We want to help you reach your financial goals, starting with paying off your biggest expense—medical school loans. Laurel Road offers reduced rates on student loan refinancing for eligible doctors. And, we've extended this special pricing to Physician Assistants, too.1
IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Please carefully consider your options when refinancing federal student loans and consult Federal Student Aid for the most current information.
Now you could get rates starting at % variable APR with discounts when you open a Laurel Road Linked Checking® account and set up qualifying direct deposits.2
Plus, get a $300 cash bonus with $2,500 in direct deposits.3
Learn MoreYou may be asking if now is a good time to take advantage of low rates to refinance. Use the calculator below to compare some of the benefits of refinancing. For physicians, dentists, optometrists, and physician assistants, the calculator will also show the estimated impact of Laurel Road’s special price reduction.
This calculator is for illustrative purposes only and does not take into account benefits currently offered by the federal government and should not be used for loans being repaid under a federal program. For additional details click here.
Introducing the first credit card that lets you redeem 2% cashback toward your student loans with any eligible servicer.6 Chip away at your student loans with every dollar you spend.
Learn MoreIf 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.
Yes, Laurel Road refinances both federal and private student loans.
Refinancing student loans may add up to significant savings. For example, if you refinance multiple loans into one loan with a lower rate, and keep the loan term the same, you will accrue less interest over the life of the loan, saving you money on a monthly basis and over the course of the loan.
Laurel Road Member Services is available Monday – Friday, 8:00 AM – 9:00 PM ET. You can send our Member Services team a message by emailing us at [email protected] or by using the live chat function on our website. To speak directly with a Member Services representative, you can call us at 1-833-427-2265. Members using a TDD/TTY device, please use 1-800-539-8336.
Yes. If you set up automatic loan payments from a bank account via electronic fund transfer (EFT), Laurel Road will lower your interest rate by 0.25% (the AutoPay/EFT Discount). That lower interest rate will continue as long as you make payments via EFT. The 0.25% AutoPay/EFT Discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster. Rates advertised on this site typically include the 0.25% AutoPay/EFT Discount.
All credit products are subject to credit approval
The calculator on this page compares an individual's current student loan to a student loan refinanced with Laurel Road. The calculator assumes: (1) the current loan is being repaid under a standard repayment plan where the individual makes consecutive monthly payments based on the number of monthly payments remaining on the loan as inputted by the user; (2) the current loan has a fixed interest rate over the remaining term of the loan; and (3) that the monthly payment amount the user inputs pays off the loan in the number of monthly payments remaining.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, legal, financial, or tax advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. Calculators do not include the fees and restrictions that certain products may have. This calculator does not indicate whether you would qualify for a Laurel Road loan. Please visit the applicable banking product pages on laurelroad.com for specific terms and conditions.
IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult StudentAid.gov for the most current information.
Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Annual Percentage Rate (APR) shown are as of and subject to increase without notice. Based on applications between 7/1/2021 to 9/30/2022, approximately 10% of applicants qualified for our lowest advertised rate. Lowest rate quoted above assumes excellent credit and low debt, housing, and alimony expenses relative to income. Otherwise, a higher rate will apply. Rate shown above includes a 0.55% discount for having a qualifying direct deposit of at least $7,500 credited to a Laurel Road Checking account for every statement period of the term of the loan, a 0.25% discount for AutoPay, and a loan with a term of 60 months. Variable APRs are subject to increase after consummation.
The Laurel Road Linked Checking discount is available to borrowers who open a Laurel Road Linked Checking account simultaneously while refinancing their student loans with Laurel Road. You may also be able to utilize a checking account opened simultaneously with a prior Laurel Road student loan refinance to obtain a discount on your new Laurel Road student loan refinance. Borrowers will receive a 0.25% rate discount for their first three monthly billing cycles. Starting with the fourth billing cycle and continuing with each billing cycle thereafter, the rate discount applied to each billing cycle will be based on the amount deposited via qualifying Automated Clearing House (ACH) transactions into the Laurel Road Linked Checking account during the preceding calendar month; 0.25% for deposits between $2,500 and $7,499 per month and 0.55% for deposits $7,500 or greater per month. Qualifying ACH direct deposit transactions include most payroll, Social Security, pension and government benefits deposits. To continue to receive the discount for the fourth billing cycle, you must begin making qualifying ACH deposits to your Laurel Road Linked Checking account during the second month after your loan funds. Note that the discount is only available to the primary checking account owner and is not available to a joint checking account owner. If the primary account owner is no longer an owner on the checking account or the account is closed, the discount on their student loan will cease. Discounts subject to change without notice and cannot be combined with the Laurel Road Linked Savings discount. For more information on the Laurel Road Linked Checking Account visit www.laurelroad.com/refinance-student-loans/linked-checking/#rates-fees-jump.
