Get Money Smarter

It doesn’t take business savvy to know that lower rates help you save.

How do we stack up? Compare our rates to Federal PLUS loan rates and fees. You’ll also see that Laurel Road doesn’t charge origination or prepayment fees, saving you even more.

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Term
10 year
15 year
20 year
Fixed
6.65% (6.48% APR)
7.05% (6.90% APR)
Not Offered
Variable
4.33% (6.03% APR)
4.43% (6.16% APR)
4.53% (6.27% APR)

See if you qualify

If you are currently pursuing your MBA at any of these schools, you may be eligible for low rates on an in-school MBA loan.

  • Carnegie Mellon University
  • Columbia University
  • Cornell University
  • Dartmouth College
  • Duke University
  • Harvard University
  • Massachusetts Institute of Technology
  • Northwestern University
  • New York University
  • Stanford University
  • University of California, Berkeley
  • University of California, LA
  • University of Chicago
  • University of Michigan
  • University of Pennsylvania
  • University of Virginia
  • Yale University
Terms and Conditions

MBA LOAN – RATE DETAILS, TERMS AND CONDITIONS

Laurel Road Bank is a Connecticut banking corporation offering products in all 50 U.S. states, Washington, D.C., and Puerto Rico.  Laurel Road has helped thousands of professionals with graduate and undergraduate degrees across the country to refinance and consolidate over $3 billion in federal and private school loans, saving these borrowers thousands of dollars each. Lending services provided by Laurel Road Bank, Member FDIC.

Lending services provided by Laurel Road Bank, Member FDIC.

Laurel Road Bank is an Equal Opportunity Lender.

© 2018 Laurel Road Bank.

EFT DISCOUNT

The interest rate table above is inclusive of all Electronic Funds Transfer (EFT) discounts. To qualify for the EFT discount of 0.25%, monthly payments must be paid automatically from a bank account.

FIXED APR

Fixed rate options consist of 6.65% per year for a 10-year term, 7.05% per for a 15-year term. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at 6.65% per year for a 10-year term would be $133.33. The monthly payment for a sample $10,000 loan at 7.05% per year for a 15-year term would be $106.06.

However, if the borrower chooses to make monthly payments automatically by electronic fund transfer (EFT) from a bank account, the fixed rate will decrease by 0.25% when monthly payments are deducted and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.

These repayment examples and the APRs listed above for each term assume you remain in school for two (2) years followed by a six (6) month grace period. During school and grace period you make no payments and interest accrues until it is capitalized before full monthly repayments begin after your grace period.

VARIABLE APR

Variable rate options consist of 6.18% per year for a 10-year term, 6.28% per year for a 15-year term, and 6.38% per year for a 20-year term. The monthly payment for a sample $10,000 loan at 6.18% per year for a 10-year term would be $129.23. The monthly payment for a sample $10,000 loan at 6.28% per year for a 15-year term would be $99.40. The monthly payment for a sample $10,000 loan at 6.38% per year for a 20-year term would be $85.64. The variable interest rates are based on a Current Index, which is the 3-month London Interbank Offered Rate (LIBOR), as published in the “Money Rates” section of The Wall Street Journal (Eastern Edition). The variable interest rates and Annual Percentage Rate (APR) will increase or decrease with the 3-month LIBOR index changes. The variable interest rates are calculated by adding a margin of 4.33% for the 10-year term loan, 4.43% 15-year term loan, and 4.53% for the 20-year term loan, respectively, to the daily average of the 3-month LIBOR index published on each business day during the 91-day period ending on the 20th day of the calendar month immediately preceding each “Change Date,” as defined below, rounded to two decimal places. (For purposes of determining the 3-month LIBOR index, a business day is any Monday through Friday excluding U.S. federal holidays.)

However, if the borrower chooses to make monthly payments automatically by electronic fund transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.

These repayment examples and the APRs listed above for each term assume you remain in school for two (2) years followed by a six (6) month grace period. During school and grace period you make no payments and interest accrues until it is capitalized before full monthly repayments begin after your grace period.

MAXIMUM RATES

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

EMPLOYMENT DISCOUNT

For fixed rate loans: Additional discount of 25bps minus any increase in the 5 Year Treasury rates upon proof of graduation and two pay stubs or executed offer letter showing salary of at least $100,000 per year.

For variable rate loans: Additional discount of 25bps to margin upon proof of graduation and two pay stubs or executed offer letter showing salary of at least $100,000 per year.

FEE INFORMATION

Laurel Road has no prepayment penalties. However, if Laurel Road does not receive any part of a payment within 15 days after the due date, it may assess a late fee not to exceed 5% of the late payment or $28, whichever is less. The 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

Up to the full cost of attendance.

ELIGIBILITY

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) and meet Laurel Road underwriting criteria (credit history requirements and full-time enrollment status in an eligible MBA program).

ELIGIBLE SCHOOLS

Carnegie Mellon, Cornell University, Columbia University, Dartmouth, Duke University, Harvard, MIT, New York University, Northwestern, Stanford, UC Berkeley, UCLA, University of Chicago, University of Michigan, University of Virginia, University of Pennsylvania, Yale

DISBURSEMENT OPTIONS

The repayment of any loan will commence 6 months after graduation or 6 months after enrollment status is less than full-time. Students may also elect to pay the loan interest while in school, or make principal and loan payments.

POSTPONING OR REDUCING PAYMENTS

After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.

If Laurel Road agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, it is to the borrower’s advantage and the borrower is encouraged to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Laurel Road has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.

LAUREL ROAD RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of March 29th, 2018 and is subject to change.