In order to issue referral payments, Laurel Road needs your social security number and your mailing address if you are receiving payment by check. Laurel Road will report to the IRS the value of any Referral Program payments. Any applicable taxes are the responsibility of the applicant. When you participate in this program, you will be given the opportunity to provide this information to us so that we can issue your payments seamlessly.
There is no limit to the number of borrowers you can refer or the amount of money you can earn through this program.
Anyone can refer friends or family members to Laurel Road for student and personal loans. You do not have to be a Laurel Road customer in order to refer someone to Laurel Road and be eligible for our referral incentive. In cases where multiple referrals may be equated to one potential borrower, only one referring person will be eligible for the referral incentive. Under the referral program, referred borrowers are not eligible for other promotional offers.
No. Residents who accrue interest while paying $100 per month on their student loan will see their interest capitalize at the end of the reduced payment period and only when they start on a standard repayment term.
Medical or Dental Residents can refinance their student loan(s) with Laurel Road as soon as they’ve matched to a residency program.
Yes, Laurel Road refinances student debt for doctors or dentists while they are in residency and before they begin practicing as attending physicians. Residents can defer making full payments on their loan up to 6 months after their residency and fellowships. Total loan term including residency, fellowship and grace period must not exceed 20 years. The deferment period for residency, fellowship, and grace period must be approved and disclosed at the time of application – you will not be able to extend the term of the loan after it is disbursed. If fellowship is determined after your loan is closed, you may be able to refinance with Laurel Road to take advantage of reduced payments during fellowship.
Yes, student loans that Laurel Road has refinanced are considered student loans for federal and state tax consideration. Please note that you may or may not be eligible for interest deduction depending on your individual tax situation. Please consult your tax advisor for more information.
According to the Fair Isaac Corporation, multiple credit inquiries from different student lenders in a short period of time will be counted as one inquiry only, which mitigates the impact on your credit score. For more information, please visit https://www.myfico.com/credit-education/credit-checks/credit-report-inquiries/.
Yes. With Laurel Road, you have the option to refinance student debt that you took out on behalf of your child once your child has graduated. If you choose to keep the loan in your name, Laurel Road will underwrite your loan according to your eligibility. If you choose to refinance the loan in your child’s name, the loan will be underwritten based on your child’s eligibility.
Yes. Laurel Road will forgive the remaining student loan balance in the event of borrower death, and some or all of the remaining student loan balance if the borrower demonstrates a significant unanticipated permanent reduction in his or her income due to permanent disability. Laurel Road began to offer this provision in the spring of 2015 and only loans originated after that point are eligible.
Yes, borrowers may apply for forbearance if they experience a qualifying economic hardship. In these instances you may be eligible for full or partial forbearance payments for one or more 3-month periods, not to exceed 12 months in the aggregate during the term of your loan. Laurel Road will review all forbearance requests and grant such requests for qualified hardship reasons, such as involuntary job loss or unpaid maternity leave.
If you are refinancing any federal student loans with Laurel Road, you will no longer be able to take advantage of federal income driven repayment programs or student loan forgiveness, including but not limited to: Income Based Repayment (IBR), Pay As You Earn (PAYE) or Revised Pay As You Earn (REPAYE), and Public Service Loan Forgiveness (PSLF). For more information about the benefits of these federal programs and other federal student loan programs, please visit https://studentloans.gov.