Laurel Road Student Loans Review

Laurel Student Loan Rates and Terms
Variable rates 2.75% to 6.55%
Fixed rates 4.24% to 6.65%
Loan amounts Up to the total cost of participation
Loan conditions Five, seven, 10, 15 and 20 years old
(Lowest rates include a 0.25% autopay discount.)

Loan Eligibility

Laurel Road only offers student loans to graduate and professional students in certain disciplines:

  • Dentistry (DO/DDS/DMD)
  • Medicine (MD)
  • Nursing (MA)
  • Nursing (DNP)
  • Physician Assistant (PA)

To qualify for a Laurel Road Graduate Loan, you must meet the following criteria:

  • You must be a US citizen or permanent resident with a valid I-551 card, also known as a “green card”.
  • You must be a graduate or professional student in a qualifying program at an eligible school.
  • You must be enrolled at least half-time.
  • You or your co-signer must meet Laurel Road’s credit and income requirements, which the company does not list on its website.


Is loan prequalification available?

With Laurel Road, you can use their “Check My Rates” tool to get an estimate of the interest rates you’ll receive and get an initial decision on whether or not you qualify for a loan. This prequalification tool prompts you to enter basic information about yourself, including your education, program cost, employment and income, and permanent address.

When you submit your information, Laurel Road will perform a soft credit check, which has no impact on your credit. If you decide to go ahead with the loan application, you will then be subject to a serious credit check, which can affect your credit score.


Loan fees

Lauren Road has no origination or application fees, and does not charge prepayment penalties. However, there are late fees if you miss your payment due date. If a payment is more than 15 days late, you will be charged 5% of the late payment amount or $28, whichever is less. If a payment you make is returned or declined for insufficient funds, you will be charged a $20 returned payment fee.


Loan discounts

Laurel Road offers two discounts to borrowers:

  • Automatic payment discount – When you sign up for automatic payments, Laurel Road will reduce your interest rate by 0.25%.
  • Job discounts If you complete your program and get a job, your interest rate will be reduced by 0.25%.


Refund options

Laurel Road offers four different reimbursement options:

  • Immediate refund You start making principal and interest payments right after the loan is disbursed.
  • Full adjournment Loan repayments are deferred for up to six months after you graduate.
  • Lump sum reimbursement – You pay $50 per month while in school and for six months after graduation.
  • Repayment of interest only – During your studies and for the six-month period following your graduation, you only make payments on the interest on your loans.


Awards

Laurel Road has a referral program, but it’s only for refinancing student loans and personal loans. When you refer a friend and they take out a refinance or personal loan through Laurel Road, you can earn up to $400 and you can get up to 10 such bonuses per year.


Are co-signers required?

Laurel Road does not require applicants to have a co-signer. However, if you don’t have good credit or a stable income, adding a co-signer to your application may increase your chances of qualifying for a loan.


Loan forbearance and release options

If you are experiencing financial hardship, you may be eligible for full or partial forbearance for up to three months, for a maximum of 12 months over the term of your loan for terms up to 10 years. For terms longer than 10 years, borrowers are entitled to an additional month for each additional year beyond 10 years.


Is student loan refinancing available?

Yes. Laurel Road refinances undergraduate, graduate and parent student loans. As with graduate loans, refinance borrowers can choose loan terms of up to 20 years, giving them the option of a longer loan term and lower monthly payments. However, if you are looking for loan refinance, check out our top student loan refinance companies first.

Medical and dental residents can refinance their student loans with Laurel Road as soon as they are matched with a residency program. And graduate healthcare students can refinance as early as their final semester of study with a signed contract or letter of employment.


Customer service

Laurel Road was previously known as DRB. In 2019, the company was acquired by KeyBank. Prior to the acquisition, the lender was only a refinance lender, but in 2019 it also began providing private student loans to graduate and professional students. As a relatively new lender, Laurel Road is not included in the latest report from the Office of Consumer Financial Protection’s Student Loans Ombudsman.

The Laurel Road customer service team is available seven days a week via email, live chat or phone. To reach Customer Service, email help@laurelroad.com or call 833-427-2265 anytime between 7:00 a.m. and 11:00 p.m. ET.

Laurel Road Student Loans are originated and funded by KeyBank and managed by MOHELA.


Apply for a Laurel Road Student Loan

Before applying for a private student loan, be sure to complete the Free Application for Federal Student Aid (FAFSA) to ensure you qualify for all federal financial aid. If you need additional funding for your higher education, you will need to provide the following information to apply for a loan from Laurel Road:

  • Last name
  • Government-issued identification document
  • Address
  • Social Security number
  • Name of employer
  • Revenue
  • Loan amount requested
  • Name of the school
  • Program cost
  • Financial aid expected
  • Co-signer information (if applicable)

final verdict

For graduate and professional students at eligible schools, Laurel Road offers private student loans with competitive interest rates, long repayment terms, and flexible repayment options. These loans can be a viable alternative to federal loans for higher education or can supplement your federal financial aid.

However, not everyone is eligible for a loan from Laurel Road, and its policy of releasing co-signers can be a significant drawback for some. Before applying for a loan from Laurel Road, be sure to compare offers from several private student loan companies to find the best lender for you.


Methodology

Investopedia is dedicated to providing consumers with unbiased and comprehensive reviews of student lenders. We’ve collected over 45 data points from over 15 lenders, including interest rates, fees, loan amounts and repayment terms, to ensure our content helps users make the right decision. borrowing decision for their educational needs.