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EMRA Resident Offers

Bank on your earning potential.

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

As a part of the Emergency Medicine Residents' Association (EMRA) you're eligible to receive special offers on Laurel Road products by applying through this page.

Why Laurel Road for Doctors?

We're guessing you didn't spend eight years in med school to study finance.

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Student Loan Refinancing
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Student Loan Refinancing

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

Plus, EMRA members get a 0.25% rate discount.2 Discover your personalized rate options online in only a few minutes—with no impact to your credit score!3

Check My Rates
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NEW! Laurel Road Checking℠

Lower your refi rate when you add a new checking account.

For a limited time, get a $500 cash bonus with $2,500 in direct deposits.4 When you open a Laurel Road Checking℠ account during your student loan refinancing, you’ll qualify for an introductory 0.25% off your interest rate for the first 3 months. After that, your interest rate discount will vary based on your total monthly direct deposit amount – you could lower your student loan refinancing rate by up to 0.55%.5

Apply Now

Why Refinance Your Student Loans with Laurel Road?

Low fixed and variable rates available when refinancing student loans

Up to 12 months of forbearance is available6

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 account7

Mortgage Lending
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Mortgage Lending For Residents

EMRA Members get a 0.25% rate discount8. You could also save up to $650 off closing costs.9

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 Rates

Benefits of a Physician Mortgage

0% down payment options available10

No private mortgage insurance required – for lower monthly payments 11

Flexible and low interest rates – with fixed and variable options

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

Personal Lending
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Personal Lending

EMRA Members get a 0.50% rate discount.12

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

Benefits of a Personal Loan from Laurel Road

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 account7

It’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."

Dr. Kasra H.

General Dentist

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 qualify for much on paper if that potential is not considered."

Dr. Linda D.

Child & Adolescent Psychiatrist

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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. Student Loan Refinance Post-Residency Repayment 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 3.89% - 5.65% 3.89% - 5.65% 84 $2,471.18 - $2,631.83 $207,879.12 - $221,373.72
    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% - 6.15% 4.76% - 6.15% 180 $1,414.88 - $1,554.59 $254,978.40 - $280,126.20
    20 Year 4.86% - 6.47% 4.86% - 6.47% 240 $1,185.84 - $1,357.73 $284,901.60 - $326,155.20

     

    Variable Rate Loans
    Term Interest Rate APR No. of Payments Monthly Payment Total Payments (includes residency payments)
    5 Year 2.53% - 5.15% 2.53% - 5.15% 60 $3,211.69 - $3,447.42 $193,001.40 - $207,145.20
    7 Year 3.88% - 5.55% 3.88% - 5.55% 84 $2,470.44 - $2,622.51 $207,816.96 - $220,590.84
    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% - 6.05% 4.51% - 6.05% 180 $1,391.39 - $1,544.32 $250,750.20 - $278,277.60
    20 Year 4.76% - 6.37% 4.76% - 6.37% 240 $1,176.35 - $1,346.68 $282,624.00 - $323,503.20

    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% EMRA 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.

    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. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%. 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.

  2. The 0.25% Emergency Medicine Residents Association (EMRA) member interest rate discount is offered on new student loan refinance applications from active EMRA members. The EMRA discount is applied to your monthly payment and will be reflected in your billing statement. The discount will end if the EMRA notifies Laurel Road that the borrower is no longer a member. This offer cannot be combined with other member or employee discounts.

  3. 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.

  4. Effective October 20, 2021, you must open a Laurel Road CheckingSM account simultaneously while refinancing your student loan with Laurel Road by 12/31/2021 at 11:59 p.m. (ET) and make one or more qualifying direct deposits via an Automated Clearing House (ACH) transaction into the Laurel Road CheckingSM account totaling at least $2,500 within the first 60 days after account opening to receive the $500, which will be deposited into your account within 60 days of meeting requirements. Normal account service charges apply to the Laurel Road CheckingSM. Qualifying ACH direct deposit transactions include most payroll, Social Security, pension and government benefits deposits. Limit one gift per qualifying account. Limit one gift per individual. The value of the gift will be reported to the IRS on Form 1099-INT. If you close your account within the first 180 days of account opening, you will be charged a $25 account early closure fee. Other miscellaneous charges may apply. Accounts overdrawn or closed at the time of gift payment are not eligible. Offer is subject to cancellation without notice and cannot be combined with any other offer. Laurel Road is not responsible for, and will not honor, promotional offers that appear on third-party websites that are not authorized by Laurel Road.

  5. The Laurel Road CheckingSM discount is available to borrowers who open a Laurel Road CheckingSM account simultaneously while refinancing their student loans with Laurel Road. You may also be able to utilize a checking account opened simultaneously with a prior Laurel Road student loan refinance to obtain a discount on your new Laurel Road student loan refinance. Borrowers will receive a 0.25% interest rate discount for their first three monthly billing cycles. Starting with the fourth billing cycle and continuing with each billing cycle thereafter, the interest rate discount applied each billing cycle will be based on the amount deposited via qualifying Automated Clearing House (ACH) transactions into the Laurel Road CheckingSM account during the preceding calendar month--0.25% for deposits between $2,500 and $7,499 per month and 0.55% for deposits $7,500 or greater per month. To continue to receive the discount for the fourth billing cycle, you must begin making qualifying ACH deposits to your Laurel Road Checking account during the second month after your loan funds. Note that the discount is only available to the primary checking account owner and is not available to a joint checking account owner. If the primary account owner is no longer an owner on the checking account or the account is closed, the discount on their student loan will cease. Discounts subject to change without notice and cannot be combined with the Linked SavingsSM discount. Click here for more information on the Laurel Road CheckingSM account and student loan rate discounts.

  6. 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.

  7. 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.

  8. The interest rate discount of 0.25% is offered to borrowers that are an active EMRA 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.

  9. 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.

  10. 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.

  11. 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 apply.

  12. The 0.25% EMRA member interest rate discount is offered for personal loan applications from active EMRA members. The rate discount will end if EMRA 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 EMRA 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 October 13, 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.

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

For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing.

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.