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Student Loan Refinancing for ADA Residents

The Laurel Road Difference

Hundreds, thousands – you could save a bundle!1

No origination fees or prepayment penalties

Up to 12 months of forbearance is available*

Eligible for another discount of 0.25% when monthly payments are made automatically from a bank account

Learn About Rates

Exclusive interest rates available to ADA residents

Loan Term (Years)
5 year
7 year
10 year
15 year
20 year
Standard APR%*
2.86%—6.25%
3.97%—6.30%
4.21%—6.35%
4.46%—6.60%
4.71%—7.10%
Member APR%**
2.61%—6.00%
3.72%—6.05%
3.96%—6.10%
4.21%—6.35%
4.46%—6.85%
Check My Rates

For residents, eligibility and rates offered will depend on your credit profile, total monthly debt payments, and income projections post training. Please note that residents or fellows with signed contracts to practice may qualify for our standard rate offerings found here. For residents who request a partially deferred payment period, before entering a full repayment period, the interest rate will be based on the nearest term offered that includes the entire term of their loan - the partially deferred payment period plus the full repayment period. For example, if a resident or fellow applies for a 5 year loan, with a 3 year partially deferred payment period, they will receive a rate offer within the 10 year range above. Rates, in the above table, assume 3 months left in residency and include a 0.25% discount for making automated payments from a bank account. For important additional information, please see the Terms and Conditions at the bottom of the page.

Loan Term (Years)
5 year
7 year
10 year
15 year
20 year
Standard APR%*
3.76%—5.75%
4.23%—6.20%
4.52%—6.60%
4.82%—7.00%
5.27%—7.44%
Member APR%**
3.51%—5.50%
3.98%—5.95%
4.27%—6.35%
4.57%—6.75%
5.02%—7.19%
Check My Rates

For residents, eligibility and rates offered will depend on your credit profile, total monthly debt payments, and income projections post training. Please note that residents or fellows with signed contracts to practice may qualify for our standard rate offerings found here. For residents who request a partially deferred payment period, before entering a full repayment period, the interest rate will be based on the nearest term offered that includes the entire term of their loan - the partially deferred payment period plus the full repayment period. For example, if a resident or fellow applies for a 5 year loan, with a 3 year partially deferred payment period, they will receive a rate offer within the 10 year range above. Rates, in the above table, assume 3 months left in residency and include a 0.25% discount for making automated payments from a bank account. For important additional information, please see the Terms and Conditions at the bottom of the page.

**American Dental Association APR reflects 0.25% EFT discount and 0.25% discount only available to ADA members

Apply in 3 Easy Steps

Instant Rates

Discover your rate options instantly after filling out a short online form - no hard credit pull required.

Upload Documents

Easily upload a few documents to verify your identity and desired loan.

Acceptance & Approval

Once approved, we'll send your final rates, terms and applicable disclosures. Accept the terms and e-sign a promissory note - all online.

What you need to know

  • Dental residents may refinance some or all of their student loans.
  • Pay only $100 per month† through training regardless of how much is refinanced.
  • Standard repayment term begins once borrower is practicing.
  • Interest does not capitalize until the borrower starts making standard payments.
  • Graduates become eligible as soon as they have matched to a residency program.
  • Loan is discharged in borrower death or documented permanent disability.
  • Up to 1 year of forebearance is available at Laurel Road’s discretion.
  • Free to apply, no origination fees, and no prepayment penalties.

Frequently Asked Questions

Who is eligible for this?

  • Only those with paid residency positions are eligible
  • Both federal and private student loans from undergrad and dental school are eligible
  • You can decide to refinance all or some of your student loans — it’s up to you
  • Must be a United States citizen or Permanent Resident with valid I-551 card and meet Laurel Road lending criteria

Are there any upfront fees?

  • There is no application fee; the online application is free
  • There is no origination fee
  • There are no prepayment penalties

How do you determine my rate?

  • Your rate will depend on your credit profile, total monthly debt payments, and income projections post-training
  • Residents who request a reduced payment period before entering full repayment will receive an interest rate based on their entire term of their loan, including the reduced payment period. For example, if someone applies for a 5 year loan with a 3 year reduced payment period, they will receive a rate offer within the 10 year range above
  • Residents with signed contracts to practice may qualify for our standard rate offerings found here

What happens after I get my loan?

  • Residents pay $100/month through training regardless of how much is refinanced
  • Borrowers begin a standard repayment term once practicing with the option to extend $100 payments for an additional 6 months

About Laurel Road

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products, personal loans and mortgages that helps simplify lending through technology and personalized service. In April 2019, Laurel Road became part of KeyBank, one of the nation’s largest bank-based financial services companies and Member FDIC.

For more information, visit our Student Loan Refinancing page.