You must open a Laurel Road Checking account simultaneously while refinancing your student loan with Laurel Road by 01/08/2024 at 11:59 p.m. (ET) and make one or more qualifying direct deposits via an Automated Clearing House (ACH) transaction into the Laurel Road Checking account totaling at least $2,500 within the first 60 days after account opening to receive the $300, which will be deposited into your account within 60 days of meeting requirements. Applications are subject to approval and processing times. Click here for current Laurel Road Checking Rates. Normal account service charges and miscellaneous charges may apply to the Laurel Road Checking, which may reduce earnings. Qualifying ACH direct deposit transactions include most payroll, Social Security, pension and government benefits deposits. Limit one bonus per qualifying account and per individual. If you were the primary owner on any Laurel Road checking account within the prior 12 months before opening the new checking account, you are not eligible for the bonus offer. The value of the bonus may be reported to the IRS on Form 1099-INT. Accounts must be in good standing and cannot be overdrawn or closed at the time of bonus payment. Offer is subject to cancellation without notice and cannot be combined with any other bonus offer. Laurel Road is not responsible for, and will not honor, promotional offers that appear on third-party websites that are not authorized by Laurel Road.
AutoPay / EFT Discount: If you choose to make monthly payments automatically by electronic fund transfer (EFT) from a bank account, the rate will decrease by 0.25% and will increase back if you stop making monthly payments (or we stop accepting) automatically by EFT from your bank account. The 0.25% AutoPay/EFT Discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.
You will earn 2.0% in Cashback Rewards for each $1 spent on eligible Purchases if you redeem your Cashback Rewards towards your Student Loan with an eligible servicer. This equates to $0.02 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $2.00 in Student Loan Credit. You will earn 1.0% in Cashback Rewards for each $1 spent on eligible Purchases if redeemed for a statement credit. This equates to $0.01 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $1.00 in Cashback Rewards. For more information visit https://www.laurelroad.com/cash-back-credit-card/#disclaimer.
For Terms & Conditions and a full list of eligible loan servicers, visit laurelroad.com/faq/which-student-loan-servicers-do-you-work-with-for-the-laurel-road-student-loan-cashback-card/
Primary borrowers who open a Laurel Road Linked Saving account during their application to refinance their student loans are eligible for the Laurel Road Linked Savings discount. Borrowers receive a 0.25% rate discount for their first two billing cycles of their loan. Starting with the 3rd billing cycle, and continuing with each billing cycle thereafter, the rate discount applied during a billing cycle will be based on the average daily balance held in the borrower's Laurel Road Linked Savings account for the preceding calendar month. The discount can vary from 0.10% for balances between $1,000 and $9,999 and 0.30% for balances of $20,000 or greater. To continue to receive a discount for the third billing cycle, you must fund your Laurel Road Linked Savings account the month after your loan funds and maintain a minimum account balance of $1,000. Offer cannot be combined with Laurel Road Checking Discount. Offer subject to changed without notice. Learn more about the Laurel Road Linked Savings discount: https://www.laurelroad.com/faq/what-is-the-student-loan-refinance-interest-rate-discount-i-will-receive-for-opening-a-laurel-road-linked-savingssm-account/
Assumptions: Repayment examples below assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount, the Laurel Road Linked SavingsSM discount, or special pricing.
Fixed Rate Loans | |||||
Term | Interest Rate | APR | No. of Payments | Monthly Payment | Total Payments |
5 Year | |||||
7 Year | |||||
10 Year | |||||
15 Year | |||||
20 Year |
Variable Rate Loans | |||||
Term | Interest Rate | APR | No. of Payments | Monthly Payment | Total Payments |
5 Year | |||||
7 Year | |||||
10 Year | |||||
15 Year | |||||
20 Year |
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the 30-day Average Secured Overnight Financing Rate (“SOFR”) and changes in the SOFR index may cause your monthly payment to increase. Although the rate will vary after you are approved, it will never exceed 15.00%. There is no limit on the amount your interest rate can increase at one time. The Index is currently published by the Federal Reserve Bank of New York (“New York Fed”). If the Index is no longer available, it will be replaced by a replacement Index according to the terms of the promissory note.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of September 23, 2021 . Information and rates are subject to change without notice.
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Borrowers may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school.
Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for more information.
LOAN AMOUNT
For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing.
FEE INFORMATION
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.