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If you have a federal student loan, you can schedule a free 30-minute consultation with one of our student loan specialists1 to get the facts and develop your personalized plan.
Laurel Road helps borrowers qualify for an average of over $110k in federal student loan forgiveness.2 And as an AMSA Member, you can get a 20% discount on an annual forgiveness counseling membership.3
Don’t have federal student loans? Explore your student loan refinancing options below.
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Understand your income-driven repayment (IDR) and forgiveness options.
See if you qualify and help you stay on track for public service loan forgiveness (PSLF).4
Compare simple refinancing options that could help you save on student loans.
If you're already in the right repayment program, GradFin helps you stay on track.
Plus, AMSA members get a $500 cash bonus when refinancing.6 Discover your personalized rate options online in only a few minutes—with no impact to your credit score!7
Check My RatesIt’s good that Laurel Road actually wants to hear from you on how they can improve their services not only for you, but for other people who are going to refinance with them.
I think it’s great to have products for doctors because we have an unusual trajectory where we have high earning potential, but don’t always qualify for much on paper.
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://studentaid.gov/.
Refinancing student loans may add up to significant savings. For example, if you refinance multiple loans into one loan with a lower rate, and keep the loan term the same, you will accrue less interest over the life of the loan, saving you money on a monthly basis and over the course of the loan.
It’s actually pretty simple – the entire application is completed online, and you can receive preliminary rate in as little as 5 minutes.
Laurel Road will pay off your student loans to your current lenders and provide you with instructions to set up the servicing of your new loan. Your first payment to Laurel Road will be due one month from your disbursement date.
Laurel Road refinances student loans for working professionals with four-year undergraduate and/or graduate degrees from Title IV accredited institutions, as well as for professionals who have an associate degree* in designated professions. Graduate students and undergraduates can refinance student loans as early as their final semester of school, so long as they have a signed contract or letter of employment. We also refinance student loans for parents who took out debt to finance their child’s education. To be eligible for the Parent Student Loan Refinancing Program, the child must have attended a Title IV School but does not need to have graduated. Loan eligibility depends on lending criteria, such as your credit profile, monthly income, and monthly debt payments.
*Additional eligibility requirements for Associate degree applicants:
The applicant must have been employed for a minimum of 12 months in the same field of study of the associate degree. Also, the applicant must either (1) be currently enrolled in and in the final term of the associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive the associate degree or (2) have graduated from a school that is Title IV eligible with an associate degree in the following eligible programs:
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.
Yes, Laurel Road refinances/consolidates both federal and private student loans, even if you have already refinanced/consolidated your student loans with another lender.
Disclaimers
All credit products are subject to credit approval.
IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal 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, Public Service Loan Forgiveness, Income-Driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult Federal Student Aid for the most current information.
GradFin and Laurel Road are brands of KeyBank N.A.
Members who met the requirement for federal student loan forgiveness through an Income-Driven Repayment (IDR) plan or Public Service Loan Forgiveness (PSLF) qualified for an average of $117,437.48 in student loan forgiveness as of 04/15/2024.
Member Name members get a 20.00% discount off the published annual membership rate for Public Service Loan Forgiveness (“PSLF”) or Income Driven Repayment (“IDR”) programs. The discount will apply to both Standard and Freedom Plus membership options and will automatically apply when the annual membership is charged. This discount is only available to current Member Name members, is non-transferable and cannot be applied to previous membership purchase(s). This discount cannot be redeemed for cash or combined with other offers; pricing and discount accurate as of June 27, 2024 and are subject to change or cancellation at any time and without notice
To qualify for Public Service Loan Forgiveness (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.
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 |
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 |
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. Although the rate will vary after you are approved, it will never exceed 15.00%. 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.
A $500 cash bonus offered on new student loan refinance applications from active Member Name members. The loan application must close in order to qualify for the bonus which will be paid within 45 days of closing. Existing Laurel Road members are not eligible. This offer cannot be combined with any other discounts from Laurel Road affiliated partners or employers nor the Student Loan Refer-a-Friend Program.
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.
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.
AutoPay / EFT Discount: If you choose to make monthly payments automatically by electronic fund transfer (EFT) from a bank account, the rate will decrease by 0.25% and will increase back if you stop making monthly payments (or we stop accepting) automatically by EFT from your bank account. The 0.25% AutoPay/EFT Discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.
Assumptions: Repayment examples below assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include any discounts.
Fixed Rate Loans | |||||
Term | Interest Rate | APR | No. of Payments | Monthly Payment | Total Payments |
5 Year | |||||
7 Year | |||||
10 Year | |||||
15 Year | |||||
20 Year |
Variable Rate Loans | |||||
Term | Interest Rate | APR | No. of Payments | Monthly Payment | Total Payments |
5 Year | |||||
7 Year | |||||
10 Year | |||||
15 Year | |||||
20 Year |
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. Although the rate will vary after you are approved, it will never exceed 15.00%. 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.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. This information is current as of July 10, 2023. Information and rates are subject to change without notice.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.