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AMA Resident Offers

Bank on your earning potential.

Laurel Road offers financial solutions for today's healthcare leaders with products tailored specifically for medical residents.

Student Loan Refinancing

AMA residents pay only $100 per month throughout training.1

Plus, AMA members get a 0.25% rate discount.2 Variable APRs for AMA members from 2.61% APR up to 6.85% 3. Fixed APRs for AMA members from 3.51% up to 7.19%.3

Check My Rates

Low fixed and variable rates available when refinancing student loans

Up to 12 months of forbearance is available4

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 account

Mortgage Lending For Residents

AMA members can receive up to $1,650 off their 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—with no impact to your credit score!6

Check My Rates

0% down payment options available7

No private mortgage insurance required – for lower monthly payments

Flexible and low interest rates – with fixed and variable options

Clear terms and fees online, with human support when you need it

Personal Lending

AMA Members get a 0.25% rate discount.2

Borrow up to $45,000 and, once an application is complete, most approved loans are funded in about seven business days. Fixed APRs for AMA members from 7.99% APR up to 9.74%.3

Check My Rates

Low 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 account

What Our Customers Think

I have refinanced other loans, but never as easily as with Laurel Road. The online services they offered made this refi a snap, and their rates were lower than other banks, too.

Dr. Peterson

Doctor, Student Loan Refi Customer

Applying to refinance my loan with Laurel Road was so easy! I only needed to collect a few documents and upload them to the website.

Chandy R.

Doctor, Student Loan Refi Customer

Disclaimers

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.

  1. Residency Student Loan Refinance Repayment Examples
      Post-Residency Repayment Term APR Post-Residency Monthly Payment
    Min Max Min Max
    Fixed APR Examples 5 years 4.01% 6.00% $3,315.79 $3,479.90
    20 years 5.52% 7.69% $1,240.23 $1,471.05
    Variable APR Examples 5 years 3.11% 6.50% $3,243.17 $3.521.91
    20 years 4.96% 7.35% $1,183.95 $1,433.60

    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.

    Repayment Examples above assume a $180,000 loan amount with monthly payments of $100 being made during the Residency Period. Minimum and Maximum Repayment Examples for the 5-year term assume a Residency Period of 3 months, examples for the 20-year term assume a Residency Period of 3 months for the minimum example and a Residency Period of 60 months for the maximum example. After the Residency Period ends, borrower’s monthly payment will be based on their Post-Residency Monthly Payment. The APR does not include any discount for making automatic payments from a checking or savings account or any applicable member discounts. Example APRs are offered as of April 4, 2019 and subject to change. After consummation of any loan the variable APR is subject to increase and will either increase or decrease based on changes to the 1-month London Interbank Offered Rate (LIBOR) as published in The Wall Street Journal.

  2. The 0.25% AMA member rate discount is offered for applications from AMA members in good standing. The rate discount will end if AMA notifies Laurel Road that borrower is no longer in good standing. Offer cannot be combined with other offers, including the Referral Program.
  3. APR stands for “annual percentage rate.” Rates listed include a 0.25% Automatic Payment discount and an additional 0.25% discount available only to current AMA members in good standing. Variable rates may increase after consummation (Variable rates only offered on Student Loans) . Interest rates as of 4/4/2019. Rates subject to change. A borrower's actual rate will be based on loan term and a variety of factors including credit history, current debts, presence of a co-signer, length of residency, and other factors.
  4. 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.
  5. Laurel Road is offering up to $1650 in lender's credit towards mortgage closing costs for applications from AMA members in good standing. An $1000 credit will be applied at application and up to $650 can be earned as a "Reward". Credits cannot exceed applicant's actual costs to close. Offer cannot be combined with other offers. More information on “Rewards” see the Mortgage Rewards Program below.
  6. For preliminary rates and options a soft credit pull will be conducted, 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. Preliminary rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate.
  7. No down payment options available only when purchasing a primary residence and loan amount does not exceed $750,000 and borrower meets credit requirements. Not available in California.

