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 1-800-539-8336.) or can contact MOHELA about statements and billing at 877-292-6845 (customers using a TDD/TTY device, please dial 711).
Laurel Road was acquired by KeyBank on April 1, 2019. The acquisition was specifically for Laurel Road’s lending business, and includes our online lending platforms offering Student Loans, Mortgages, and Personal Loans. Laurel Road will operate as a brand of KeyBank and will continue to provide best-in-class lending products under this name.
Loans closed with Laurel Road on or after April 1, 2019, will be originated and funded by KeyBank as Laurel Road is a brand of KeyBank N.A.
Yes, if your loan is approved, you will be eligible to make Reduced Payments for 12 months. You may pay more than the $25 at any time with no pre-payment penalty. Should you pay more, your payment will be applied first to any applicable fees, unpaid interest, and then to principal. After 12 months, any unpaid interest will capitalize, and a new repayment schedule will be calculated to reflect your full monthly payment.
Once an application is complete, most approved loans are funded in about seven business days. However, this timing can vary depending on the complexity of the application and the volume of applications.
Document review depends on the complexity of the documents. There is no standard review time.
Loan decisions depend on the complexity of the application. Once all paperwork is submitted and verified, a decision can take as little as one business day.
Current Laurel Road customers who have another lending product with us are eligible for a relationship discount.
We offer a .25% rate discount for use of EFT. To qualify for the EFT discount, monthly payments must be paid automatically from a bank account.
Unfortunately, Laurel Road can only accept one active application at a time.