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Parent Loan Refinancing

You're there for them.
We're here for you.

You could save thousands by refinancing your parent student loan.1
Discover your rate options online in less than 5 minutes — no hard credit pull required.2

Parent Loan Refinancing

Smart saving.
Seamless process.

Our fast and intuitive online process could help you refinance your Federal Parent PLUS loan or private parent loan to a lower rate or shorter term. If your child wishes to assume the remaining debt on their own, they may do so if they meet our lending requirements.

Check Your Rate In 5 Min
Term
5 year
7 year
10 year
15 year
20 year
Fixed APR
2.50%—4.80%
3.40%—5.20%
3.90%—5.40%
4.30%—5.70%
4.40%—6.00%
Variable APR
1.89%—4.70%
3.40%—5.10%
3.80%—5.30%
4.05%—5.60%
4.30%—5.90%
Check My Rates

Eligibility and rates offered will depend on your credit profile and other factors. Rates in the above table include a 0.25% discount for making automatic payments from a bank account. Variable APRs are subject to increase after consummation. View Payment Examples below.

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Calculate Your Payments

This calculator is for illustrative purposes only. If you are using it to compare a federal loan it does not take into account benefits currently offered by the federal government and should not be used for loans being repaid under a federal program other than the Standard Repayment Plan. For additional details click here.

More ways to save on your student loans.

Laurel Road Linked SavingsSM

Lower refi rates when you add a linked savings account.

You could get rates as low as 1.64%3 variable APR when you refinance your parent student loans and open a linked savings account and enroll in AutoPay — with the potential to save even more as you increase your savings balance.

Learn More

Laurel Road Student Loan CashbackSM Card

Redeem 2% cashback towards your student loans.4

Introducing the first card that lets you redeem 2% cashback towards your student loans with 95% of U.S. servicers.5 Chip away at your student loans with every dollar you spend.

Learn More

Frequently Asked Questions

Questions? We've got answers.

  • Can I still take advantage of federal benefits after I refinance my federal loans with Laurel Road?

    If you are refinancing any federal student loans with Laurel Road, you will no longer be able to take advantage of federal income driven repayment programs or student loan forgiveness, including but not limited to: Income Based Repayment (IBR), Pay As You Earn (PAYE) or Revised Pay As You Earn (REPAYE), and Public Service Loan Forgiveness (PSLF). For more information about the benefits of these federal programs and other federal student loan programs, please visit https://studentloans.gov.

  • Are my Laurel Road loans considered student loans for tax purposes?

    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.

  • Can I refinance if my student loan is in a grace or in-school deferment period?

    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.

Learn About Refinancing Student Loans

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

Disclaimers

All credit products are subject to credit approval

The calculator on this page compares an individual's current student loan to a student loan refinanced with Laurel Road. The calculator assumes: (1) the current loan is being repaid under a standard repayment plan where the individual makes consecutive monthly payments based on the number of monthly payments remaining on the loan as inputted by the user; (2) the current loan has a fixed interest rate over the remaining term of the loan; and (3) that the monthly payment amount the user inputs pays off the loan in the number of monthly payments remaining.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, legal, financial, or tax advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. Calculators do not include the fees and restrictions that certain products may have. This calculator does not indicate whether you would qualify for a Laurel Road loan. Please visit the applicable banking product pages on laurelroad.com for specific terms and conditions.

If you are refinancing any federal student loans with Laurel Road, you will no longer be able to take advantage of any federal benefits, including but not limited to: COVID-19 payment relief, Income Based Repayment (IBR), Pay As You Earn (PAYE), or Revised Pay As You Earn (REPAYE), and Public Service Loan Forgiveness(PSLF). For more information about the benefits of these federal programs and other federal student loan programs, please visit https://studentaid.gov.

  1. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.

  2. Checking your rate with Laurel Road only requires a soft credit pull, 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.