Personal Loans for Residents Repayment Examples

  Post-Residency Repayment Term APR Post-Residency Monthly Payment
Min Max Min Max
Fixed APR Examples 5 years 8.24% 9.12% $232.40 $358.94
7 years 8.74% 9.99% $1,094.90 $1,688.92

Borrowers 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. 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. 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.

For both the 5-year and 7-year Fixed APR examples, the minimum APRs and Post-Residency Monthly Payments assume a loan amount of $10,000 while the maximums assume a loan amount of $45,000. All Repayment Examples assume a 24-month period where borrower makes $25 monthly payments while in residency. After the residency period ends, borrower's monthly payment will be based on their Post-Residency Monthly Payment. A borrower's actual rate and payment amount may vary, and is determined by the product, term, loan amount, and your credit qualifications. The APRs do not include any discount for making automatic payments from a checking or savings account or any applicable member discounts. Example APRs are offered as of May 6, 2019 and subject to change.

Mortgage Rewards Program

As used throughout this Mortgage Rewards Program, the term “Lender” means KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

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. 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 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.

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 650 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 $650.
  • 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 terms of the Reward Program and impose new or additional 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 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
If you have questions or concerns regarding rewards, please call at 877-801-4686 or email mortgage@laurelroad.com.

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 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day.  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 12 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.

MORTGAGE 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, Member FDIC and Equal Housing Lender.

As used throughout this Mortgage Terms and Conditions, the term “Lender” means KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

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.

RESIDENT & FELLOW PERSONAL LOAN – 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.

FIXED APR – PERSONAL LOAN FOR MEDICAL AND DENTAL RESIDENTS

Loans are available in terms of up to 5 years and up to 7 years including any Reduced Payment Period. APRs range from 8.49% per year to 9.37% per year for repayment terms up to 5 years and 8.99% per year to 10.24% per year for repayment terms up to 7 years. APRs assume a loan of $45,000 loan for the highest APR and a loan of $10,000 for the lowest APR.

PAYMENT EXAMPLES

Monthly payments can range from $232.40 to $358.94 after exiting training for a $10,000 loan. Monthly payments can range from $1,094.90 to $1,688.92 after exiting training for a $45,000 loan. These payments assume a 24 month reduced payment period while the borrower is in residency.

REDUCED PAYMENT PERIOD – PERSONAL LOAN FOR DOCTORS AND DENTISTS

If at the time of disbursement you are employed full time as an intern, resident, fellow or similar post graduate medical trainee, or in your final year of school, you are eligible to make a Reduced Payment of $25.00 per month. Reduced Payments last as long as you are in training but are not to exceed a total of 48 months after which any unpaid interest will be capitalized and a new repayment schedule calculated to reflect your full monthly payment.

INTEREST RATES

The interest rate you are offered will depend on your credit profile, income, and total debt payments. If you are a doctor or dentist, your rate will also depend on whether you have secured employment for after residency and length of training remaining.

AUTOMATIC PAYMENT

Authorizing the loan servicer or lender to automatically deduct monthly payments from a bank of your choice. Borrowers receive a 0.25% rate discount if they pay via Automatic Payment.

FEE INFORMATION

Lender has no origination fees.

LOAN AMOUNT

If you are a doctor or dentist, minimum loan amount of $5,000. Maximum amount of $80,000 for those in practice or residents in training with a contract to practice to start within 5 months. Maximum amount of $45,000 for those in training without a contract to practice to start within 5 months.

ELIGIBILITY

Must be a U.S. Citizen, or Permanent Resident with a valid I-551 card and meet DRB underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements). If you are applying for a doctor or dentist personal loan, you must also have a degree of MD, DO, DMD, or DDS. You are also eligible if you are in your final academic year and have a match letter or contract that requires one of the aforementioned degrees.

DISBURSEMENT OPTIONS

The repayment of any loan will commence immediately after disbursement by Lender.

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.