Laurel Road refinances federal and private student loans and offers a special medical school repayment plan catered to health professionals. Additionally, if you are a parent who has taken out loans for your children, you can also refinance with Laurel Road.
Keep reading for a review about Laurel Road student loan refinancing.
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Laurel Road Overview
|Loan Terms||5, 7, 10, 15 or 20 years|
|Loan Amounts||$5,000 up to your total outstanding loan balance|
|Loan Types||Variable, fixed|
|Refinance Parents’ PLUS Loan||Yes|
Laurel Road Features
With competitive rates, you can also refinance 100% of your student loans, no matter how much they total. Laurel Road offers a tailored solution with flexible terms and limits in order to meet your financial needs. Here are some other features:
Cosigners can help you if you aren’t able to qualify on your own. It will improve your chances of being approved and you might get better rates.
You can have peace of mind with these protections:
- They honor grace periods and delayed payments for recent graduates until time’s up.
- You can apply for forbearance if you experience a qualifying economic hardship such as involuntary job loss or unpaid maternity leave. In these instances, you can postpone your monthly payments for up to three months at a time, for a total of 12 months during the term of your loan.
- In the unfortunate circumstances that you become permanently disabled or die, Laurel Road will forgive the total amount of your refinanced student loan
Reduced Payments for Medical & Dental Residents
Once you get matched to a residency program, you can refinance your student loans with Laurel Road. You can pay only $100 per month throughout your residency or fellowship and up to six months after training.
For each person you refer to refinance with Laurel Road, you can earn a $400 cash bonus.
Laurel Road Rates & Fees
Many factors, such as you or your cosigner’s credit history and financial profile, will determine your rate. Visit their website and enter your information to get a customized rate estimate. Since they are done with a soft credit check, your credit score won’t be affected.
When you get approved, sign up for automatic payments to get a 0.25% interest rate discount.
|Prepayment Penalty Fee||None|
|Late Payment Fee||5% or $28, whichever is less|
Laurel Road Requirements
The following are required in order to be eligible:
- Be a United States citizen or permanent resident with a valid I-551 card.
- Be a working professional with a four-year undergraduate or graduate degree from Title IV accredited institutions, a professional with an associate degree in a designated profession, or a parent who took on debt to finance your child’s education.
Laurel Road is available in all 50 states, the District of Columbia and Puerto Rico.
If you are one of the following, I recommend refinancing your student loans with Laurel Road:
- You’re a medical student in residency or fellowship.
- You’re a parent looking to refinance loans you took out for you child’s education.
- You want flexible terms.
- You want to apply with a cosigner.
Although there are many great features offered, be sure to always do your research and check out rates and terms from other lenders before you make a final decision.