Medical School Lending
Personal Lending
Mortgage Lending
Medical School Lending
AMA Members get a $100 cash bonus on medical school loans.1
How do we stack up against other lenders? Compare our rates to Federal PLUS loan rates and fees to find out. Also, Laurel Road doesn’t charge origination or prepayment fees, helping you along the path to greater financial freedom.
Check My RatesLow Rates
Discover your rate options online in less than five minutes
Flexible Repayment
Option to defer payments while in residency2
No Hidden Fees
No application or origination fees or prepayment penalties
Are you enrolled in a graduate program at one of our eligible schools?
Answer a few short questions to find out if your program qualifies you for a Laurel Road in-school student loan!
What are you studying in graduate school?
What school do you attend?
Are you an international student?
Do you have a cosigner?
How many years do you have left?
Field(s) cannot be left blank.
We're sorry, Laurel Road does not currently offer graduate school loans for your school and degree at this time.
Start OverResidency Interview Loan
AMA members get a 0.25% rate discount on personal loans.3
It costs a lot to find the perfect match. At Laurel Road, you may be able to borrow up to $15,000 with low rates. Ease the financial burden of interviewing for residency positions, with a personal loan to cover the costs associated with interviewing.
Check My RatesLow fixed rates available across various terms
We don't charge any application or origination fees or prepayment penalties
Additional 0.25% discount when automatic monthly payments are made from a bank account3
Mortgage Lending
AMA Members get a 0.25% rate discount4. You could also save up to $650 off closing costs.5
Secure, online home loans with clear options, transparent fees, and the human support you need, when you need it. Check your rates today!
Check My RatesDisclaimers
Notice: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. Information and offer are subject to change without notice. All loans are subject to credit approval. Mortgage is also subject to collateral approval.
- The AMA $100 cash bonus is offered for medical school loan applications from active AMA members. The loan application must close in order to qualify for the bonus. Cash bonus will be paid within 45 days of closing. Offer cannot be combined with other Laurel Road offers, including the Referral Program and any other AMA member offer. Existing customers are not eligible.
- FOR MEDICAL SCHOOL LOANS ONLY. Following graduation from an eligible medical school and subject to lender's review of supporting documentation, you may elect to defer monthly payments while enrolled in a medical residency or medical fellowship program (up to a maximum of four (4) years). Interest will continue to accrue on the outstanding principal balance of your loan during the Medical Residency Deferment and you will not be eligible for an AutoPay/EFT discount during such time. Interest that accrues and remains unpaid will be added to the principal balance at the end of the Medical Residency Deferment period.
THIS IS NOT A FEDERAL STUDENT LOAN. The terms of this product may differ from terms available with a federal student loan. For example, this product does not contain special features such as income-based repayment plans. Also deferment, forbearance options, and loan forgiveness options may differ from those available for federal student loans, and privately-funded student loans are not eligible to be included in a Federal Direct Consolidation Loan. For more information about Federal student loan programs, please visit https://studentloans.gov. - The 0.25% AMA member interest rate discount is offered for personal loan applications from active AMA members. The rate discount will end if AMA notifies Laurel Road that borrower is no longer in good standing. An additional 0.25% interest rate discount is available for making automatic payments from a bank account by an electronic fund transfer (EFT) (the AutoPay/EFT Discount). Both discounts reduce the monthly payment. The AMA member interest rate discount cannot be combined with other offers, except any discount for making automatic payments.
- The interest rate discount of 0.25% is offered to borrowers that are an active AMA member at the time of closing. This 0.25% interest rate discount cannot be combined with other offers, except the Rewards Program. For Fixed-rate mortgages, the 0.25% rate discount is a permanent interest rate reduction that will be reflected in the Promissory Note interest rate. For adjustable-rate mortgages, the 0.25% rate discount will apply to the initial Fixed interest rate period and will be reflected in the maximum amount the interest rate can increase over the term of the loan, subject to the minimum interest rate that may be charged per the terms of the Promissory Note.
