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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.

As a part of the American Medical Association (AMA) you're eligible to receive special offers on Laurel Road products by applying through this page.

NEW! Student Loan CashbackSM Credit Card

AMA Members get a $100 cash bonus after activating.1

Introducing the first card that lets you redeem 2% cashback toward your student loans with any eligible servicer.2 Chip away at your student loans with every dollar you spend.

View Cardmember Agreement | View Rates and Fees Table

Apply Now

Student Loan Refinancing

AMA residents pay only $100 per month throughout training.3

Plus, AMA members get a 0.25% rate discount.4 Discover your personalized rate options online in only a few minutes—with no impact to your credit score!5

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NEW! Laurel Road Linked Savings℠

The more you save, the more you could save.

When you refinance your student loans and open a Laurel Road Linked SavingsSM account, you’ll qualify for an introductory 0.25% off your interest rate for the first 2 months. After that, your interest rate discount will vary based on your savings account balance. Depending on how much you save, in addition to your AMA member discount, you could lower your student loan refinancing rate by up to 0.55%.6

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Low fixed and variable rates available when refinancing student loans

Up to 12 months of forbearance is available7

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 account8

NEW! Laurel Road High Yield Savings℠

AMA Members get a $100 cash bonus for opening an account.9

Doctors and existing AMA members can plan for the future with a highly competitive high yield savings account-with $0 cost to open.

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Mortgage Lending For Residents

AMA Members get a 0.25% rate discount10. You could also save up to $650 off closing costs.11

Secure, online home loans with clear options, transparent fees, and the human support you need, when you need it. Check your rates today!

Apply directly from this page for access to this offer.

Check My Rates

0% down payment options available12

No private mortgage insurance required – for lower monthly payments13

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.14

We recognize the investment you've made in your future and have designed special personal loan products with low rates to reward your determination.

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 account14

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. A $100 cash bonus offer is available to current non-college student AMA members who apply and are approved for a Laurel Road Student Loan CashbackSM Credit Card. The $100 cash bonus will be paid within 45 days of the member's activating the credit card. Existing credit card customers are not eligible.

  2. You will earn 2.0% in Cashback Rewards for each $1 spent on eligible Purchases if you redeem your Cashback Rewards towards your Student Loan with an eligible servicer. This equates to $0.02 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $2.00 in Student Loan Credit. You will earn 1.0% in Cashback Rewards for each $1 spent on eligible Purchases if redeemed for a statement credit. This equates to $0.01 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $1.00 in Cashback Rewards. Cashback is awarded based on eligible credit card purchases excluding transactions such as cash advances of any type, balance transfers, convenience check transactions, overdraft protection transfers and quasi-cash transactions. For more information, view Laurel Road Student Loan CashbackSM Credit Card Program Terms and Conditions.

    Eligible student load services include the following:
    Laurel Road – MOHELA Loan Servicing; Alaska Commission (ACPE); American Education Services; Aspire Servicing Center; Bank of North Dakota; College Ave Student Loans; College Foundation Inc.; CommonBond; CornerStone U.S Department of Education; CornerStone Education Loan Services; Discover Student Loans; Earnest Operations LLC; EdFinancial Services U.S Department of Education; EdFinancial Services; FedLoan Servicing Department of Education; First Mark Services; Great Lakes U.S Department of Education; Granite State Management & Resources; Granite State Management & Resources – U.S Department of Education; Heartland – ECSI; Kentucky Higher Education Student Loan Corporation; Launch Servicing; Lendkey Technologies Loan; MOHELA-SoFi; MOHELA-U.S Department of Education; MOHELA Education Loan Servicing; National Student Lona Services; Navient Commercial Loans; Navient – U.S. Department of Education Loan Servicing; Navient Private Loans; NaviReFi; North Carolina State Education Assistance Authority; Nelnet ” J ”; Nelnet ” D ”; Nelnet E Department of Education; NJHESAA or NJ Class; North Texas HEA; Oklahoma Student Loan; Oklahoma Student Loan U.S Department of Education; PenFed Credit Union; ReliaMax Ln. Services LLC; Rhode Island Student Loan Authority; RSLFC Payment Center; Sallie Mae; SEAA Repayment Services; Tuition Options; UAS; UHEAA; VSAC Payments; Wells Fargo Education Loan.

    The creditor and issuer of this credit card is KeyBank N.A., pursuant to a license from Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

  3. Student Loan Refinance Post-residency Payment Examples
    Fixed Rate Loans
    Term Interest Rate APR No. of Payments Monthly Payment Total Payments (includes residency payments)
    5 Year 3.33% - 5.25% 3.33% - 5.25% 60 $3,282.09 - $3,456.64 $197,225.40 - $207,698.40
    7 Year 3.98% - 5.55% 3.98% - 5.55% 84 $2,471.18 - $2,622.51 $207,879.12 - $220,590.84
    10 Year 4.37% - 5.85% 4.37% - 5.85% 120 $1,871.40 - $2,010.56 $224,868.00 - $241,567.20
    15 Year 4.76% - 5.90% 4.76% - 5.90% 180 $1,414.88 - $1,528.98 $254,978.40 - $275,516.40
    20 Year 4.86% - 6.48% 4.86% - 6.48% 240 $1,185.84 - $1,359.11 $284,901.60 - $326,486.40

     

