If you previously visited Laurel Road to explore student loan options, you may notice that things look different today. Laurel Road and GradFin have joined KeyBank, and student loan services are now presented through Key Student Loan Solutions, bringing refinancing, new student loan guidance, and federal program support together in one place.
For borrowers interested specifically in refinancing, Key Student Loan Refinance is the current KeyBank solution. Eligible borrowers can refinance qualifying private and federal student loans, compare fixed and variable rates, and choose from different repayment terms. However, refinancing federal loans requires careful consideration because important federal benefits will be lost.
Laurel Road Student
Easy Online Solutions Smart & SecureBenefits of Key Student Loan Solutions
- Personalized student loan guidance: KeyBank offers free one-on-one consultations with student loan experts who can help borrowers understand refinancing, new loan options, and eligible federal programs.
- Student loan refinancing: Eligible borrowers can refinance qualifying private and federal student loans, potentially simplifying repayment with a new private loan.
- Fixed and variable rates: Key Student Loan Refinance offers both rate structures, allowing borrowers to compare predictability with the potential fluctuations of a variable rate.
- Multiple repayment terms: Several term lengths are available, giving eligible borrowers flexibility when balancing monthly payments against the overall cost of refinancing.
- No application or origination fees: KeyBank does not charge application or origination fees for its student loan refinance product. There is also no prepayment penalty.
- Soft credit check for rate options: Borrowers can initially check refinance rate options with a soft credit pull, which generally does not affect their credit score.
How Does Key Student Loan Refinance Work?
Key Student Loan Refinance allows eligible borrowers to refinance qualifying federal and private student loans with a new private loan. Borrowers can choose from available fixed or variable rates and different repayment terms to fit their financial goals.
However, refinancing federal student loans means giving up federal benefits and protections, including certain income-driven repayment, forgiveness, and forbearance programs.
Key Student Loan Refinance Rates and Fees
KeyBank currently provides repayment terms ranging from 5 to 20 years. Its published examples show fixed APRs starting at 4.74% and variable APRs starting at 5.04%, although the actual rate depends on creditworthiness, loan term, and other underwriting factors.
Published examples also include a 0.25 percentage-point interest rate reduction for AutoPay. Variable rates are tied to the applicable SOFR benchmark and can increase or decrease over time, which means monthly payments may also change.
There are no application fees, origination fees, or prepayment penalties. However, late payment and returned payment fees may apply. Since rates and terms can change, borrowers should always review KeyBank’s current offer before accepting a refinance loan.
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Key Student Loan Refinance Requirements
Applicants must meet KeyBank’s underwriting requirements, which may consider factors such as credit history, employment, debt-to-income ratio, and disposable income. The borrower, and cosigner if applicable, must also meet the borrowing-age requirements in their state of residence.
Generally, borrowers must have graduated or be in good standing in their final term before graduation from an accredited Title IV U.S. school. They must also be employed or have an eligible offer of employment.
For bachelor’s degrees and higher, eligible borrowers can refinance up to 100% of outstanding qualifying private and federal student loans, with a $5,000 minimum. Certain associate degrees in healthcare fields may also qualify, although additional education and employment requirements apply.
How to Apply for Key Student Loan Refinance
The process starts online by checking available rate options. KeyBank states that this initial step can be completed in less than five minutes and requires a soft credit pull, which generally does not affect your credit score.
If an option looks suitable, the borrower can continue with the full application. At this stage, a hard credit inquiry is required and could affect the applicant’s credit score. KeyBank then evaluates the application according to its underwriting and eligibility criteria.
Before accepting an offer, borrowers should carefully compare the APR, repayment term, estimated monthly payment, and total repayment cost. Those refinancing federal loans should also consider the value of any federal protections they will permanently give up.
Frequently Asked Questions
1- What happened to Laurel Road Student Loans?
Laurel Road and GradFin have joined KeyBank. Student loan services are now presented through Key Student Loan Solutions, while Key Student Loan Refinance is KeyBank’s current refinancing solution. This is why borrowers familiar with Laurel Road may now be directed to KeyBank.
2- Are my existing Laurel Road student loan terms changing?
Existing Laurel Road borrowers should not assume that the brand transition itself changes their individual loan agreement. Current borrowers should follow the servicing and account information provided for their existing loan and review their original loan documents for applicable terms.
3- Do I need to refinance because Laurel Road joined KeyBank?
No. The transition does not mean an existing borrower must automatically refinance. Refinancing is a separate financial decision and should only be considered after comparing the new terms, total repayment cost, and any benefits that could be lost.
4- Can I get help before deciding whether to refinance?
Yes. KeyBank currently offers a complimentary student loan consultation. A student loan expert can help borrowers explore refinancing, federal repayment or forgiveness programs, and options for new student loans before they decide which direction to take.
Key Student Loan Solutions: A New Chapter
Laurel Road Student Loans have transitioned to KeyBank, where borrowers can now explore refinancing, personalized guidance, and other student loan solutions.
Visit KeyBank to explore the current options and find one that may fit your financial goals.
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