- 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 refer to the Rewards Program below.
†Fixed Rate Resident Interview Loan Repayment Examples:
| Term (years) | Interest Rate | APR | Monthly Payment |
| 6 (4 years reduced payment period and 2 years full repayment) | 10.000% | 9.079% | 48 months of $25 |
| 24 months of $590.66 | |||
| 7 (4 years reduced payment period and 3 years full repayment) | 10.500% | 9.557% | 48 months of $25 |
| 36 months of $422.53 | |||
| 7 (5 years reduced payment period and 2 years full repayment) | 10.000% | 8.843% | 60 months of $25 |
| 24 months of $622.96 |
All repayment examples assume a loan amount of $10,000 and that Borrowers make $25 monthly payments from disbursement for 48 months or 60 months ("Residency Period"). These payments may not be enough to cover all of the interest that accrues on the loan. Once the Residency Period ends, any unpaid accrued interest will be added to the loan principal and monthly payments of principal and interest will begin.
The APRs and interest rates do not include any discounts. A borrower's actual rate and payment amount may vary, and is determined by the product, term, loan amount, and your credit qualifications.
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.
Note: The interest rate is higher than the APR because the APR considers the effects of the period of Reduced Payment.
Rewards Program Disclosure (Mortgage Only)
As used throughout this Rewards Program Disclosure (“Disclosure”), the terms “Lender”, “we”, “us”, and “our” mean KeyBank National Association. By using the Site, you are accepting the terms of the Rewards Program and this Disclosure as described herein, and as amended from time to time.
REWARDS PROGRAM
Lender offers applicants the opportunity to participate in a reward-based program (the “Rewards Program”) throughout the Lender’s mortgage loan application process using the Lender’s online mortgage platform or Site. Through the Rewards Program, applicants may have the opportunity to accrue points that will be redeemable and applied towards costs at closing.
The accrued points are earned by choosing certain specified options to complete the mortgage loan application process. The most cost effective and efficient tasks lead to the greatest amount of points. When you close your mortgage, the total amount of points earned are awarded and then converted into a lender credit. The dollar amount of the lender credit is then applied toward eligible non-recurring closing costs or disclosed fees.
Your participation in the Rewards Program is voluntary, and is expressly conditioned on compliance with the Rewards Program Rules and with all present and future Program Rules, terms, regulations, policies, and procedures that Lender may, in its discretion, adopt from time to time.
ACCRUING POINTS AND/OR CHOOSING CERTAIN SPECIFIED OPTIONS TO COMPLETE THE MORTGAGE APPLICATION PROCESS DOES NOT AFFECT THE REVIEW OF THE BORROWER’S MORTGAGE APPLICATION, LENDER’S ULTIMATE DECISION REGARDING THE BORROWER’S MORTGAGE APPLICATION, OR ANY TERM OF A LOAN OFFERED BY LENDER OTHER THAN A REDUCTION OF NON-RECURRING CLOSING COSTS OR DISCLOSED FEES.
REWARDS PROGRAM RULES
- Only available to individuals legally eligible to obtain a mortgage loan. Proof of age is required at closing.
- Points are accrued based on tasks performed within a given application. Earnings are accrued per task. Points are earned once per task.
- Borrowers can accrue up to 450 points per loan transaction. Total points accrued and/or available are located in the “My Rewards” widget.
- Points are converted on a one-to-one basis to lender credits that will be reflected on the Closing Disclosure and applied to eligible non-recurring closing costs at Lender’s discretion. The maximum available lender credit that may be obtained for the Reward Program is $450.
- Borrowers can accrue an additional 200 points per loan transaction if an appraisal is ordered on the Site. Ordering an appraisal on the Site not available for all Borrowers. Points are converted on a one-to-one basis to lender credits that will be reflected on the Closing Disclosure and applied to eligible non-recurring closing costs at Lender’s discretion. To learn more about availability see contact information below.
- Points accrued during the process may be converted into rewards at the closing of an approved Lender loan, provided the applicants’ application remains active until the time of closing.