    Variable Rate Loans
    Term Interest Rate APR No. of Payments Monthly Payment Total Payments (includes residency payments)
    5 Year 2.53% - 5.10% 2.53% - 5.10% 60 $3,211.69 - $3,442.81 $193,001.40 - $206,868.60
    7 Year 3.88% - 5.45% 3.88% - 5.45% 84 $2,470.44 - $2,613.22 $207,816.96 - $219,810.48
    10 Year 4.26% - 5.75% 4.26% - 5.75% 120 $1,861.54 - $2,000.96 $223,684.80 - $240,415.20
    15 Year 4.51% - 5.80% 4.51% - 5.80% 180 $1,391.39 - $1,518.81 $250,750.20 - $273,685.80
    20 Year 4.76% - 6.38% 4.76% - 6.38% 240 $1,176.35 - $1,348.06 $282,624.00 - $323,834.40

    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 above assume an $180,000 loan amount with monthly payments of $100 being made during an example Residency Period of 3 months. After the Residency Period ends, borrower’s monthly payment will be based on their Post-Residency Monthly Payment. Repayment examples do not include the 0.25% discount for making automatic payments from a bank account or the 0.25% AMA rate discount. Variable APRs are subject to increase after consummation.

    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.

  4. The 0.25% AMA member interest rate discount is offered on new student loan refinance applications from active AMA members. The AMA discount is applied to your monthly payment and will be reflected in your billing statement. The discount will end if the AMA notifies Laurel Road that the borrower is no longer a member. This offer cannot be combined with other member or employee discounts.
  5. Checking your rate with Laurel Road only requires a soft credit pull, 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.
  6. Borrowers who open a Laurel Road Linked SavingsSM account when applying to refinance their student loans are eligible for the Laurel Road Linked SavingsSM discount. Borrowers will receive a 0.25% interest rate discount for their first two billing cycles; thereafter, the interest rate discount applied to each subsequent billing cycle will vary based on the borrower’s Laurel Road Linked SavingsSM account balance. Click here for more information on the Laurel Road Linked SavingsSM Account.
  7. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for forbearance of payments for one or more 3-month time periods (however, a minimum of twelve (12) months are required between any two forbearance periods). Borrowers with a loan term of at least ten (10) years are eligible for up to twelve (12) months of forbearance over the life of the loan; borrowers with a loan term less than ten (10) years are eligible for one (1) month for every year of the loan term (e.g., if a borrower’s loan term is five (5) years they are eligible for up to five (5) months of forbearance over the life of the loan). Borrowers seeking an economic hardship forbearance due to unemployment must have made twelve (12) consecutive monthly payments prior to a forbearance request to be eligible. For any other forbearance due to economic hardship, borrowers must have made nine (9) consecutive monthly payments prior to a forbearance request to be eligible. All requests for forbearance are subject to review, including the review of acceptable documentation (including updating documentation) of the nature and expected duration of the borrower's economic hardship. During any period of forbearance, interest will continue to accrue. Unless otherwise noted, at the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principal amount of the loan.
  8. AutoPay/EFT Discount: if the borrower chooses to make monthly payments automatically by electronic fund transfer (EFT) from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the borrower’s bank account. The AutoPay/EFT Discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.
  9. In order to receive the $100, AMA Members must open a Laurel Road High Yield SavingsSM account between 05/01/2021 and 12/30/2021, the cash bonus will be paid out within 45 days of account opening. No minimum balance is required to open the account or receive the $100 cash bonus. Limit one cash bonus per qualifying Laurel Road High Yield SavingsSM account holder.

    Laurel Road High Yield SavingsSM: No minimum balance to open an account. Variable Annual Percentage Yield (APY) varies by tier. APY for tiers below $2,000,000 the APY is 0.75%. For tiers $2,000,000+ the APY is 0.05%. APYs indicated are accurate today only and are subject to change before or after account opening. Fees may reduce earnings on the account.

    In order to open a Laurel Road High Yield SavingsSM account you must be either an existing Laurel Road customer or a new customer with the following degrees: 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), Doctor of Optometry (OD), Doctor of Audiology (AuD), Doctor of Naturopathic Medicine (ND), Doctor of Podiatric Medicine (DPM), Doctor of Veterinary Medicine (DVM), or Doctor of Chiropractic (DC)

  10. 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.
  11. 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.
  12. 100% financing is only available to interns, residents, fellows, doctors, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM). Only available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $750,000. Retired doctors are not eligible. Additional conditions and restrictions may apply. Maximum of 95% financing on properties in CA.
  13. Only available to interns, residents, fellows, doctors, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM). Retired doctors are not eligible. Additional conditions and restrictions may apply.
  14. The 0.25% American Medical Association (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 (Automatic Payment 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.

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 March 30, 2021. Information and rates are subject to change without notice.

Terms and Conditions

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.

All loans must be in grace or repayment status and cannot be in default. 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

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

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.

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.

Resident & Fellow Personal Loan – Terms and Conditions

Fee Information

There are no origination fees or prepayment penalties associated with the loan. A late fee may be assessed 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

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 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 forth (and above) year of study – $45,000.

Eligibility

Must be a U.S. Citizen, or Permanent Resident with a valid I-551 card and meet underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements). Must also have 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). Students in their final academic year are eligible if they have a match letter or contract that requires one of the aforementioned degrees.