Complete the entire process online from home at your pace
Fixed APRs as low as 5.50%
If you're in practice or within 12 months of completing training and you have a signed contract to practice, you can borrow from us.
Eligible for discount of 0.25% when monthly payments are made automatically from a bank account.
Eligibility and rates offered will depend on your credit profile, total monthly debt payments, and income. Rates in the above table include a 0.25% discount for making automated payments from a bank account. Read important additional information below.
These calculations are only an estimate. Your actual payments will depend on the actual amount for which you are approved. Eligibility and rates offered will depend on your credit profile, total monthly debt payments, and income. Rates in the above calculations include a 0.25% discount for making automated payments from a bank account. Read important additional information below.
Yes, Laurel Road refinances student debt for doctors or dentists 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.
No. Residents who accrue interest while paying $100 per month on their student loan will see their interest capitalize at the end of the reduced payment period and only when they start on a standard repayment term.
Medical or Dental Residents can refinance their student loan(s) with Laurel Road as soon as they’ve matched to a residency program.
It’s easy to check if you are eligible for a lower rate. Find the loan that is right for you on our homepage and within a few minutes, we will be able to give you a rate you are eligible for. If this rate is lower than what you are currently paying, you should consider refinancing immediately. The sooner you refinance to a lower rate, the sooner you start saving.
The minimum loan amount is $1,000. For auto purchases, business ventures, green loans, moving expenses, and miscellaneous purposes, the maximum loan size is $35,000. For debt consolidation, major purchases, and home improvements, the maximum loan amount is $45,000. Additional documentation may be required to be eligible for a loan in excess of $35,000.
If you are a physician or dentist in practice or within 12 months of completing training with a signed contract to practice, the maximum loan amount is $80,000. If you are a physician or dentist still in training without a contract to practice, the maximum loan amount is based on your training year as follows: Match Letter or PG1 is $30,000, PG2 is $35,000, PG3 is $40,000, PG4+ or Fellow is $45,000.
* Terms and conditions apply.
PHYSICIAN & DENTAL 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.
Lending services provided by Laurel Road Bank, Member FDIC.
Laurel Road Bank is an Equal Opportunity Lender.
© 2018 Laurel Road Bank.
Authorizing the loan servicer or lender to automatically deduct monthly payments from a bank of your choice. Borrowers receive a 0.25% rate discount if they pay via Automatic Payment.
APR is defined as Annual Percentage Rate.
FIXED APR – PERSONAL LOAN FOR DOCTORS AND DENTISTS
Loans are available in terms ranging from 3 to 7 years. APRs range from 5.75% to 8.24% for a 3 year loan, 6.75% to 9.24% for a 5 year loan, and 7.75% to 10.24% for a 7 year loan. APRs assume a loan of $80,000 for the highest APR and a loan of $10,000 for the lowest APR.
Monthly payments can range from $154.62 to $313.32 for a $10,000 loan. Monthly payments can range from $1,246.90 to $2,515.78 for an $80,000 loan.
The interest rate you are offered will depend on your credit profile, income, and total debt payments. If you are a doctor or dentist, your rate will also depend on whether you have secured employment for after residency and length of training remaining.
Laurel Road has no origination fees.
If you are a doctor or dentist, minimum loan amount of $5,000. Maximum amount of $80,000 for those in practice or residents in training with a contract to practice to start within 12 months. Maximum amount of $45,000 for those in training without a contract to practice to start within 12 months.
Must be a U.S. Citizen, or Permanent Resident with a valid I-551 card and meet Laurel Road underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements). If you are applying for a doctor or dentist personal loan, you must also have a degree of MD, DO, DMD, or DDS. You are also eligible if you are in your final academic year and have a match letter or contract that requires one of the aforementioned degrees.
The repayment of any loan will commence immediately after disbursement by Laurel Road.
LAUREL ROAD RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of March 22nd, 2018 and is subject to change.