EMRA Resident Offers

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/.

It’s actually pretty simple – the entire application is completed online, and you can receive preliminary rate in as little as 5 minutes.

1. Fill out a short application with basic information about your loan, education, and employment. Once you authorize a soft credit pull and assuming you have provided enough information, we will provide you with preliminary rates, which are conditional upon further underwriting review and authorize a hard credit pull.
2. Upload your supporting documents to Laurel Road’s secure dashboard and authorize a hard credit pull to complete your online application. Once we have received your application, we will underwrite your loan and provide you with your final rates and loan terms if approved.
3. Select your loan type and term, and e-sign all necessary disclosures and your promissory note in the Laurel Road dashboard.

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.

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.

For our standard product, the minimum loan size is $5,000; maximum is $35,000 unless loan purpose is for debt consolidation, home improvement or a major purchase in which the maximum loan size is $45,000.

For our physician product the minimum loan size is $5,000 and the maximum is $80,000.

For our resident product, the loan limits vary between $30,000 – $80,000, but depends on how far into training you are, and length of the residency program

Yes, if your loan is approved, you will be eligible to make reduced payments for 12 months. You may pay more than the reduced payment at any time with no pre-payment penalty. Should you pay more, your payment will be applied first to unpaid interest, then to principal and finally to any applicable fees or other charges. After 12 months, any unpaid interest will capitalize, and a new repayment schedule will be calculated to reflect your full monthly payment.