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 and require additional relief/ assistance, you may request an additional three month forbearance period if you were current on your account prior to 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.
The federal COVID-19 response stimulus bill passed on March 27th, known as the CARES Act, delayed student loan payments and waived interest for six months until September 30, 2020. On August 8th, an Executive Order was issued continuing the pause on monthly payments and interest on federal student loans until Dec. 31, 2020. 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).
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
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.
Most of our loans, you only need four types of documents—photo ID, graduation verification, two recent pay stubs or other proof of income, and your current student loan payoff statements.