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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.

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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.

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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
2.64%—6.25%
3.97%—6.30%
4.21%—6.35%
4.46%—6.60%
4.71%—7.10%
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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!

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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

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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 - $1,987.64 $301,629.60 - $477,333.60

 

Variable Rate Loans
Term Interest Rate APR No. of Payments Monthly Payment Total Payments (includes residency payments)
5 Year 2.89% - 6.50% 2.89% - 6.50% 60 $3,243.28 - $3,573.27 $194,896.80 - $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 - $1,912.67 $287,558.40 - $459,340.80

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 October 1, 2019. Information and rates are subject to change without notice.

Terms and Conditions

RESIDENT REFINANCING – RATE DETAILS, TERMS, AND CONDITIONS

Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

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.

RESIDENT – FIXED APR

Fixed rate options consist of a range from 4.01% per year to 6.00% per year for a 5-year repayment term, 4.48% per year to 6.45% per year for a 7-year repayment term, 4.77% per year to 6.85% per year for a 10-year repayment term, 5.07% per year to 7.25% per year for a 15-year repayment term, or 5.52% per year to 7.69% per year for a 20-year repayment term, with no origination fees. 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 $180,000 loan at a range of 4.01% per year to 6.00% per year for a 5-year repayment term would be from $3315.79 to $3479.90. The monthly payment for a sample $180,000 loan at a range of 4.48% per year to 6.45% per year for a 7-year repayment term would be from $2500.36 to $2668.54. The monthly payment for a sample $180,000 loan at a range of 4.77% per year to 6.85% per year for a 10-year repayment term would be from $1889.01 to $2076.06. The monthly payment for a sample $180,000 loan at a range of 5.07% per year to 7.25% per year for a 15-year repayment term would be from $1430.00 to $1643.15. The monthly payment for a sample $180,000 loan at a range of 5.52% per year to 7.69% per year for a 20-year repayment term would be from $1240.23 to $1471.05.

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, 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.

RESIDENT – VARIABLE APR

Variable rate options consist of a range from 2.89% per year to 6.50% per year for a 5-year repayment term, 4.22% per year to 6.55% per year for a 7-year repayment term, 4.46% per year to 6.60% per year for a 10-year repayment term, 4.71% per year to 6.85% per year for a 15-year repayment term, and 4.96% per year to 7.35% per year for a 20-year repayment term, with no origination fees. APR is subject to increase after consummation. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease with the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.84% to 4.45% for the 5-year repayment term loan, 2.17% to 4.50% for the 7-year repayment term loan, 2.41% to 4.55% for the 10-year repayment term loan, 2.66% to 4.80% for the 15-year repayment term loan, and 2.91% to 5.30% for the 20-year repayment term loan, respectively, to the daily average of the 1-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, with no origination fees. (For purposes of determining the 1-month LIBOR index, a business day is any Monday through Friday excluding U.S. federal holidays.) The variable interest rate will change quarterly on the first day of each calendar quarter (“Change Date”) if the Current Index changes. The monthly payment for a sample $180,000 loan at a range of 2.89% per year to 6.50% per year for a 5-year repayment term would be from $3225.57 to $3521.91. The monthly payment for a sample $180,000 loan at a range of 4.22% per year to 6.55% per year for a 7-year repayment term would be from $2478.66 to $2677.26. The monthly payment for a sample $180,000 loan at a range of 4.46% per year to 6.60% per year for a 10-year repayment term would be from $1862.02 to $2053.03. The monthly payment for a sample $180,000 loan at a range of 4.71% per year to 6.85% per year for a 15-year repayment term would be from $1396.39 to $1602.83. The monthly payment for a sample $180,000 loan at a range of 4.96% per year to 7.35% per year for a 20-year repayment term would be from $1183.95 to $1433.60.

However, if the borrower chooses to make monthly payments automatically by electronic funds 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.

MAXIMUM RATES

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

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.

LOAN AMOUNT

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

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).

Graduates 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. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.

All loans must be in grace or repayment status and cannot be in default.  Borrower must be in a medical or dental residency or be in their final term preceding graduation from an accredited Title IV U.S school with a signed match letter from an eligible medical or dental residency program.

INTEREST RATES

The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.

DISBURSEMENT OPTIONS

The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.

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

We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.

We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.

If Lender 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, the borrower may continue 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 Lender 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.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of June 28, 2019  and is subject to change.