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You’re on the right road for savings

You will have the opportunity to add a Linked Savings account to your student loan refinance at the end of the refinance process. You can bypass any Checking account invitations and look for an offer to add Linked Savings when you receive your final rate offer. Please note: you can only add one deposit account – either Linked Savings or Checking – to reduce your student loan refi rate.

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

Use this slider to see how your student loan rates could drop when you open a Laurel Road CheckingSM account.

Laurel Road CheckingSM Monthly Direct Deposits

  • $0
  • $2,500
  • $7,500+
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%
Term
5 year
7 year
10 year
15 year
20 year
Fixed APR
With Discounts
2.50%—4.80%
3.40%—5.20%
3.90%—5.40%
4.30%—5.70%
4.40%—6.00%
Variable APR
With Discounts
1.89%—4.70%
3.40%—5.10%
3.80%—5.30%
4.05%—5.60%
4.30%—5.90%
Check My Rates

APRs shown include a 0.25% interest rate discount for AutoPay.4 Variable APRs are subject to increase after consummation. View Payment Examples Below.

APRs shown include the initial 3-month 0.25% interest rate discount for opening a Laurel Road CheckingSM account. Use the slider to calculate the discounted rate for maintaining monthly direct deposits [$0 = 0.00%, $2,500 = 0.25%, $7,500+ = 0.55%]. All rates shown include the Autopay 0.25% interest rate discount.4 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 CheckingSM

Lower refi rates when you add a checking account.

You could get rates as low as 1.37%5 variable APR when you refinance your parent student loans and open a checking account and enroll in AutoPay — with the potential to save even more with qualifying monthly direct deposits.

Learn More

Laurel Road Student Loan CashbackSM Card

Redeem 2% cashback towards your student loans.6

Introducing the first card that lets you redeem 2% cashback towards your student loans with 95% of U.S. servicers.7 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 Rates (APRs) shown are as of September 23, 2021 and subject to increase without notice. Based on applications between July 2019 to June 2021, approximately 11% of applicants qualified for our lowest advertised rate. Lowest rate quoted above assumes excellent credit and low debt, housing, and alimony expenses relative to income. Otherwise, a higher rate will apply. Rate shown above includes a 0.55% discount for having a qualifying direct deposit of at least $7,500 credited to a Laurel Road Checking account for every statement period of the term of the loan, a 0.25% discount for AutoPay, and a loan with a term of 60 months. Variable APRs are subject to increase after consummation.

  4. 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.

  5. The Laurel Road CheckingSM discount is available to borrowers who open a Laurel Road CheckingSM account while, or prior to, refinancing their student loans with Laurel Road. Borrowers will receive a 0.25% interest rate discount for their first three monthly billing cycles. Starting with the 4th billing cycle and continuing with each billing cycle thereafter, the interest rate discount applied each billing cycle will be based on the amount deposited via an Automated Clearing House (ACH) transaction into the Laurel Road CheckingSM account during the preceding calendar month--0.25% for deposits between $2,500 and $7,499 per month and 0.55% for deposits $7,500 or greater per month. To continue to receive the discount for the 4th billing cycle, you must begin making ACH deposits to your Laurel Road CheckingSM account during the second month after your loan funds. Discounts subject to change without notice. Offer cannot be combined with Laurel Road Linked Savings Discount. Click here for more information on the Laurel Road CheckingSM account and student loan rate discounts.

  6. 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.

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

  8. Borrowers who open a Laurel Road Linked Savings℠ account during their application to refinance their student loans are eligible for the Laurel Road Linked Savings℠ discount. Borrowers receive a 0.25% interest rate discount for their first two billing cycles of their loan. Starting with the 3rd billing cycle, and continuing with each billing cycle thereafter, the interest rate discount applied during a billing cycle will be based on the average daily balance held in the borrower's Laurel Road Linked Savings℠ account for the preceding calendar month. The discount can vary from 0.10% for balances between $1,000 and $9,999 and 0.30% for balances of $20,000 or greater. To continue to receive a discount for the 3rd billing cycle, you must fund your Laurel Road Linked Savings℠ account the month after your loan funds and maintain a minimum account balance of $1000. Offer cannot be combined with Laurel Road Checking Discount. Click here to learn more about the Laurel Road Linked Savings℠ discount.

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 September 23, 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.