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Graduate-School Loans

Loan Terms

  • How do I apply for a graduate loan with Laurel Road?
    Laurel Road is no longer accepting applications for the 2019-2020 academic year at this time and has not yet begun accepting applications for the 2020-2021 academic year. If interested in applying for a graduate school loan for the 2020-2021 academic year, please check back soon when our application is available.
  • 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.
  • 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.
  • 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.
  • 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

  • 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.
  • 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.
  • 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.
  • 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 discount? How can I get it?
    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.
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Grace Period

  • 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.
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