Laurel Road student loan refinancing review November 2018 | finder.com

Laurel Road student loan refinancing review

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Refinancing comes with competitive rates, flexible terms and protection against unforeseen financial hardship.

Laurel Road (formerly DRB) is a bank providing competitive student loan refinancing to recent graduates with lower rates than you’d typically find at your local bank. When it comes to paying back student loans, protection against unemployment or other financial hardships can be important. Laurel Road offers multiple perks to give you peace of mind, including payment postponement in the face of disability or financial hardship and minimal repayments while you complete postgraduate training.

Product NameLaurel Road Student Loan Refinancing
Min Loan Amount$5,000
Max. Loan AmountNone
APR2.80%–7.02%
Interest Rate TypeVariable
Minimum Loan Term5 years
Maximum Loan Term20 years
RequirementsAll loans must be for qualified higher education expenses and in grace or repayment status and cannot be in default. You must have annual income of $60,000 or higher.

Do you qualify?

To qualify for Laurel Road student loan refinancing, you must:

  • Be a US citizen or permanent resident
  • Have an annual income of $60,000 or more
  • Have student loans that were used for eligible higher education expenses
  • Have student loans in grace or repayment status — not in default

What makes Laurel Road student refinancing loans unique?

Laurel Road provides competitive rates without restricting how much student debt you can refinance. You can refinance 100% of your student loans with Laurel Road, no matter how much they add up to. This could be especially beneficial for those with student loans from medical school, or other highly expensive postgraduate education, that could amount to hundreds of thousands of dollars.

What is Laurel Road student loan refinancing?

With Laurel Road, you can qualify for refinancing of up to 100% of your federal, private or Parent PLUS debt. The minimum you can borrow is $5,000 for repayment over 5, 7, 10, 15 or 20 years.

Student loan refinancing comes with fixed or variable interest rates. You can usually get the lowest interest rate by choosing the variable rate option, which starts at 2.8% and can fluctuate throughout the loan term depending on market conditions. The starting rates reflect an autopay discount of 0.25%.

Compare your other student loan refinancing options

Rates last updated November 16th, 2018
Name Product Min. Credit Score Max. Loan Amount APR Product Description
Credible Student Loan Refinancing
Good to excellent credit
None
2.57%(As low as ) (variable)
Get prequalified offers from top student loan refinancing providers in one place.
Purefy Student Loan Refinancing
620
$300,000
2.79% to 8.39% (variable)
Refinance all types of student loans — including federal and parent PLUS loans.
SoFi Student Loan Refinancing Variable Rate (with Autopay)
650
full balance of your qualified education loans
2.470% to 6.990% (variable)
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
Earnest Student Loan Refinancing Variable Rate (w/ autopay)
650
None
2.47% to 6.23% (variable)
Get a tailored interest rate and repayment plan with no hidden fees.
PenFed Student Loan Refinancing
700
$300,000
3.75%–7.03% (fixed)
Straightforward refinancing with competitive rates.
CommonBond Student Loan Refinancing
660
$500,000
2.72%–7.25% (with autopay) (variable)
Trade in your existing school loans for competitive APRs that come with a discount for autopay.
LendingTree Student Loans
Good to excellent credit
Varies by lender
3% (As low as) (fixed)
Compare multiple student loans and student loan refinancing options in one place.

Compare up to 4 providers

What are the benefits to Laurel Road student loan refinancing?

  • Refinance up to 100% of student loan debt. There is no maximum loan amount. You can choose to refinance all your student loans or specific loans.
  • Fewer fees. Loans come with no origination fees or prepayment penalties.
  • Hardship leniency. If you become unemployed and have unforeseen financial problems, you may be able to postpone repayments in three-month increments.
  • Competitive interest rates. Rates depend on your creditworthiness, income and debt. If you’re a medical or dental resident, you may be eligible for bigger savings if you’ve secured employment.
  • Refinance PLUS loans. Parents can consolidate these large loans or transfer them to their children through Laurel Road.

Get a free year of MoviePass by refinancing with Laurel Road

Laurel Road borrowers are now eligible for a free one-year MoviePass membership, thanks to a recent partnership between the two companies. New borrowers will receive a redemption link and code by email within one day of receiving their funds. Already have a a subscription? You’ll get an additional year. After those 12 months are up, however, borrowers will have to pay to use the service.

What to watch out for

If you’re looking to refinance your student debt, Laurel Road is a solid option with only a few factors to note.

  • No cosigner release. Cosigners to this loan cannot be removed until it’s fully paid off.
  • Laurel Road account required for discount. While Laurel Road offers 0.25% off the rate for autopay, money must come from an approved checking account to qualify.
  • High minimum loan. Loans start at $5,000, which means you’ll need to look elsewhere if you require a smaller loan.

Am I eligible for Laurel Road student loan refinancing?

To apply for student loan refinancing with Laurel Road, you must be a US citizen or permanent resident with a valid I-551 card. Your annual income should be $60,000 or higher.

Graduates may refinance or consolidate unsubsidized or subsidized federal or private student loan used exclusively for qualified higher education expenses at an accredited undergraduate or graduate school in the US. All loans must be in grace or repayment status and cannot be in default.

What do I need to apply?

Apply for student loan refinancing through Laurel Road’s short online prequalification application. You’ll need to upload:

  • Government-issued photo ID.
  • Two recent pay stubs.
  • Loan statements, including payoff amounts.
  • Proof of graduation.

Once Laurel Road makes its decision, you’ll receive a letter with your rate and disclosure information. The final step is accepting the loan’s terms and signing your promissory note.

I’ve refinanced my student loans through Laurel Road. Now what?

  • Sign up for autopay. Save 0.25% on your interest rate by setting up automatic payments from your bank account.
  • Avoid unnecessary fees. If your payment is received 15 days after the due date, you’ll pay either 5% of the late payment or $28, whichever is less. That’s another reason to consider setting up autopay.

Bottom line

Laurel Road believes that students should be rewarded for their hard work with low interest rates on student debt and few drawbacks. Laurel Road makes it easy for graduates to apply for student loan refinancing online with no origination fees. Visit our student loans page to compare more student loan refinancing options.

Common questions about Laurel Road

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