Laurel Road is a student loan refinancing company that offers student loan refinancing options to borrowers who are looking to lower their monthly payments, reduce the overall cost of their student loans, or both. With Laurel Road, you can refinance your federal and private student loans into a new loan with a lower interest rate or longer repayment term. This can help you save money on your student loan payments and make it easier to repay your loans.
To qualify for student loan refinancing with Laurel Road, you typically need to have a good credit score and a steady income. You also need to have graduated from an accredited college or university and be a U.S. citizen or permanent resident. If you meet these requirements, you can apply for student loan refinancing online through Laurel Road’s website. The application process involves providing information about your current student loans, your financial situation, and your education history.
If you are approved for student loan refinancing with Laurel Road, you will be offered a new loan with a lower interest rate and different repayment terms. You will then have the option to accept or decline the loan offer. If you accept the loan, your new loan will be used to pay off your existing student loans, and you will make payments on the new loan instead.
It’s important to carefully consider your options before refinancing your student loans. While refinancing can help you save money on your student loan payments, it may also result in you paying more in interest over the long term if you extend your repayment period. It’s a good idea to compare offers from multiple lenders and to consider factors such as the interest rate, fees, and repayment terms before deciding whether to refinance your student loans.
Laurel Road is an online lending platform that has been offering student loan refinancing, private student loans, mortgages, and personal loans since 2013. In 2019, KeyBank acquired Laurel Road, which has allowed the company to expand its product offerings and reach to all 50 states. In addition to its traditional lending products, Laurel Road has also recently started offering banking products such as a savings account and a cashback credit card.
| Laurel Road Student Loan Refinancing Details | |
|---|---|
| Product Name | Laurel Road Student Loan Refinancing |
| Min Loan Amount | $5,000 |
| Max Loan Amount | Total Loan Amount |
| Variable Rate | 3.99% – 6.80% APR |
| Fixed Rate | 4.49% – 6.90% APR |
| Loan Terms | 5, 7, 10, 15, and 20 years |
| Promotions | $200 Bonus |
Laurel Road Loan Eligibility
To be eligible for a student loan refinancing product from Laurel Road, you typically need to meet the following requirements:
- Have graduated from an accredited college or university with a bachelor’s degree or higher
- Be a U.S. citizen or permanent resident
- Have a good credit score and a steady income
- Have at least $5,000 in student loan debt
In addition to these general requirements, Laurel Road may have specific eligibility requirements for each of its loan products. For example, you may need to meet certain credit score or income requirements to be eligible for a mortgage or personal loan.
To determine your eligibility for a loan from Laurel Road, you can visit the company’s website and complete a pre-qualification form. This will allow you to see if you meet the basic eligibility requirements for a loan and what your loan options might be. However, it’s important to note that pre-qualification does not guarantee approval for a loan. To get a final loan offer, you will need to complete a full application and provide additional documentation as requested.
Laurel Road FAQs
Here are some frequently asked questions about Laurel Road:
- How does Laurel Road compare to other student loan refinancing companies?
Laurel Road is a well-respected student loan refinancing company that offers competitive rates and flexible repayment terms to qualified borrowers. However, it’s always a good idea to compare offers from multiple lenders to find the best deal for your situation.
- Is Laurel Road a direct lender or a broker?
Laurel Road is a direct lender, which means that it originates and services its own loans. This can make the loan process more streamlined and efficient, as you only have to deal with one company from start to finish.
- Can I refinance my federal student loans with Laurel Road?
Yes, Laurel Road allows you to refinance both federal and private student loans into a new loan with a lower interest rate or longer repayment term. Keep in mind that refinancing federal student loans will result in the loss of certain borrower benefits, such as income-driven repayment plans and forgiveness programs.
- Does Laurel Road charge origination fees or prepayment penalties?
Laurel Road does not charge origination fees for its student loan refinancing products. However, it may charge a one-time application fee of up to $75. Laurel Road does not charge prepayment penalties, so you can pay off your loan early without incurring any additional fees.
- Is Laurel Road a good option for student loan refinancing?
Laurel Road is a reputable lender that has helped many borrowers save money on their student loans through refinancing. However, whether it is a good option for you will depend on your specific financial situation and goals. It’s a good idea to compare offers from multiple lenders and to carefully consider the terms of any loan before making a decision.
