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Student Loan - FAQ

About

  • Can I refinance my Laurel Road Student Loan Refinance again?
    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.
  • What is the maximum amount I can refinance for my Associate Degree Loans?

    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

  • Who can I contact for help with my student loans?
    You can contact Laurel Road by sending an email to help@laurelroad.com. Or, you can call us at (855) 245-0989 between the hours of 8:30am to 8:30pm EST Monday through Thursday, and between 8:30am to 5:30pm on Friday. Live chat is available 8:30am to 8:30pm EST Monday through Thursday, and between 8:30am to 5:30pm on Friday and Saturday. Customers using a TDD/TTY device, please use (800) 539-8336.
  • 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).
  • Does Laurel Road refinance both federal and private student loans?
    Yes, Laurel Road refinances both federal and private student loans.
  • Does the Laurel Road Student Loan refinance/consolidate Federal loans and private loans?

    Yes, absolutely. Laurel Road will be glad to refinance/consolidate your student loans even if you have already refinanced/consolidated your student loans with another lender.

  • How is my student loan serviced now?
    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 TDD/TTY device, please use (800) 539-8336.
  • Does Laurel Road refinance/consolidate both federal and private student loans?
    Yes, Laurel Road refinances/consolidates both federal and private student loans, even if you have already refinanced/consolidated your student loans with another lender.
  • Who can I contact for help with my graduate school student loans?
    For loan applications received before July 25, 2019: You can contact CampusDoor (answers@campusdoor.com) with questions about your application, approval, or the disbursement of your funds. If the funds are disbursed, you should contact our loan servicing partner, MOHELA, by calling (877) 292-6845 (TTY: Dial 711) Monday through Thursday 7:00 a.m. to 9:00 p.m. CT or Friday 7:00 a.m. to 5:00 p.m. CT. For loan applications received after July 25, 2019: You can contact Laurel Road (edprocessing@laurelroad.com) with questions about your application, approval, or the disbursement of your funds. If the funds are disbursed, you should contact our loan servicing partner, MOHELA, by calling (877) 292-6845 (TTY: Dial 711) Monday through Thursday 7:00 a.m. to 9:00 p.m. CT or Friday 7:00 a.m. to 5:00 p.m. CT.
  • Are my Laurel Road loans considered student loans for tax purposes?
    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.
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Coronavirus (COVID-19)

  • 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 used in total 9 months of COVID-19 forbearance. To inquire about extending your forbearance, or other hardship options if needed, 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). 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).
  • My three-month forbearance period is coming to an end soon. What happens next?
    Your account will automatically go back to repayment status and you do not need to take any action to end your forbearance period. Please refer to the new repayment schedule letter sent. A copy of this letter can be found within the dashboard of your web account at laurelroad.mohela.com. If you were previously enrolled in monthly Auto Payment, that service will automatically resume, and a payment will be deducted from your Bank Account on file with MOHELA on your next scheduled due date. For more details, please refer to your Auto Payment Authorization Agreement. If you are not enrolled in Auto Payment, you will need to make a payment on your next scheduled due date. Note due to the forbearance, your loan’s maturity date will be extended by roughly the number of months that you were in forbearance. Interest that accrued during the forbearance period will not be added to the principal balance of your loan (commonly referred to as capitalizing interest). Rather, 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 and you may pay more interest over the life of your loan than what was originally disclosed to you, even if you make timely payments. Please see your Promissory Note for more information regarding the application of your 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). If you are continuing to experience economic hardship related to the COVID-19 pandemic beyond your initial forbearance and require additional relief/ assistance, you may request an additional three-month forbearance period if you were current on your account prior to forbearance and have not previously used in total 9 months of COVID-19 forbearance. If your loan was delinquent, please contact us for other options. Please refer to “I need to extend my COVID-19 hardship forbearance…What are my options?” FAQ for more details.
  • I had previously put my loan into forbearance due to COVID-19 hardship, but I am now back to work or no longer need temporary relief, and I would like to begin making payments again.
    If your personal financial situation has improved since the time you initially put your Laurel Road loan into forbearance you can cancel your forbearance by contacting MOHELA at 1-877-292-6845 (TTY: Dial 711). You can continue to make payments at any time during the forbearance period by logging into your web account at laurelroad.mohela.com. Payments received during the forbearance period will apply first to any fees incurred prior to entering the forbearance, then to outstanding accrued interest, and finally to the principal balance.
  • Will Laurel Road lower rates with the recent federal rate cut?
    Our customers want the best rates and Laurel Road is committed to providing the most competitive rates we can offer. The Fed’s interest rate is just one of several factors used to determine interest rates. Other factors can also include credit quality of applicants and the projected probability of paying off their loans. This is a time of some uncertainty and we appreciate your understanding during this time. We can assure you that we are closely monitoring market conditions to ensure that we are offering the most competitive rates possible.
  • My state temporarily suspended debt collections in response to COVID-19. Does this apply to my student loans?
    Some states have been issuing regulations that halt the collection of debts, including student debts. In many cases these regulations impact past due loans or loans owed directly to the state. However, requirements vary across each state and you should check with your state for specifics. If you have a loan with Laurel Road these regulations do not eliminate the debt. If you are having difficulty repaying your loan due to COVID-19, please contact MOHELA at 1-877-292-6845 (TYY: Dial 711) to inquire about forbearance and hardship relief.
  • 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. 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).
  • In response to the COVID-19 pandemic, the federal government has paused all federal student loan payments and waived interest charges on federally held loans until 9/30/21. How does that impact my student loan?
    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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Graduate-School Loans

