that the best borrowers are those that carry lower risk. We have a team of financial experts that work to assess the rates we can offer based on risk criteria and since we work with credit worthy borrowers, we are able to offer favorable rates.

It depends on what you are looking for. While the variable rate option offers lower rates and monthly payments initially, you risk paying a higher rate than the fixed rate option in the event that short term interest rates rise. The variable rate option has a rate cap, and you may be comfortable with this risk if you believe you will pay off the loan early or make enough money in the future to cover potentially higher payments. Fixed rates often start out higher than variable rates, but interest rates do not change over the life of the loan. You may also want to consider a hybrid approach – a partial variable rate and partial fixed rate – to mitigate interest rate risk.

Borrowers who take out a variable loan with a term of 5 to 10 years will have a maximum interest rate of 9%. Borrowers who take out a variable loan over 10 years will have a maximum interest rate of 10%.

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.

Laurel Road will refinance up to $50,000* for Associate Degree loans in the eligible healthcare field. Please see full eligibility requirements here.

*Parents who are borrowing on behalf of their children are not subject to the $50,000 loan max

You can send our Member Services team a message by emailing us at [email protected] or by using the live chat function on our website. To speak directly with a Member Services representative, you can call us at 1-833-427-2265. Members using a TTY/TRS device, please dial 711.

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 TTY/TRS device, please dial 711) or can contact MOHELA about statements and billing at (877) 292-6845 (customers using a TTY/TRS device, please dial 711).

Yes, Laurel Road refinances both federal and private student loans.

Student loans refinanced with Laurel Road will continue be serviced by MOHELA, our student loan servicing partner. If you have any questions about your student loan payments after funding your loan with Laurel Road, please call MOHELA at (877) 292-6845. Clients using a TTY/TRS device, please dial 711.

Yes, Laurel Road refinances/consolidates both federal and private student loans, even if you have already refinanced/consolidated your student loans with another lender.

Yes, student loans that Laurel Road has refinanced are considered student loans for federal and state tax consideration. Please note that you may or may not be eligible for interest deduction depending on your individual tax situation. Please consult your tax advisor for more information.

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://studentaid.gov/.

While in COVID-19 forbearance, your previous payment schedule was inactivated. Interest continued to accrue but was not added to the principal balance of your loan. A new payment schedule was 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 likely increased and your first payments following forbearance were applied first to the unpaid interest. Please note, if the accrued interest was 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 have accrued on your loan over a 90-day vs. 180-day forbearance and how the repayment schedule was 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 was $1,446.98
• You entered forbearance after 12 months into repayment on your loan with an outstanding balance of $171,893

• You exit forbearance with $2,256 in accrued interest
• Your new monthly payment is $1,465.88

• You exit forbearance with $4,512 in accrued interest – approximately twice as much interest than with 90-day of forbearance
• Your new monthly payment is $1,484.78

If you had previously refinanced your federal student loan with Laurel Road, you did not qualify for this federal program under the CARES Act. If you are an existing Laurel Road member and are experiencing an impact to your income as a result of COVID-19, please contact MOHELA at 1-877-292-6845 (TTY: Dial 711) to inquire about forbearance and hardship options available to you. For more information on federal student loan repayment options, visit studentaid.gov.

If you continue with an application after checking rates, we will ask you to authorize a hard credit inquiry, which may affect your credit score.

For most of our loans, you will only need to provide a photo ID. We do require a school certification but we will request that from your school after you consent to a hard credit pull. If you have a co-signer, it may be necessary for the co-signer to provide proof of income.

If the loan adjustment amount is lower than your initial amount please reach out to Laurel Road Member Services for assistance. If your adjustment amount is higher than your initial amount you must reapply.

Because Laurel Road is providing a private loan, we do not require FAFSA, an application for a federal loan.

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 student 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 StudentAid.gov

You may not need a cosigner, but if you do not meet our credit criteria, a cosigner may improve your chances of being approved.

Laurel Road Graduate Loans are available to individuals attending medical or dental schools, individuals pursuing a masters or doctorate degree in nursing, and individuals pursuing a degree to become a physician assistant. Students that have accepted an offer to enroll at least half-time or are currently enrolled at least half-time at an eligible school program, are eligible to apply for a graduate school loan with Laurel Road. Not all degrees are eligible at all schools. .

It’s pretty simple – the entire application is completed online. You will generally receive rates shortly after you complete your application. Fill out a short application with basic information about you, your loan, education, and cosigner if relevant. After you authorize a hard credit inquiry and have provided any supporting information requested, we will request cost of attendance information from your school, review your application, and we will provide you with a decision. If you are conditionally approved, you will be able to select your loan type and term, and accept and e-sign all necessary disclosures and your promissory note in the Laurel Road dashboard. The timing of your first payment to Laurel Road is dependent on the loan type you choose.

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.

No, we do not have application fees, origination fees, or disbursement fees, nor do we have prepayment penalties.

The minimum loan size that you can borrow with Laurel Road is $5,000. The maximum loan size is the total Cost of Attendance (COA) with certification of enrollment, degree, and graduation year from your school.

Yes. There are several payment options that you can choose from, including in-school deferment. Each deferment option includes a six-month grace period following graduation or termination of enrollment. Any interest accrued during any period of deferment or grace will be added to the principal balance at the beginning of the full repayment period.

