Since 2013, the online lending company Laurel Road has been creating and refinancing student loans. KeyBank purchased Laurel Road in 2019, which allowed the institution to increase its clientele and product offering.
Laurel Road Student
Easy Online Solutions Smart & SecureThere are 50 states where Laurel Road is accessible. The business also provides private student loans, mortgages, and personal loans in addition to student loan refinancing. Additionally, it has started providing financial services including a savings account and a credit card with cash back.
Other details
With a Laurel Road private student loan, you won’t have to pay any fees as long as you repay your debt according to plan. However, you will be charged a late fee equal to $28 or 5% of your missed payment, whichever is less. You will be charged $20 if your bank returns a payment you make because there aren’t enough funds.
You’ll have several chances to save money while you pay off your loan, which is one of the good things about Laurel Road. Much like most lenders, Laurel Road provides a rate reduction if you enroll in autopay; the reduction is 0.25%, to be exact.
Since collaborating with Key Bank, Laurel Road now provides online checking accounts as well. Throughout your student loan refinancing, Laurel Road will take an additional 0.25% off the rate for the first 3 months if you open a new checking account. After that, if you get $2,500 in direct deposits each month, you may maintain that rate reduction in effect. If you receive and over $7,500 in direct deposits each month, you can even increase the discount to 0.55%.
Learn more about Laurel Road Student Loans
Laurel Road also provides a rate reduction for refinancing student loans for medical professionals. By completing the student loan refinance calculator on the Healthcare Banking page of Laurel Road, you may find out what the discount is for your particular circumstance. This discount may vary.
Other Benefits of the Loan
- Low cap on interest rates: Unless you’re an excellent refinancing candidate, the low rates that most lenders promote aren’t what you’ll really pay. Some consumers may wind up paying significantly more, particularly if they have poor credit. If so, Laurel Road could be an excellent choice for you as the highest rate you’ll have to pay, if accepted, is far less than that of most other lenders.
- Numerous benefits and incentive programs: Compared to other lenders, Laurel Road provides a lot more rewards. You can minimize your student loan interest rate if you create a Laurel Road checking account and adhere to the direct deposit rules. Additionally, it provides referral incentives, discounts with associate businesses like Brooklinen and TaskRabbit, and even a credit card with cash back and perks for student loans.
- Children may assume parental student debt obligations: It is often your responsibility to repay the loan once you have taken out a parent student loan for your child’s education. However, unlike the majority of student loan refinancers, Laurel Road will let your child, if they are willing and able to meet the requirements on their own, to take over responsibility for repaying the loan you took out for their education.
How do I request this loan?
Navigating the world of student loans can be daunting, but Laurel Road offers a streamlined, user-friendly approach. This guide breaks down the process of applying for a Laurel Road student loan, ensuring a smooth and informed journey towards financing your education.
- Step 1: Research and Understand Laurel Road’s Offerings
Before applying, familiarize yourself with Laurel Road’s loan options. Visit their official website to explore the types of student loans they provide, including undergraduate, graduate, and professional loans. Pay attention to interest rates, repayment terms, and eligibility criteria.
- Step 2: Assess Your Eligibility
Ensure you meet the basic requirements for a Laurel Road loan. This typically includes being a U.S. citizen or permanent resident, attending an accredited institution, and having a satisfactory credit history.
- Step 3: Gather Necessary Documents
Prepare essential documents such as proof of identity, enrollment verification, and financial information. Having these documents ready streamlines the application process.
- Step 4: Complete the Online Application
Visit Laurel Road’s website and navigate to their student loan application section. Fill out the application form with accurate information, attach the required documents, and submit your application.
- Step 5: Await Approval and Loan Disbursement
After submitting your application, wait for approval from Laurel Road. This process can take a few days to weeks. Once approved, the loan amount will be disbursed directly to your educational institution.
Conclusion
Laurel Road student loans offer a viable solution for financing your education. Their clear-cut application process, competitive interest rates, and flexible repayment options make them an attractive choice for students. However, it’s crucial to understand the long-term commitment and financial responsibility that comes with taking out a student loan. Ensure that you carefully consider your future financial situation and seek financial advice if necessary. Ultimately, investing in your education is a significant step, and Laurel Road is here to help make that journey more accessible.
Splash Financial Student Loan Program 
Educational Loan Financing 
The Earnest Student Loans