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.
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 firstname.lastname@example.org.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Once you begin making required monthly payments, if you make your monthly payments automatically from a bank account, your rate will be decreased by 0.25%. If however, you stop making automatic payments or if Laurel Road cancels you automatic payments due to returned payment, delinquency, or forbearance, or otherwise, then your rates will go back to their regular levels. You must be enrolled in monthly payments to receive this discount. Rates advertised on this site include the 0.25% Autopay discount. 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. 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. 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.