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 Full Principal and Interest Plan are not eligible for a grace period.
If you make your monthly payments via an automatic electronic fund transfer (EFT) from a bank account, your rate will be decreased by 0.25%. If, however, you stop making automatic payments via EFT, then your rates will go back to their regular levels. You must be enrolled in monthly payments to receive this discount.
In your welcome letter, you will receive instructions on how to set up EFT payments.
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.
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. Afterwards, 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. Afterwards, 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. Afterwards, you will begin making full principal and interest payments.
Full principal and interest payment plan: 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.
While in some instance 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. Please click here to learn more.
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. Once you authorize a hard credit inquiry and have provided any supporting information requested, 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 at Campus Door.
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.
Absolutely not! Unlike many lenders, we do not have application fees, origination fees, or disbursement fees, nor do we have prepayment penalties.
Our interest rates vary based on the repayment option and term you choose. Please click here to view our current rates for In- School Student Loans.
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.