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White Coat Investor Reader Benefit

Bank on your earning potential

You must apply directly from this page for access to these offers.

NEW! Student Loan CashbackSM Credit Card

Redeem 2% cashback toward any eligible student loan.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

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NEW! Laurel Road High Yield Savings℠

Earn 0.75% Annual Percentage Yield (APY)3—10X the national average.4

WCI readers can plan for the future with a highly competitive high yield savings account-with $0 cost to open.

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Student Loan Refinancing

Residents pay only $100 per month throughout training.

Plus, White Coat Investor readers receive a $550 cash bonus when they refinance with Laurel Road!5 Discover your personalized rate options online in only a few minutes—with no impact to your credit score!6

Check My Rates

Low fixed and variable rates available when refinancing student loans

We don't charge any application or origination fees or prepayment penalties

Up to 12 months of forbearance is available7

Additional 0.25% discount when automatic monthly payments are made from a bank account8

Mortgage Lending For Residents

WCI Readers get a 0.25% rate discount9. You could also save up to $650 off closing costs.10

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

0% down payment options available11

No private mortgage insurance required – for lower monthly payments12

Flexible and low interest rates – with fixed and variable options

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

What Our Customers Think

Student loans are stressful so it’s so nice knowing there’s a company out there to make the process as pain free as possible!

Bethany H.

Nurse

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

Physician, Student Loan Refi Customer

I am very happy about the experience I had refinancing my loans through Laurel Road’s Residency Refinance Program. Laurel Road understands the unique situation that residents are in.

Greg P.

Medical Resident

Laurel Road gave me the best interest rate to make my crazy student loans more manageable!

Joyce F.

American Osteopathic Association

Questions come up, and we have answers.

Frequently Asked Questions

  • STUDENT LOAN

    Can I still take advantage of federal benefits after I refinance my federal loans with Laurel Road?

    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://studentloans.gov.

  • STUDENT LOAN

    Why should I refinance my student loan?

    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.

  • STUDENT LOAN

    How does the student loan refinancing process work?

    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.

  • STUDENT LOAN

    Who is eligible to refinance their student loan with Laurel Road?

    U.S. citizens or permanent residents with a valid I-551 form (“permanent green card”) are eligible to refinance student debts with Laurel Road.

    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. 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 either be currently enrolled 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 have graduated from a school that is Title IV eligible with an associate degree in the following eligible programs. The graduate must be employed, for a minimum of 12 months, in the same field of study of the associate degree earned:

    • Cardiovascular Technologist (CVT)
    • Dental Hygiene
    • Diagnostic Medical Sonography
    • EMT/Paramedics
    • Nuclear Technician
    • Nursing
    • Occupational Therapy Assistant
    • Pharmacy Technician
    • Physical Therapy Assistant
    • Radiation Therapy
    • Radiologic/MRI Technologist
    • Respiratory Therapy
    • Surgical Technologist
  • STUDENT LOAN

    Does Laurel Road refinance student loans for medical or dental residents?

    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.

  • MORTGAGE

    Who will be the lender on my mortgage?

    Laurel Road is a brand of KeyBank. KeyBank will be the lender of your loan. KeyBank is a direct lender, which means we support borrowers throughout the entire loan process and provide funds at closing.

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. 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. See Terms and Conditions, which are subject to change.

    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.

  2. 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.

  3. The variable Annual Percentage Yield (APY) indicated is accurate as of today only and is subject to change before or after account opening. No minimum balance is required to earn the APY. Maximum balance to earn the APY is $1,999,999.99. Fees may reduce earnings on the account. Click here for current rates.

    In order to open a Laurel Road High Yield SavingsSM account you must be either an existing Laurel Road customer or anew customer with the following degrees: Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor ofMedicine 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 ofVeterinary Medicine (DVM), or Doctor of Chiropractic (DC).

  4. Fees may reduce earnings on the account. National average Annual Percentage Yield (APY) reported by the FDIC as of 5/17/2021 (fdic.gov/regulations/resources/rates).

  5. A $550 cash bonus offered on new student loan refinance applications from active White Coat Investor (WCI) readers. The loan application must close in order to qualify for the bonus which will be paid within 45 days of closing. Existing customers are not eligible. This offer cannot be combined with other member or employee discounts nor the Student Loan Refer-a-Friend Program.

  6. 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.

  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. The interest rate discount of 0.25% is offered to borrowers who are active White Coat Investor readers and who are an intern, resident, fellow, doctor, clinical professor, researcher, or managing physician at the time of closing. To be eligible borrowers also must have a current medical license (as applicable) and have earned a Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM) evidenced by a diploma. 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.

  10. 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.

  11. 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.

  12. 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.

†Estimated Student Loan Refinance Post-residency Payment Examples

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

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. 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.

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.

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.