Financial Solutions for Residents and Fellows
Dedicated solutions to help residents find financial peace of mind.
As soon as you’re matched to a residency program, you can take advantage of special offers from Laurel Road to help manage medical school loans, pay off debt, or reach your next financial milestone.
Student Loan Repayment for Residents
Learn how to manage your medical school debt with ease.
We understand the stress of managing medical school debt – especially during training. If you have student loan questions, set up a free 30-minute meeting and one of our GradFin specialists1 can review your repayment, refinancing, or forgiveness options, and recommend a plan.
Schedule a ConsultationA GradFin student loan consultation can help you:
Apply for IDR
Learn how income-driven repayment (IDR) can help you manage your monthly payments during training.
Navigate PSLF
Find out if you qualify and how to stay on track if you're pursuing public service loan forgiveness (PSLF).2
Explore Refinancing
Compare your refinancing options. With Laurel Road, residents are eligible for $100 monthly payments during training.3
Personal Loans for Residents
Borrow against your earning potential during training.
Laurel Road offers personal loans that are tailored specifically for residents like you – with low monthly payments and lending decisions that consider what you're likely to earn after residency.
Check My RateBenefits of a Laurel Road Resident Personal Loan:
Payments as low as $25/mo4
Loans designed to recognize the investment you've made in your future.
Borrow up to $45,0005
Get the funds you need if you're in training or have a match letter.
Easy Online Application
Complete the entire process online from home, on your own schedule.
AutoPay Discount6
Reduce your interest rate by 0.25% when you set up automatic payments.
Mortgages for Residents
Finance the dream of homeownership – as a resident.
Benefits for eligible physicians and dentists ( and residents!) include premium service, low down payment options, exclusive pricing, closing cost discounts, and more. Check your rate online in minutes.
Check My RateBenefits of a Laurel Road Physician Mortgage:
Low Down Payment Options
Pay as little as 0% down with no private mortgage insurance7 required
$650 Off Closing Costs8
Save more with up to $650 off your closing costs
$1,095 Value on Fees9
No application or processing fees, represents a value of $1,095
0.25% Member Discount10
Laurel Road members get an additional rate discount
Learn About Resident Refinancing
Quick tips for refinancing student loans.
Frequently Asked Questions
QUESTIONS? WE'VE GOT ANSWERS.
-
What can I expect to learn in the 1-on-1 student loan consultation?
A GradFin student loan specialist will break down your student loan profile, provide a chart on what your new loan payoff could look like, answer questions about what terms are the best for your unique situation, and answer any application questions you may have.
If refinancing is determined to be your best option, they can help you understand what information impacts the interest rate that you might expect to be offered on your loan refinancing. Items such as your FICO score, income level, student loan balance, and current interest rate structure can impact your offer, and your specialist can walk you through how to qualify for the lowest rates on your loans.
-
What is GradFin?
GradFin was founded in 2015 to help student loan borrowers manage their loans, repay them faster, start saving earlier and achieve their financial goals. GradFin provides borrowers access to free consultations with student loan specialists, helping them understand their options through student loan forgiveness, refinancing, or a combination of both.
Now a brand of KeyBank N.A., GradFin’s specialists have over 50 years of combined experience in working in federal student loan management, including from former FedLoan Servicing trained employees, and have conducted over 60,000 consultations with borrowers since 2015.
-
Does Laurel Road refinance student loans for medical or dental residents?
Yes, Laurel Road refinances student debt for doctors (MD or DO) and dentists (DDS or DMD) 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.
-
If I am a medical or dental resident, does my accrued interest capitalize while paying $100/month during residency?
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.
-
Can I still take advantage of federal benefits after I refinance my federal loans with Laurel Road?
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.
-
What is a Physician Mortgage?
Laurel Road’s Physician Mortgage is a home loan tailored specifically to physicians and dentists featuring up to 100% financing* for loans of $1,000,000 or less. These loans have fewer restrictions than conventional mortgages and recognize the lender’s trust in medical professionals’ creditworthiness and earning potential.
*100% financing and no private mortgage insurance (PMI) is only available to interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). 100% financing is available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $1,000,000. Retired doctors are not eligible. Additional conditions and restrictions may apply.