  • Will applying for an in-school student loan with Laurel Road impact my credit score?
    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.
  • What documents do I need to complete the student loan finance application?
    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 cosigner, it may be necessary for the cosigner to provide proof of income.
  • How will my payments be applied to my Laurel Road Loan?
    Standard Payment Application: Payment is applied first toward any outstanding late fees, next to outstanding accrued interest, then and finally 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, late payments, missed payments, or loan defaults to consumer reporting agencies.
  • Can I prepay my loan in full or partially without penalty?
    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.
  • Does interest accrue during a grace period?
    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.
  • Is there a grace period? When does it apply?
    There will be a six (6) month grace period which begins at the end of your In-school period. 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. Borrowers who choose the Immediate Repayment are not eligible for a grace period.
  • Can I change the amount of funding I have requested?
    For loan applications received before July 25, 2019: Yes, you can reach out to Laurel Road’s customer service team at CampusDoor and we’ll walk you through this request. Just call (717) 254-2375, Monday through Friday from 8:00 a.m. to 6:00 p.m. ET, or email answers@campusdoor.com. For loan applications received after July 25, 2019: If the loan adjustment amount is lower than your initial amount please reach out to Laurel Road’s customer service team at (855) 245-0989, Monday through Thursday from 8:30 a.m. to 8:30 p.m. ET and Friday from 8:30 a.m. to 5:30 p.m. But, if your adjustment amount is higher than your initial amount you must reapply.
  • Do I need to fill out a FAFSA or will I need to provide other forms?
    Because Laurel Road is providing a private loan, we do not require FAFSA, an application for a federal loan.
  • What are my repayment options? Which one should I choose?
    Laurel Road offers a couple of 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.
  • 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.
  • Do I need a cosigner on my loan?
    You may not need a cosigner, but if you do not meet our credit criteria, a cosigner may improve your chances of being approved.
  • Who is eligible to finance their in-school student loan with Laurel Road?
    U.S. citizens or permanent residents with a valid I-551 card (a conditional I-551 card will not be accepted) are eligible to finance student debts with Laurel Road. Students that have accepted an offer to enroll at least half-time or are currently enrolled at least half-time at an Eligible Program/School. Not all degrees are eligible at all schools.
  • 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.
  • Who can I contact for help with my graduate school student loans?
    For loan applications received before July 25, 2019: You can contact CampusDoor (answers@campusdoor.com) with questions about your application, approval, or the disbursement of your funds. If the funds are disbursed, you should contact our loan servicing partner, MOHELA, by calling (877) 292-6845 (TTY: Dial 711) Monday through Thursday 7:00 a.m. to 9:00 p.m. CT or Friday 7:00 a.m. to 5:00 p.m. CT. For loan applications received after July 25, 2019: You can contact Laurel Road (edprocessing@laurelroad.com) with questions about your application, approval, or the disbursement of your funds. If the funds are disbursed, you should contact our loan servicing partner, MOHELA, by calling (877) 292-6845 (TTY: Dial 711) Monday through Thursday 7:00 a.m. to 9:00 p.m. CT or Friday 7:00 a.m. to 5:00 p.m. CT.
  • What happens if I cannot pay my loan?
    If you are eligible, you can apply for loan forbearance. This program is designed to protect you in the event you encounter economic hardship. Laurel Road is committed to working with you to find the best solution. Please refer to the question below regarding forbearance for more details.
  • What is the AutoPay/EFT Discount? How can I get it?
    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.
  • How does the graduate loan financing process work?
    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.
  • 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.
  • Does Laurel Road charge any fees during the application or loan closing process?
    Absolutely not! We do not have application fees, origination fees, or disbursement fees, nor do we have prepayment penalties.
  • What are your interest rates for in-school loans?
    Our interest rates vary based on the repayment option and term you choose. Please click here to view our current rates for graduate school loans.
  • What is the minimum and maximum amount I can borrow with Laurel Road?
    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.
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Payments

  • Can I make additional payments to my Laurel Road loan?
    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.
  • How will my payments be applied to my Laurel Road Loan?
    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.
  • What is a payoff statement? How do I get one?
    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).
  • Does Laurel Road offer forbearance for those impacted by a natural disaster?
    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.
  • Can I change my monthly payment date?
    Our payment processor, MOHELA, allows customers to request a due date change via their website, which is processed within 1-2 billing cycles.
  • When will my first payment be due?
    Your first payment will be due 1 month from the date of your disbursement.
  • What information must I provide to obtain my referral payment?
    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.
  • Does Laurel Road forgive my loan in the event of death or permanent disability?
    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.
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Rates

  • What is the AutoPay/EFT Discount? How can I get it?
    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.
  • Does Laurel Road offer a discount for setting 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.
  • How is Laurel Road able to offer such low rates?
    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.
  • Should I choose a variable rate or a fixed rate on my student loan?
    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 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. To discuss your specific situation and/or the tradeoffs involved with these options, please contact our Customer Service team.
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Refer-A-Friend

  • Is there any limit to how many borrowers I can refer or how much I can earn?
    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.
  • Who can participate in Laurel Road’s Referral Program?
    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.
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Residents

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Application

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Terms

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