- Points are non-assignable and non-transferable.
- Accrued points have no cash value, are non-negotiable, and are not redeemable either in whole or in part for cash. Applicants cannot receive cash back from rewards applied at closing. Accrued points have no value in the event that the applicant withdrawals the loan application, the application is withdrawn by Lender as incomplete, or the application is denied.
- Applied lender credits may not exceed limits that may be imposed on lender credits by investor or program guidelines. Applied lender credits may be modified if the total amount of credit exceeds the maximum allowed under the applicable guidelines.
- DETERMINATION OF TAX LIABILITY OF REWARDS IS THE RESPONSIBILITY OF THE APPLICANT. APPLICANTS SHOULD CONTACT THEIR TAX ADVISORS WITH ANY TAX RELATED QUESTIONS.
- Lender has the right, in its sole discretion and without notice, to change, update, revise, limit, supplement and otherwise modify the rule or terms of the Reward Program and impose new or additional rules, terms and conditions on the applicant’s use of the Reward Program, at any time, at its discretion, with or without notice, even though such changes may affect the accumulation of points or the ability to obtain the reward.
- Lender reserves the right to change the Rewards Program Rules at any time in its sole discretion without prior notice to borrower, including but not limited to: (i) the qualifications for eligibility; (ii) the value of points earned by the applicant; (iii) the number of points needed to earn a reward; and (iv) the rewards available to be earned. Each such modification will be effective upon posting on the Site.
- Lender reserves the right, in its sole discretion and without notice, to terminate or cancel the Rewards Program, in whole or in part, or an individual applicant’s participation in the Program for any reason and at its sole discretion, with or without cause. “Termination” means ending the Rewards Program, with no further ability to earn points and/or convert points at closing by any applicant; “Cancellation” means the expiration or revocation of an individual applicant’s eligibility, for any reason, with or without cause. Neither Termination nor Cancellation of the Rewards Program affects the applicant’s pending loan application(s).
Questions or Concerns Regarding Rewards Program
If you have questions or concerns regarding rewards, please call at 877-801-4686 or email mortgage@laurelroad.com.
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 9, 2020. Information and rates are subject to change without notice.
4th Year Medical Students (AMA members) Terms and Conditions
Annual Percentage Rate (APR)
This term represents the actual cost of financing to the borrower over the life of the loan incorporating payment features of the product selected by the borrower.
Interest Rate
The annual simple interest rate for all loan terms offered, prior to any applied discounts, is 10.24%.
Automatic Payment Discount
Borrowers are eligible for a 0.25% interest rate discount in return for setting up automatic payments using Electronic Fund Transfer (EFT) directly from a bank account. This discount only applies during periods in which payments are required of the borrower. Borrowers will lose the Automatic Payment Discount if automatic monthly payments are no longer received from the designated bank account.
Eligibility
A borrower must be a U.S. Citizen or Permanent Resident with a valid permanent I-551 card (a conditional I-551 card will not be accepted), enrolled in good standing in a Doctor of Medicine (MD) or Doctor of Osteopathy (DO) program at an accredited U.S. medical school with an anticipated graduation date falling within twelve months from date of application. Borrower must also meet Laurel Road underwriting criteria including, for example, credit score and credit history requirements.
Repayment Term
Full Loan Repayment: 4th Year Medical Students are eligible for fully amortizing repayment terms of 2 and 3 years. Full Loan Repayment will commence immediately following Reduced Payment Period.
Total Term Maximum: Total loan term (including reduced payment period, and full loan repayment period) shall not exceed 84 months.
Mortgage Terms and Conditions
Lender complies with the Federal Fair Housing Act. Lender does not engage in business practices that discriminate on the basis of race, color, national origin, religion, sex, disability, marital status or family status (including having children under the age of 18 and pregnant women). Lender also does not discriminate because all or part of your income may be derived from a public assistance program or because you have in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that monitors Lender’s compliance with the Federal Fair Housing Act is the Office of the Comptroller of the Currency.