Pay only $100 per month† throughout your residency or fellowship. You can even continue these low payments for up to six months after training. Once you are an attending physician or dentist, you'll begin a standard repayment term.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.
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
Yes, student loans that Laurel Road has refinanced are considered student loans for federal and state tax consideration. Please note that you may or may not be eligible for interest deduction depending on your individual tax situation. Please consult your tax advisor for more information.
Yes, Laurel Road will honor your existing grace or in-school deferment periods set up by your previous lenders. If you choose to refinance your student loan during these periods, your payments with Laurel Road will not commence until the grace period has expired. When you apply with Laurel Road, please indicate the expiration date of your grace period.
Yes – Laurel Road can refinance your loan even if you have already refinanced it with another lender.
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.
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.
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.
1 Savings vary based on rate and term of your existing and refinanced loan(s). Review your loan documentation for total cost of your refinanced loan.
3 Laurel Road will reward a total of $400 to the referrer for each new borrower that is referred as part of our Student Loan Referral Program. In order to qualify for the referral bonus, the referred borrower must have refinanced and/or consolidated their student loan(s) with Laurel Road. Referred borrower can only be referred by one person. Prior to sharing the referral link, the referrer has the option of designating any portion of the bonus to the referred borrower. No other Laurel Road products are eligible for this referral program. This offer cannot be combined with any other employer or professional association member bonuses and discounts.
* Terms and conditions apply.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, 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.
†Residency Student Loan Refinance Repayment Examples
|Post-Residency Repayment Term||APR||Post-Residency Monthly Payment|
|Fixed APR Examples||5 years||4.01%||6.00%||$3,315.79||$3,479.90|
|Variable APR Examples||5 years||3.11%||6.50%||$3,243.17||$3.521.91|
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.
Repayment Examples above assume a $180,000 loan amount with monthly payments of $100 being made during the Residency Period. Minimum and Maximum Repayment Examples for the 5-year term assume a Residency Period of 3 months, examples for the 20-year term assume a Residency Period of 3 months for the minimum example and a Residency Period of 60 months for the maximum example. After the Residency Period ends, borrower’s monthly payment will be based on their Post-Residency Monthly Payment. The APR does not include any discount for making automatic payments from a checking or savings account. Example APRs are offered as of April 4, 2019 and subject to change. After consummation of any loan the variable APR is subject to increase and will either increase or decrease based on changes to the 1-month London Interbank Offered Rate (LIBOR) as published in The Wall Street Journal.
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 3.05% 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 0.81% to 4.26% for the 5-year repayment term loan, 1.98% to 4.31% for the 7-year repayment term loan, 2.22% to 4.36% for the 10-year repayment term loan, 2.47% to 4.61% for the 15-year repayment term loan, and 2.72% to 5.11% 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 3.05% per year to 6.50% per year for a 5-year repayment term would be from $3238.37 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.
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%.
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.
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.
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.
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.