About the American Dental Association

The American Dental Association (ADA) exclusively endorses Laurel Road’s student loan consolidation/refinancing program to provide unmatched opportunities for ADA members to refinance existing federal and private undergraduate and graduate school loans at a 0.25% lower rate than Laurel Road’s already low rates. The ADA represents more than 158,000 dentist members and is the nation’s largest dental association and the leading source of oral health related information for dentists and their patients.

For more information about the ADA, visit here.

Disclaimers

1 Savings vary based on rate and term of your existing and refinanced loan(s). Review your loan documentation for total cost of your refinanced loan.

† We may agree under certain circumstances to allow a borrower to make $100/month payments immediately after loan disbursement if the borrower is employed full‐time as an intern, resident, fellow, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post‐graduate training program ends.

* Terms and conditions apply.

Terms and Conditions

RESIDENT REFINANCING – RATE DETAILS, TERMS, AND CONDITIONS

Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

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.

RESIDENT – FIXED APR

Fixed rate options consist of a range from 4.01% per year to 6.00% per year for a 5-year repayment term, 4.48% per year to 6.45% per year for a 7-year repayment term, 4.77% per year to 6.85% per year for a 10-year repayment term, 5.07% per year to 7.25% per year for a 15-year repayment term, or 5.52% per year to 7.69% per year for a 20-year repayment term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $180,000 loan at a range of 4.01% per year to 6.00% per year for a 5-year repayment term would be from $3315.79 to $3479.90. The monthly payment for a sample $180,000 loan at a range of 4.48% per year to 6.45% per year for a 7-year repayment term would be from $2500.36 to $2668.54. The monthly payment for a sample $180,000 loan at a range of 4.77% per year to 6.85% per year for a 10-year repayment term would be from $1889.01 to $2076.06. The monthly payment for a sample $180,000 loan at a range of 5.07% per year to 7.25% per year for a 15-year repayment term would be from $1430.00 to $1643.15. The monthly payment for a sample $180,000 loan at a range of 5.52% per year to 7.69% per year for a 20-year repayment term would be from $1240.23 to $1471.05.

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.

RESIDENT – VARIABLE APR

Variable rate options consist of a range from 3.11% per year to 6.50% per year for a 5-year repayment term, 4.22% per year to 6.55% per year for a 7-year repayment term, 4.46% per year to 6.60% per year for a 10-year repayment term, 4.71% per year to 6.85% per year for a 15-year repayment term, and 4.96% per year to 7.35% per year for a 20-year repayment term, with no origination fees. APR is subject to increase after consummation. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease with the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.61% to 4.00% for the 5-year repayment term loan, 1.72% to 4.05% for the 7-year repayment term loan, 1.96% to 4.10% for the 10-year repayment term loan, 2.21% to 4.35% for the 15-year repayment term loan, and 2.46% to 4.85% for the 20-year repayment term loan, respectively, to the daily average of the 1-month LIBOR index published on each business day during the 91-day period ending on the 20th day of the calendar month immediately preceding each “Change Date,” as defined below, rounded to two decimal places, with no origination fees. (For purposes of determining the 1-month LIBOR index, a business day is any Monday through Friday excluding U.S. federal holidays.) The variable interest rate will change quarterly on the first day of each calendar quarter (“Change Date”) if the Current Index changes. The monthly payment for a sample $180,000 loan at a range of 3.11% per year to 6.50% per year for a 5-year repayment term would be from $3243.17 to $3521.91. The monthly payment for a sample $180,000 loan at a range of 4.22% per year to 6.55% per year for a 7-year repayment term would be from $2478.66 to $2677.26. The monthly payment for a sample $180,000 loan at a range of 4.46% per year to 6.60% per year for a 10-year repayment term would be from $1862.02 to $2053.03. The monthly payment for a sample $180,000 loan at a range of 4.71% per year to 6.85% per year for a 15-year repayment term would be from $1396.39 to $1602.83. The monthly payment for a sample $180,000 loan at a range of 4.96% per year to 7.35% per year for a 20-year repayment term would be from $1183.95 to $1433.60.

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.

MAXIMUM RATES

Borrowers who take out a variable loan with a term of 5, 7, or 10 years will have a maximum interest rate of 9%. Borrowers who take out a 15 or 20 years variable loan will have a maximum interest rate of 10%.

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.

LOAN AMOUNT

Up to 100% of outstanding private and federal student loans (minimum $5,000). If you are refinancing greater than $300,000 in student loan debt, Lender will refinance the loans into 2 or more new loans.

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).

Graduates 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. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.

All loans must be in grace or repayment status and cannot be in default.  Borrower must be in a medical or dental residency or be in their final term preceding graduation from an accredited Title IV U.S school with a signed match letter from an eligible medical or dental residency program.

INTEREST RATES

The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.

DISBURSEMENT OPTIONS

The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.

POSTPONING OR REDUCING PAYMENTS

After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship

We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.

We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.

If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of April 4, 2019  and is subject to change.