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Laurel Road Student Loan Review

Loan Amount: $$5,000 - cost of attendance
Deferment Period: 6 months
APRs From: Fixed: 2.80% - 6.00%Variable: 5.90% - 1.89%
Loan Types Offered: Graduate, refinancing
Co-Signer: No
Loan Types Offered: 5 to 15 Years

Who is a  Laurel Road Student Loan Good For?

Laurel Road is a good option for borrowers in the health care field who are looking for an online lender with competitive rates, low fees and plentiful repayment plans.

Laurel Road Student Loan Eligibility Requirement

Eligibility requirements vary by loan type, but there are some common characteristics to be aware of.

In order to qualify for a graduate school loan through Laurel Road, you must be:

  • A U.S. citizen or permanent resident.
  • Enrolled or planning to enroll at least half time at an eligible program/school.

In order to refinance a student loan, you must be:

  • A U.S. citizen or permanent resident.
  • Currently employed.
  • A graduate with a four-year undergraduate and/or graduate degrees from a Title IV accredited institution.

If you’re currently pursuing an associate degree, you may also be eligible to refinance if you’re either enrolled in the final term of the program with an offer of employment or if you’ve graduated with an associate degree in an eligible program and are employed.

Interest Rates and Terms

Laurel Road offers two discounts: a 0.25 percent discount for setting up automatic payments and a 0.25 percent discount for accepting employment after graduation. The rates below include the autopay discount.

Loan productVariable rateFixed rate
Student loan refinancingStarting at 1.89% APRStarting at 2.80% APR
Parent PLUS loan refinancingStarting at 1.89% APRStarting at 2.80% APR
Medical school loan refinancingStarting at 2.28% APRStarting at 3.08% APR
Graduate school student loansStarting at 4.39% APRStarting at 4.39% APR

Fees:

Laurel Road charges very few fees. You won’t be charged an application, disbursement, prepayment or origination fee. However, you will be charged a late fee of 5 percent or $28 if you fail to make a payment within 15 days of the due date, plus a $20 returned check fee if you have insufficient funds in your account.

How to Get a Student Loan

The application process, whether for refinancing your existing loans or taking out a new loan loan, can be done completely online.

If you’re applying for student loan refinancing, here’s what the application process will look like, according to Laurel Road:

  1. Initially answer a few questions and authorize a soft credit pull to determine your estimated rates (which are preliminary and are subject to change under underwriting review).
  2. Upload the necessary documents to the online dashboard and authorize a hard credit pull. This completes the application, and if you’re approved, you’ll receive your final rates and terms.
  3. Select your loan type and e-sign the provided documents on the dashboard.
  4. Begin payments one month from your disbursement date.

If you’re applying for a graduate student loan, the process will look similar. After checking rates with a soft credit pull, you’ll have to authorize a hard credit check and provide the requested documentation, which can include information about you, your co-signer, your education and your cost of attendance.