  3. Annual Percentage Rate (APR) shown with a 0.25% discount for maintaining a Laurel Road Linked SavingsSM account with a balance of between $5,000 - $9,999 and a 0.25% discount for AutoPay. Variable APRs are subject to increase after consummation. The Laurel Road Linked SavingsSM discount is available to borrowers who open a Laurel Road Linked SavingsSM account at the same time as when they refinance their student loans with Laurel Road. The amount of the discount is based on the borrower’s Laurel Road Linked SavingsSM account balance and may change monthly ranging from 0.15% for balances between $1,000 and $4,999 and 0.55% for balances of $20,000 or greater. To be eligible for a discount, borrowers must maintain a minimum Laurel Road Linked SavingsSM account balance of $1000. Discounts available as of 3/8/2021. For terms and conditions see laurelroad.com/doctors/linkedsavings. A borrower's actual eligibility and rate will be based on their credit profile and other factors.

  4. You will earn 2.0% in Cashback Rewards for each $1 spent on eligible Purchases if you redeem your Cashback Rewards towards your Student Loan with an eligible servicer. This equates to $0.02 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $2.00 in Student Loan Credit. You will earn 1.0% in Cashback Rewards for each $1 spent on eligible Purchases if redeemed for a statement credit. This equates to $0.01 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $1.00 in Cashback Rewards.

    For more information on eligible servicers please visit our FAQ

    Cashback is awarded based on eligible credit card purchases excluding transactions such as cash advances of any type, balance transfers, convenience check transactions, overdraft protection transfers and quasi-cash transactions. See Terms & Conditions, which are subject to change.

  5. For more information on eligible servicers please visit our FAQ.

  6. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for forbearance of payments for one or more 3-month time periods (however, a minimum of twelve (12) months are required between any two forbearance periods). Borrowers with a loan term of at least ten (10) years are eligible for up to twelve (12) months of forbearance over the life of the loan; borrowers with a loan term less than ten (10) years are eligible for one (1) month for every year of the loan term (e.g., if a borrower’s loan term is five (5) years they are eligible for up to five (5) months of forbearance over the life of the loan). Borrowers seeking an economic hardship forbearance due to unemployment must have made twelve (12) consecutive monthly payments prior to a forbearance request to be eligible. For any other forbearance due to economic hardship, borrowers must have made nine (9) consecutive monthly payments prior to a forbearance request to be eligible. All requests for forbearance are subject to review, including the review of 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. Unless otherwise noted, at the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principal amount of the loan.

  7. AutoPay/EFT Discount: if the borrower chooses to make monthly payments automatically by electronic fund transfer (EFT) 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 by EFT from the borrower’s bank account. The 0.25% AutoPay/EFT Discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Estimated Student Loan Refinance Payment Examples

Assumptions: Repayment examples below assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount or the Laurel Road Linked SavingsSM discount.

Fixed Rate Loans
Term Interest Rate APR No. of Payments Monthly Payment Total Payments
5 Year
7 Year
10 Year
15 Year
20 Year

 

Variable Rate Loans
Term Interest Rate APR No. of Payments Monthly Payment Total Payments
5 Year
7 Year
10 Year
15 Year
20 Year

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%.

Please note: The London Interbank Offered Rate (“LIBOR”) benchmark used as the Index for this loan is likely to be discontinued after 2021 or perhaps sooner. Should LIBOR no longer be available, an alternative published benchmark will be selected to serve as the Index. Any alternative Index may behave differently than LIBOR; however, any Index changes will not change most other terms of the loan, such as the maximum interest rate payable during the term of this loan or the timing of any interest rate resets. For more information on the possible discontinuation of LIBOR, see the Alternative Reference Rates Committee website which is maintained by the Federal Reserve Bank of New York and is available at: https://www.newyorkfed.org/arrc.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of March 30, 2021. 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).

Parents may refinance any unsubsidized or subsidized Federal or private student loans taken out on behalf of a child that were used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school.

For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist.

LOAN AMOUNT

Up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing.

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.