Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
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Who Is Laurel Road Best For?
Laurel Road is best for borrowers looking to refinance their private student loans at a low cost. Its rates are competitive with top lenders in the space.
Types of Student Loans Offered by Laurel Road
Laurel Road offers student loans refinancing in three forms:
- Undergraduate
- Graduate
- Parent
Laurel Road also originates medical graduate school loans.
Laurel Road Student Loans Details
Both refinanced and new loans come with a repayment term length of five, seven, 10, 15, or 20 years.
Look at your federal student loan options before you go after private student loans, including a Laurel Road loan, as you can usually get improved terms and protections through the government.
You'll receive an initial 0.25% three-month interest rate discount if you sign up for a
To contact Laurel Road's customer support, call the lender from 7:00 a.m. to 11:00 p.m. ET, seven days a week. You're also able to send an email or use the company's live chat feature.
Checking your rates with Laurel Road won't have any impact on your credit score. However, if you continue with your application after checking rates, the lender will conduct a hard credit inquiry, giving the company a complete view of your credit history but also potentially hurting your score.
Laurel Road Student Loan Refinancing
You won't pay any origination fees or prepayment penalties with Laurel Road, and you might save money in interest by refinancing your student loans. Be careful before you do this with federal loans though, as you will lose key protections such as income-driven repayment plans and loan forgiveness programs.
Only 11% of applicants who applied between July 2019 and June 2021 qualified for the best rate, according to Laurel Road's website, so don't bank on getting the top advertised rate.
Laurel Road Healthcare Graduate Student Loans
If you're pursuing a graduate degree in dentistry, nursing, medicine, or are studying as a physician assistant, you are eligible to get a loan from Laurel Road. Undergraduates and any graduate students studying a discipline outside of the ones listed don't qualify for a loan.
APRs on Laurel Road's fixed-rate loans are some of the best in the industry. In fact, none of the fixed graduate loans on our list of the best private student loans have a lower starting rate.
Pros and Cons of Laurel Road Student Loans
How to Apply for a Laurel Road Student Loan
1. Put in an application on Laurel Road's website. You'll enter your email address, name, phone number, address, education level, employment status, and income history. Laurel Road will generate an estimated monthly payment and rate range with no impact on your credit score.
2. Sign loan agreement and get your new loan. After you sign your loan agreement, you may get your new loan soon after with Laurel Road. Keep in mind that refinancing a loan means you replace your old loan with a new one.
3. Work loan payments into your budget. Figure out how to adjust your budget to fit in your new loan payments. Make sure you have enough money to cover all of your financial responsibilities.
Laurel Road Frequently Asked Questions
Is Laurel Road a legit bank?
Yes, Laurel Road is a real bank. The lender refinances undergraduate and graduate loans and originates medical graduate student loans.
What is the minimum credit score needed for Laurel Road?
Laurel Road has a minimum credit score of 660. A higher credit score will likely qualify you for a better rate.
Does Laurel Road refinance federal or private student loans?
You can refinance either private or federal student loans with Laurel Road. However, it is very important to weigh the pros and cons of refinancing student loans because in doing so you'll lose key protections that help during economic hardship.
What is the maximum loan amount for Laurel Road?
There is no cap on the amount you can borrow from Laurel Road to refinance student loans or pay for a healthcare-related degree.
Does Laurel Road have prepayment penalty?
No, Laurel Road doesn't charge a penalty for paying off your loan early. Paying your loan ahead of time may save you money on overall interest.
Laurel Road Trustworthiness
Laurel Road hasn't been involved in any scandals or controversies over the past few years, so you might feel comfortable taking out a loan from the company.
However, you won't necessarily have a good relationship with Laurel Road simply because of the business' sparkling BBB score and clean history. Reach out to your friends and family about their experiences with the lender and find online what other customers are saying about the company.
What Options Do I Have to Repay My Laurel Road Student Loans?
Laurel Road offers several options to repay your medical graduate loans: deferred, flat, interest-only, and immediate payments. The best repayment plan for you depends on your situation. Laurel Road student loan refinancing payments begin 30 days after funding.
| Full Deferment | Flat | Interest-only | Immediate |
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Deferred and flat payments will cost more than interest-only or immediate payments because interest will accrue while you're in school and during your grace period. This interest will then capitalize, which means it will be tacked on to your loan balance after periods of nonpayment, including forbearance, deferment, and after your grace period. This will add on to your loan balance, and you'll then pay interest on that higher amount, increasing the overall cost of your loan.
Laurel Road Competitors
Laurel Road vs. Earnest
Earnest originates undergraduate and graduate loans, while Laurel Road only refinances those loan types. You can get a healthcare graduate loan with both companies.
Laurel Road has five repayment terms to choose from, and Earnest has six.
Laurel Road vs. Sallie Mae
Sallie Mae sets the repayment term for undergraduate students and only has one repayment term available for graduate students.
Laurel Road offers a rate discount of up to 0.55% when you open a
Why You Should Trust Us: How we rated Laurel Road Student Loan Refinancing
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.
Read more about how we rate student loans >>