Disclaimers
All credit products are subject to credit approval
IMPORTANT INFORMATION: The U.S. Department of Education recently announced a student loan debt relief plan which includes forgiveness of up to $10,000 for qualifying federal student loans and up to $20,000 for qualifying Pell Grant recipients. For more information, please visit: https://studentaid.gov/debt-relief-announcement. Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain 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, student loan debt relief or public service loan forgiveness, repayment options such as Income Based Repayment or Pay As You Earn, or COVID-19 relief benefits such as a 0% interest rate, suspension of payments or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult www.studentaid.gov for the most current information.
-
GradFin and Laurel Road are brands of KeyBank N.A.
-
To qualify for PSLF, you must be employed by a U.S. federal, state, local, or tribal government or not-for-profit organization (federal service includes U.S. military service); work full-time for that agency or organization; have Direct Loans (or consolidate other federal student loans into a Direct Loan); repay your loans under an income-driven repayment plan; and make 120 qualifying payments. For full program requirements, visit: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service.
-
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
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. Borrowers who take out a loan with a term of 5, 7, or 10 years will have a maximum interest rate of 9%; those who take out a 15 or 20-year variable rate loan will have a maximum interest rate of 10%. 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.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 -
Resident Personal Loan Estimated Payment Examples
Borrowers with a Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Medicine in Dentistry or Doctor of Dental Medicine (DMD), Doctor of Dental Surgery (DDS) employed full time as an intern, resident, fellow, or similar postgraduate trainee at the time of loan disbursement are eligible to make $25 monthly payments ("Reduced Payment") 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. Any Reduced Payment offered will be for at least 12 months from the date of disbursement and last as long as the borrower is in training, limited to a maximum of 48 months.
Assumptions: Repayment examples above below a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount. A borrower's actual rate and payment amount may vary, and is determined by the product, term, loan amount, and your credit qualifications.
Fixed Rate Loans Term Interest Rate APR Monthly Payment Total Payments 5 Year 8.00% – 23.75% 7.79% – 21.53% 24 months of $25 36 months of $345 - $553 $13,009 - $20,519 7 Year 9.00% - 25.00% 8.78% - 22.96% 24 months of $25 60 months of $232- $423 $14,549 - $25,960 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. The APR differs from the Interest Rate because the APR considers whether a borrower defers full payments of principal and interest.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
-
Maximum loan amount for those in training without a contract to practice are as follows: first year of study – $30,000; second year of study – $35,000; third year of study – $40,000 and fourth (and above) year of study – $45,000.
-
AutoPay/EFT Discount: if the borrower chooses to setup monthly payments automatically by electronic fund transfer (EFT) from a bank account before closing, the interest rate will decrease by 0.25%. The discount will be reflected in your monthly payment.
-
100% financing and no private mortgage insurance (PMI) is only available to interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). Only available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $1,000,000. Retired doctors are not eligible. Additional conditions and restrictions may apply.
-
Laurel Road offers up to $650 in lender's credit towards your mortgage closing costs. Credits cannot exceed borrowers' actual costs to close. For more information on how to obtain the $650 credit, refer to the Rewards Program information here https://www.laurelroad.com/healthcare-banking/mortgage/#disclaimer.
-
No Processing/Application fee represents a savings of $1,095. Other loan fees apply. Refer to your Loan Estimate for all other potentially applicable fees. See FAQ for more details.
-
The 0.25% mortgage interest rate discount (the “Discount”) is available to borrowers who have an existing Laurel Road student loan, mortgage or checking account prior to submitting a new mortgage loan (“Loan”) application OR who open a new standalone checking account (excluding Laurel Road Linked or Loyalty checking accounts) with minimum monthly direct deposit(s) totaling at least $2,500. Standalone checking accounts must be opened, and the direct deposit deposited into the account, at least five (5) business days prior to the Loan closing. The Discount cannot be combined with any other interest rate incentives, applies only to new Loan applications and becomes effective at closing. For fixed-rate Loans, the Discount is a permanent interest rate reduction reflected in the Promissory Note. For adjustable-rate Loans, the Discount is reflected in the interest rate applicable to the initial fixed rate period and in the maximum amount the interest rate can increase over the term of the Loan. Other restrictions may apply.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of March 15, 2023. Information and rates are subject to change without notice.
Resident Student Loan Refinancing – Terms And Conditions
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.