After your child has graduated, you can easily refinance the loans you took out on their behalf with our seamless online tool. With their consent, you can also pass the loan debt to your child as long as they are professionally employed and meet our lending requirements.*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.
The calculated payments are only an estimate. Your actual payments will depend on the actual amount for which you are approved. Eligibility and rates offered will depend on your credit profile, total monthly debt payments, and income. Rates in the above calculations include a 0.25% discount for making automated payments from a bank account. Read important additional information in the Terms & Conditions below.
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.
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.
It’s pretty simple – the entire application is completed online. You will generally receive rates shortly after you complete your application.
Fill out a short application with basic information about you, your loan, education, and cosigner if relevant. After you authorize a hard credit inquiry and have provided any supporting information requested, we will request cost of attendance information from your school, review your application, and we will provide you with a decision.
If you are conditionally approved, you will be able to select your loan type and term, and accept and e-sign all necessary disclosures and your promissory note in the Laurel Road dashboard.
The timing of your first payment to Laurel Road is dependent on the loan type you choose.
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.
† We may agree under certain circumstances to allow a borrower to make $100/month payments immediately after loan disbursement if the borrower is employed full‐time as an intern, resident, fellow, 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.
PARENT LOAN – 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.
Fixed rate options consist of a range from 3.75% per year to 5.80% per year for a 5-year term, 4.25% per year to 6.25% per year for a 7-year term, 4.55% per year to 6.65% per year for a 10-year term, 4.85% per year to 7.05% per year for a 15-year term, or 5.30% per year to 7.27% per year for a 20-year 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 $10,000 loan at a range of 3.75% per year to 5.80% per year for a 5-year term would be from $183.04 to $192.40. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.25% per year for a 7-year term would be from $137.84 to $147.29. The monthly payment for a sample $10,000 loan at a range of 4.55% per year to 6.65% per year for a 10-year term would be from $103.88 to $114.31. The monthly payment for a sample $10,000 loan at a range of 4.85% per year to 7.05% per year for a 15-year term would be from $78.30 to $90.16. The monthly payment for a sample $10,000 loan at a range of 5.30% per year to 7.27% per year for a 20-year term would be from $67.66 to $79.16.
Variable rate options consist of a range from 2.68% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 4.25% per year to 6.40% per year for a 10-year term, 4.50% per year to 6.65% per year for a 15-year term, or 4.75% per year to 6.90% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. 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 when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.44% to 4.06% for the 5-year term loan, 1.76% to 4.11% for the 7-year term loan, 2.01% to 4.16% for the 10-year term loan, 2.26% to 4.41% for the 15-year term loan, and 2.51% to 4.66% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25<sup>th</sup> day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 2.68% per year to 6.30% per year for a 5-year term would be from $178.27 to $194.73. The monthly payment for a sample $10,000 loan at a range of 4.00% per year to 6.35% per year for a 7-year term would be from $136.69 to $147.77. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.40% per year for a 10-year term would be from $102.44 to $113.04. The monthly payment for a sample $10,000 loan at a range of 4.50% per year to 6.65% per year for a 15-year term would be from $76.50 to $87.94. The monthly payment for a sample $10,000 loan at a range of 4.75% per year to 6.90% per year for a 20-year term would be from $64.62 to $76.93.
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-year 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
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) 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. All loans must be in grace or repayment status and cannot be in default.
For Associates Degrees: Only associates degrees earned by the student 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.
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.
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.
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.