All credit products are subject to credit approval
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 Federal Student Aid for the most current information.
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Estimated Student Loan Refinance Post-residency Payment Examples
Borrowers employed full time as an intern, resident, fellow, or similar postgraduate trainee at the time of loan disbursement are eligible to make $100 monthly payments throughout their training (“Residency Period”).
These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to the loan principal and monthly payments of principal and interest will begin when the Residency Period ends.
Assumptions: Repayment examples shown below are based on an original loan amount of $100,000 and assume that you make $100 monthly payments during the Residency Period of 36 months before the full repayment term begins. Repayment examples do not include any discounts.
| Fixed Rate Loans |
| Term |
Interest Rate |
APR |
Monthly Payment |
Total Payments |
| 5 years |
|
3.93% - 5.53% |
36 months of $100
60 months of $1,998 - $2,181 |
$123,506 - $134,441 |
| 7 years |
4.35% - 5.85% |
4.26% - 5.68% |
36 months of $100
84 months of $1,514 - $1,656 |
$130,755 - $142,743 |
| 10 years |
4.59% - 6.03% |
4.51% - 5.88% |
36 months of $100
120 months of $1,147 - $1,273 |
$141,188 - $156,336 |
| 15 years |
4.81% - 6.33% |
4.74% - 6.19% |
36 months of $100
180 months of $866 - $994 |
$159,391 - $182,595 |
| 20 years |
4.91% - 6.63% |
4.84% - 6.50% |
36 months of $100
240 months of $728 - $876 |
$178,294 - $213,828 |
| Variable Rate Loans |
| Term |
Interest Rate |
APR |
Monthly Payment |
Total Payments |
| 5 Year |
3.98% - 5.62% |
3.90% - 5.44% |
36 months of $100
60 months of $1,994 - $2,170 |
$123,256 - $133,780 |
| 7 Year |
4.25% - 5.75% |
4.17% - 5.58% |
36 months of $100
84 months of $1,505 - $1,647 |
$129,982 - $141,921 |
| 10 Year |
4.40% - 5.93% |
4.32% - 5.78% |
36 months of $100
120 months of $1,131 - $1,264 |
$139,272 - $155,248 |
| 15 Year |
4.65% - 6.23% |
4.58% - 6.10% |
36 months of $100
180 months of $853 - $986 |
$157,078 - $181,001 |
| 20 Year |
4.90% - 6.53% |
4.83% - 6.40% |
36 months of $100
240 months of $727 - $867 |
$178,100 - $211,642 |
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.
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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.
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Members who met the requirement for federal student loan forgiveness through an Income-Driven Repayment (IDR) plan or Public Service Loan Forgiveness (PSLF) qualified for an average of $118,817.88 in student loan forgiveness as of 2/17/2025.
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This is the total dollar value of federal student loans forgiven for members via an Income-Driven Repayment (IDR) plan or Public Service Loan Forgiveness (PSLF) as of 2/17/2025. This dollar value is based on the member-reported forgiveness amount and can be substantiated by official documentation from the Department of Education.
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Deposit accounts are only available for U.S. Citizens and U.S. Permanent Residents, at least 18 years of age.
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 Checking Account visit www.laurelroad.com/refinance-student-loans/linked-checking/#rates-fees-jump
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Deposit accounts are only available for U.S. Citizens and U.S. Permanent Residents, at least 18 years of age.
Borrowers who open a Laurel Road Linked Savings account during their application to refinance their student loans are eligible for the Laurel Road Linked Savings discount. Borrowers receive a 0.25% interest 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 interest 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 3rd billing cycle, you must fund your Laurel Road Linked Savings account the month after your loan funds and maintain a minimum account balance of $1000.
Click here to learn more about the Laurel Road Linked Savings discount.
Eligibility Requirements
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must 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.laureload.com/refinance-student-loans/refinance-parent-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.
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.