There will be a six (6) month grace period which begins at the end of your in-school period, except for borrowers who choose Immediate Repayment. The grace period is triggered by the student either a) dropping below half-time attendance, b) withdrawing from the eligible institution, or c) graduating. The Repayment Term will begin within thirty (30) days of the end of the grace period. Any interest accrued during any period of deferment or grace will be added to the principal balance at the beginning of the full repayment period.

You may make additional payments greater than the installment amount at any time without penalty. Additional payments are applied to your principal balance after all outstanding interest is satisfied.

Standard Payment Application: Payment is applied first toward any late fees, next to outstanding accrued interest then to the principal balance. Partial Payments: Payments less than the required monthly installment amount are applied using the standard payment application. Payments less than the required monthly amount may cause your account to become delinquent. We may report information about your account to consumer reporting agencies. Late payments, missed payments or defaults on your account may be reflected on your credit report.

A payoff statement is a document from your current student loan servicer(s) that tells us how much we need to pay them in order to pay off your student loan with your current lender. This is different from the monthly statement you receive, as it considers future dated interest you may owe and is typically generated when the borrower requests it from the servicer either online or over the phone. Each student loan servicer has its own process for generating payoff statements and providing them to borrowers. Once you begin your application, a Payoff Statement Guide can be accessed within the dashboard that provides more information about payoff statements and how you can obtain one from your current lender(s).

Borrowers experiencing impact to income related to a natural disaster can request forbearance of up to 2 monthly payments that does not count against allowance for economic hardship forbearance under borrower’s loan term agreement.

Our payment processor, MOHELA, allows customers to request a due date change via their website, which is processed within 1-2 billing cycles.

Your first payment will be due 1 month from the date of your disbursement.

In order to issue referral payments, Laurel Road needs your social security number and your mailing address if you are receiving payment by check. Laurel Road will report to the IRS the value of any Referral Program payments. Any applicable taxes are the responsibility of the applicant. When you participate in this program, you will be given the opportunity to provide this information to us so that we can issue your payments seamlessly.

Yes. Laurel Road will forgive the remaining student loan balance in the event of borrower death, and some or all of the remaining student loan balance if the borrower demonstrates a significant unanticipated permanent reduction in his or her income due to permanent disability. Laurel Road began to offer this provision in the spring of 2015 and only loans originated after that point are eligible.

Yes, borrowers may apply for forbearance if they experience a qualifying hardship. In these instances, borrowers may be eligible for one or more 3-month time periods, however, a minimum of 12 months are required between any two forbearance period(s). Borrowers with a loan term of at least 10 years are eligible for up to 12 months of forbearance over the life of the loan; borrowers with a loan term less than 10 years are eligible for 1 month for every year of the loan term (e.g. if your loan term is 5 years you are eligible for up to 5 months of forbearance over the life of the loan). Borrowers seeking economic hardship forbearance due to unemployment must have made 12 consecutive monthly payments prior to a forbearance request to be eligible. For any other forbearance due to economic hardship, borrowers must have made 9 consecutive monthly payments prior to a forbearance request to be eligible. All requests for forbearance are subject to review, including the review of acceptable documentation of the nature and expected duration of the economic hardship. During any period of forbearance, interest will continue to accrue and, unless otherwise noted, any unpaid accrued interest will be capitalized and added to the remaining principal amount of the loan at the end of the forbearance period.

You can earn up to $400 when you refer a friend and they close a loan with us, up to 10 times per calendar year. Please refer to the program rules here.

As of March 29, 2021, our Referral Program is open to active Laurel Road members with a Laurel Road product or current applicants with a Laurel Road Online Banking login. In order to participate, referrers must have log in credentials for Laurel Road’s Online Banking. A log in credential is created during the application process for a Laurel Road product or can be created at any time if you have an existing Laurel Road product. If you do not have log in credentials, you will no longer be able to access your dashboard to review the status of your referrals. For any referrals with a closed loan that were referred before 3/29/2021, they will be paid out to the referrer.

No. Residents who accrue interest while paying $100 per month on their student loan will see their interest capitalize at the end of the reduced payment period and only when they start on a standard repayment term.

Medical or Dental Residents can refinance their student loan(s) with Laurel Road as soon as they’ve matched to a residency program.

Yes, Laurel Road refinances student debt for doctors (MD or DO) and dentists (DDS or DMD) while they are in residency and before they begin practicing as attending physicians. Residents can defer making full payments on their loan up to 6 months after their residency and fellowships. Total loan term including residency, fellowship and grace period must not exceed 20 years. The deferment period for residency, fellowship, and grace period must be approved and disclosed at the time of application – you will not be able to extend the term of the loan after it is disbursed. If fellowship is determined after your loan is closed, you may be able to refinance with Laurel Road to take advantage of reduced payments during fellowship.

According to the Fair Isaac Corporation, multiple credit inquiries from different student lenders in a short period of time will be counted as one inquiry only, which mitigates the impact on your credit score. For more information, please visit https://www.myfico.com/credit-education/credit-checks/credit-report-inquiries/.

Yes. With Laurel Road, you have the option to refinance student debt that you took out on behalf of your child once your child has graduated. If you choose to keep the loan in your name, Laurel Road will underwrite your loan according to your eligibility. If your child chooses to refinance your loan in their name, the loan will be underwritten based on their eligibility.