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4.29% to 8.55%
APR
| Product Name | Laurel Road In-School Loan |
|---|---|
| Minimum Loan Amount | $5,000 |
| APR | 4.29% to 8.55% |
| Interest Rate Type | Fixed |
| Minimum Loan Term | 5 years |
| Maximum Loan Term | 20 years |
| Requirements | Enrolled at least half time in an eligible graduate program at an eligible school, borrow $5,000+, US citizen or permanent resident with a permanent 1-551 card |
Review by
Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.
Laurel Road is a great option for graduate students looking for competitive rates. Its maximum rate is only a tad higher than what you’d pay for federal PLUS loans. And it also offers a 0.25% rate discount once you find a job after graduating.
However, its loans only come with a six-month grace period — significantly less than what other private lenders offer. And you’ll need to attend an eligible school and program to qualify.
Still on the fence? Check out our list of other student loan providers that might be a better fit.
To qualify for a graduate student loan from Laurel Road, you must:
You may also have to meet certain income and credit score requirements or apply with a cosigner who does.
Laurel Road is an online bank and direct provider that offers In-School Loans to graduate students in specific programs at certain schools. You can borrow as little as $5,000 or as much as the full cost of attendance for your program. And you can take anywhere from 5 to 20 years to pay off the loan.
The online application is easy to fill out. Simply visit Laurel Road’s website and select your graduate program, the school you’re attending and the number of years you have left to get started. If approved, your loan is fully disbursed to your school once your program’s been confirmed.
Eligible schools vary by program. Check Laurel Road’s drop-down list on its In-School Loans page to confirm you qualify.
You can choose between fixed or variable rates when you borrow for grad school from Laurel Road. Fixed rates range from 4.29% to 8.55% , while variable rates are slightly lower from 4.12% to 8.28%. The exact APR you receive depends on your creditworthiness, loan term and repayment type.
Laurel Road charges zero application, origination or disbursement fees when you borrow. And if you decide to repay your loan early or make extra payments, you’ll have no prepayment penalty, either.
Yes, you can knock 0.25% off your interest rate by signing up for automatic payments.
Laurel Road has four repayment options available:
Once you start repaying your loan, you can also make extra payments at any time. These are applied in a specific order: first against applicable late fees, then to accrued interest and finally toward the principal.
Yes. Beyond its full deferral option, you can also apply for forbearance in the case of economic hardship. And if you’re a full-time intern, medical resident, fellow or in another postgraduate training position, you could refinance with Laurel Road to become eligible for $100 repayments during your training period.
From its flexible repayment plans to its forbearance option, here are some perks of taking out a graduate student loan from Laurel Road:
Consider these potential pitfalls before taking out a Laurel Road graduate student loan:
Laurel Road doesn’t require an extensive application. To begin, you’ll just need to visit the In-School Loans page on its website. From there, select your field of study, university and the number of years you have left to complete your degree.
Next, either sign in to your Laurel Road account or make a new one to finish the application and enter information about your cosigner, if applicable. Laurel Road will then provide estimated rates. If you decide to go through with the application, you’ll send in any supporting documentation and authorize a hard credit inquiry.
Laurel Road will then notify you of a decision. If approved, you’ll select the type of loan you want and its term, then sign the loan disclosures and promissory note. From there, your funds will be sent directly to your school.
Laurel Road is more than just an online lender. It also offer common banking products like checking and savings accounts, as well as CDs. And if you have other student loans, you can refinance with Laurel Road to potentially get a lower rate. It also offers lots of online financial resources including videos and how-to guides to help customers plan for the future.
Read our guide to graduate student loans to find a different lender that may work for you.