+ LR-Icons

Medical School Loan Refinancing

Empowering tomorrow's healthcare leaders.

As soon as you're matched to a residency program, you'll pay only $100 per month through residency or fellowship.

Check Your Rate in 5 Min

Transition With Ease

Financial Flexibility for Residents

Pay back your medical school loans at only $100 per month while in residency or fellowship, before beginning your standard repayment term.

Check Your Rate In 5 Min
Repayment Term
5 year
7 year
10 year
15 year
20 year
Fixed APR
3.76%—5.75%
4.23%—6.20%
4.52%—6.60%
4.82%—7.00%
5.27%—7.44%
Variable APR
2.41%—6.25%
3.97%—6.30%
4.21%—6.35%
4.46%—6.60%
4.71%—7.10%
Check My Rates

For residents, eligibility and rates offered will depend on your credit profile, total monthly debt payments, and income projections post training. Please note that residents or fellows with signed contracts to practice may qualify for our standard rate offerings found here. For residents who request a partially deferred payment period, before entering a full repayment period, the interest rate will be based on the nearest term offered that includes the entire term of their loan - the partially deferred payment period plus the full repayment period. For example, if a resident or fellow applies for a 5 year loan, with a 3 year partially deferred payment period, they will receive a rate offer within the 10 year range above. Rates, in the above table, assume 3 months left in residency and include a 0.25% discount for making automated payments from a bank account. For important additional information, please see the Terms and Conditions at the bottom of the page.

Refer a Friend

Share Laurel Road and get $400 for every referral.

You can earn up to $400 when you refer your friends and they refinance their student loan with us.3 Our easy-to-use slider lets you determine how much you and your friend will earn. Refer a friend today – you don't have to be a Laurel Road customer to participate!

Refer Now

What Our Customers Think

Excellent digital experience and customer service, great rates, fast and easy process. Chat feature was very helpful. I am already recommending Laurel Road to my friends.

Sid P.

Customer

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

Doctor

Working with Laurel Road was fast and easy! I searched for the right refinance company, and no one had better rates or service.

Brandi B.

Business Controller

Learn About Refinancing Your Student Loans

Resources to help you get the most out of student loan refinancing

Frequently Asked Questions

Questions? We've got answers.

  • Do I need to refinance all of my student loans? Can I refinance some student loans but not others?

    Of course! You can choose to refinance all of your student loans or just certain loans. When you apply with Laurel Road, you will have the opportunity to indicate the amount of student debt you would like to refinance and – if you have more than one loan – exactly which student loans to refinance.

  • How are your loans different from federal government loans?

    While in some instances Laurel Road may provide more competitive rates and flexible terms and repayment options, it does not offer Income-Based Repayment and Loan Forgiveness options that may be available through federal Loans. Be sure to explore all options available to you including grants, scholarships, and federal loans. For more information about federal student loan options visit StudentLoans.gov.

  • How does Laurel Road store my information?

    The security of your personal information is our highest priority. Laurel Road’s loan origination system is encrypted at industry standards, and we take extra measures to ensure that our customers’ data is safe at all times.

Read Our Blog

Quick tips for refinancing your student loans.

Residency Interview Season Is Here- Tips To Pre...

A Match Made in Heaven: How Medical Students an...

Medical Residents: Our Focus from the Start

The Physician’s Guide to Manage Medical S...

Your Latté is Not “Only” $5…And Other Mispercep...

Millennials and Mortgages: It’s Complicated

Disclaimers

  1. 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. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.

  2. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically 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 from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

†Post-residency Payment Examples

Fixed Rate Loans
Term Interest Rate APR No. of Payments Monthly Payment Total Payments (includes residency payments)
5 Year 4.01% - 6.00% 4.01% - 6.00% 60 $3,343.73 - $3,526.30 $200,923.80 - $211,878.00
7 Year 4.48% - 6.45% 4.48% - 6.45% 84 $2,523.74 - $2,707.13 $212,294.16 - $227,698.92
10 Year 4.77% - 6.85% 4.77% - 6.85% 120 $1,907.92 - $2,108.16 $229,250.40 - $253,279.20
15 Year 5.07% - 7.25% 5.07% - 7.25% 180 $1,445.99 - $1,670.20 $260,578.20 - $300,936.00
20 Year 5.52% - 7.69% 5.52% - 7.69% 240 $1,255.54 - $1,496.88 $301,629.60 - $359,551.35

 

Variable Rate Loans
Term Interest Rate APR No. of Payments Monthly Payment Total Payments (includes residency payments)
5 Year 2.66% - 6.50% 2.66% - 6.50% 60 $3,223.22 - $3,573.27 $193,693.20 - $214,696.20
7 Year 4.22% - 6.55% 4.22% - 6.55% 84 $2,500.75 - $2,716.64 $210,363.00 - $228,497.76
10 Year 4.46% - 6.60% 4.46% - 6.60% 120 $1,879.91 - $2,083.49 $225,889.20 - $250,318.80
15 Year 4.71% - 6.85% 4.71% - 6.85% 180 $1,410.74 - $1,627.61 $254,233.20 - $293,269.80
20 Year 4.96% - 7.35% 4.96% - 7.35% 240 $1,196.91 - $1,457.56 $287,558.40 - $349,813.49

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.

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 one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR 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%.

Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically 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 from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of November 6, 2019. Information and rates are subject to change without notice.

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.

All loans must be in grace or repayment status and cannot be in default.  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

Up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.

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.