Laurel Road 2022 Student Loan Refinancing Review

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Pros and Cons of Laurel Road Student Loans

Laurel Road Student Loan Refinancing

Regular APR

Variable: 1.89% – 5.90%, Fixed: 2.50% – 6.00%

  • Advantages and disadvantages

  • Details


  • Advantages
    • Low fixed rates
    • Customer service seven days a week
    • Mobile app
    • Multiple repayment terms
    • Interest rate reductions
    The inconvenients
    • Late fee
    • Variable rates are slightly higher than competitors
    • Five, seven, 10, 15 and 20 year repayment terms available
    • Customer service available by phone, live chat, and email
    • Loan of $ 5,000 minimum, no maximum
    • Late payment fee of 5% of the late payment or $ 28, whichever is less
    • Introductory 0.25% three-month discount when you open a checking account with Laurel Road, then 25% discount for $ 2,500 to $ 7,499 in monthly direct deposits, 0.55% discount for $ 7,500 +
    • Loans are offered by KeyBank, FDIC member

    You won’t pay any setup fees or prepayment penalties with Laurel Road, and you could save money in interest by refinancing your student loans. Be careful before doing this with federal loans because you will lose key protections like income-based repayment plans and loan forgiveness programs.

    According to the Laurel Road website, only 11% of applicants who applied between July 2019 and June 2021 qualified for the best rate, so don’t rely on the best advertised rate.

    Laurel Road Graduate Student Healthcare Loans

    Regular APR

    Variable: 2.75% – 6.58%, Fixed: 2.85% – 6.68%

  • Advantages and disadvantages

  • Details


  • Advantages
    • Some of the best fixed graduate rates available
    • Customer service every day every week
    • Mobile app
    • Multiple repayment terms
    • Interest rate reductions
    The inconvenients
    • Late fee
    • Only available for people with certain majorities
    • Variable rates are slightly higher than competitors
    • Five, seven, 10, 15 and 20 year repayment terms available
    • Customer service available by phone, live chat, and email
    • Minimum loan of $ 5,000, maximum up to the cost of participation
    • Late payment fee of 5% of the late payment or $ 28, whichever is less
    • Introductory 0.25% three-month discount when you open a checking account with Laurel Road, then 25% discount for $ 2,500 to $ 7,499 in monthly direct deposits, 0.55% discount for $ 7,500 +
    • Loans are offered by KeyBank, FDIC member

    If you are pursuing graduate studies in dentistry, nursing, medicine, or studying as a medical assistant, you can get a loan from Laurel Road. Undergraduates and graduate students studying in a discipline other than those listed are not eligible for a loan.

    Laurel Road Fixed Rate Loans APRs are among the best in the business. In fact, none of the fixed graduate student loans on our list of the best private student loans have a lower starting rate.

    How to Compare Laurel Road Student Loans

    Laurel Road has significantly better price brackets than Sallie Mae, and is competitive with Earnest. Here’s how the three companies stack up:

    Both Earnest and Sallie Mae provide undergraduate and graduate loans, while Laurel Road only refinances these types of loans. You can get a health care graduate loan from all three companies.

    Sallie Mae sets the repayment term for undergraduates and only has one repayment term available for graduate students. Laurel Road offers five repayment terms and Earnest has six.

    Laurel Road offers a discount of up to 0.55% when you open a checking account with the company and make a certain amount of monthly direct deposits. You’ll get a 0.25% interest rate discount with Earnest and Sallie Mae when you set up AutoPay,

    How Laurel Road Student Loans Work

    Laurel Road provides refinancing of student loans against undergraduate and graduate student loans, and is the originator of medical graduate student loans. You can add a co-signer to your loan, which can make your eligibility easier and offer you a lower rate if your co-signer has good credit.

    Refinanced loans and new loans have a repayment term of five, seven, 10, 15 or 20 years.

    Consider your federal student loan options before looking for private student loans, including a Laurel Road loan, as you can usually get enhanced terms and protections through the government.

    You will receive an initial 0.25% discount on the three month interest rate if you sign up for a Laurel Road checking account. You can get up to 0.55% rate reduction depending on how much money you deposit directly into this account each month.

    To contact Laurel Road customer service, call the lender 7:00 a.m. to 11:00 p.m. ET, seven days a week. You can also send an email or use the company’s live chat feature.

    Checking your rates with Laurel Road will have no impact on your credit score. However, if you continue with your application after checking the rates, the lender will do a serious credit investigation, giving the company a full view of your credit history, but which can also hurt your score.

    What options do I have for repaying my Laurel Road student loans?

    Laurel Road offers several options for paying off your MD Loans: Deferred, Lump-sum, Interest-only, and Immediate payments. The best repayment plan for you depends on your situation. Laurel Road Student Loan refinance payments begin 30 days after funding.

    Deferred and lump sum payments will cost more than interest-only or immediate payments, as interest will accrue while you are in school and during your grace period. This interest will then be capitalized, meaning it will be added to your loan balance after periods of non-payment, including forbearance, deferral, and after your grace period. This will be added to your loan balance, and you will then pay interest on that higher amount, which will increase the overall cost of your loan.

    Is Laurel Road Trustworthy?

    Laurel Road has an A rating from the Better Business Bureau, a nonprofit focused on consumer protection and trust. The BBB assesses businesses by assessing responses to consumer complaints, the veracity of advertising, and clarity of business practices.

    Laurel Road has not been involved in any scandals or controversies for the past few years, so you might feel comfortable taking out a loan from the company.

    However, you won’t necessarily have a great relationship with Laurel Road just because of the company’s sparkling BBB score and its own history. Communicate with friends and family about their experiences with the lender and find online what other clients are saying about the business.


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