Laurel Road Student Loan Refinancing Review

Laurel Road Student Loan Refinancing Review
Laurel Road is a top lender to refinance student loans, including both federal student loans and private student loans. Laurel Road, formerly known as Darien Rowayton Bank (DRB), will refinance student loans for doctors and dentists and offers some of the lowest rates and most flexible loan terms.

In this Laurel Road student loan refinancing review, we will discuss:

Laurel Road student loan refinancing: Best For

Best For: Laurel Road is best for doctors and dentists who want to refinance student loans while in residency.

Laurel Road

Overview

KeyValue
Variable Rates:1.89% - 5.90%
Fixed Rates:2.80% - 6.00%
Minimum Credit Score:700
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Hardship Deferment:Yes
Co-signer Option:Yes

Laurel Road student loan refinancing: Pros and Cons

Pros:
  • Ability to refinance student loans while in medical or dental residency
  • Refinance Parent PLUS Loans in your name
  • Student loan refinancing available in all 50 states, Washington, D.C. and Puerto Rico

Cons:

  • Cannot postpone student loan payments if you return school

Laurel Road student loan refinancing: Overview

Laurel Road is a leading lender for student loan refinancing and is based on Connecticut. Formerly known as DRB, Laurel Road refinances both federal and private student loans. Laurel Road focuses on borrowers with excellent credit, including doctors and dentists. Laurel Road has flexible repayment options, low rates, no application fees, no minimum income requirement and is available in all 50 states plus Washington, D.C. and Puerto Rico.

Advantages of Refinancing With Laurel Road

Here is what we like about Laurel Road student loan refinancing:

  • Laurel Road will temporarily pause your student loan payments for up to 12 months if you lose your job or face other financial hardship.
  • You can refinance Parent PLUS Loans, even if your child did not graduate.
  • Co-signer release is offered after 36 months of on-time payments

Drawbacks of Refinancing With Laurel Road

Laurel Road can improve in these key areas:

  • Offer more than 12 months of forbearance.
  • Refinance student loans for borrowers without a degree.

Laurel Road student loan refinancing review: Details

  • You have good to excellent credit.
  • You have good to excellent income.
  • You are a dentist or doctor.

KeyValue
Loan Term:5, 7, 10, 15 or 20 years
Loan Amount:$5,000 and higher
Eligible Degrees:Undergraduate and graduate
Eligible Loans:Federal, private and Parent PLUS Loans
Application Fee:No
Origination Fees:No
Prepayment Penalty:No
Late Fees:Yes; a late fee equal to 5% of the student loan payment, or $28, whichever is lower, once your student loan payment is 15 days past due
Soft Credit Check:Yes

 

Want to check your interest rate? You can check your new interest rate for free within two minutes with no impact to your credit score.

KeyValue
Minimum Credit Score:660
Minimum Income:No
Employment:Yes, or you’re enrolled in a residency program, or have sufficient income from other sources.
Must have graduated:Yes with an associate’s degree or higher. However, you can refinance in your last year of your undergraduate degree. Parent PLUS Loans can be refinanced if your child did not graduate.
Citizenship/Residency:U.S. citizen or permanent resident with a valid green card.
Eligible Schools:You graduated from a Title IV accredited college or university with an associate’s degree or higher.
Bankruptcy:You have not filed for bankruptcy within the last four years.

KeyValue
Student Loan Servicer:Missouri Higher Education Loan Authority (MOHELA)
Academic Deferment:No
Military Deferment:Yes, upon request
Forbearance:Yes, up to 12 months if you lose your job
Death or Disability Discharge:Yes
Cosigner Release:Yes, after 36 months of on-time payments

  • Low fixed and variable rates as well as flexible repayment options
  • Available in all 50 states, plus Washington, D.C. and Puerto Rico
  • Ability to refinance Parent PLUS Loans, even if your child didn’t graduate
  • Ability to refinance student loans and release a co-signer after 36 months of on-time payments

How to refinance student loans with Laurel Road:

You can check your new interest for free in two minutes with no impact to your credit score. If you like your interest rate, you can apply online to refinance your student loans with Laurel Road. The application comes about 10-15 minutes to complete.

* Checking your rate does not affect your credit score.

Is Laurel Road student loan refinancing right for you?

Laurel Road student loan refinancing may be right for you if:

  • You have a credit score of at least 660
  • You have stable and recurring monthly income
  • You are a dentist or doctor with a high student loan balance
  • You want a lower interest rate
  • You have Parent PLUS Loans and want a lower interest rate, even if your child did not complete a degree

Laurel Road is a great option for borrowers who want a lower interest rate and want to refinance federal student loans, private student loans or both. Laurel Road has low rates, flexible repayment options, and no origination or application fees. With Laurel Road, you can pay off student loans with no prepayment penalties. You can also refinance student loans to remove a co-signer. To qualify, you will need a minimum credit score of 660 and stable monthly income. However, you can also qualify if you are a doctor or dentist in residency, or if you’re in your year of college. Finally, Laurel Road refinances Parent PLUS Loans, including if your child did not complete a degree.

* Checking your rate does not affect your credit score.

Compare The Best Student Loan Refinance Rates For 2020

Lender
APR
Minimum Credit
1.99% – 5.79%
650

Overview

KeyValue
Variable Rates:1.99% – 5.64%
Fixed Rates:2.98% – 5.79%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5-20 years
Borrower Residency:All States except KY or NV
Hardship Deferment:Yes
Co-signer Option:No
2.39% – 6.01%
680

Overview

KeyValue
Variable Rates:2.39% – 6.01%
Fixed Rates:2.79% – 5.99%
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None
Minimum Loan Amount:$15,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Hardship Deferment:Yes
Co-signer Option:Yes

1.89% – 6.77%

660

Overview

KeyValue
Variable Rates:1.89% – 6.77%
Fixed Rates:2.80% – 6.72%
Minimum Credit Score:660
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5 – 20 years
Borrower Residency:All states
Hardship Deferment:Varies
Co-signer Option:Yes

1.99% – 6.18%
650

Overview

KeyValue
Variable Rates:1.99% – 6.18%
Fixed Rates:2.99% – 6.18%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000 ($10,000 in CA)

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Hardship Deferment:Yes
Co-signer Option:Yes

1.89% – 6.00%
700

Overview

KeyValue
Variable Rates:1.89% – 5.90%
Fixed Rates:2.80% – 6.00%
Minimum Credit Score:700
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Hardship Deferment:Yes
Co-signer Option:Yes

1.95% – 3.85%

660

Overview

KeyValue
Overall Rate:1.95% – 3.85%
Variable Rates:
Fixed Rates:1.95% – 3.85%
Minimum Credit Score:None
Minimum Income:None
Fees:None
Minimum Loan Amount:$25,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15 years
Borrower Residency:Must live near a branch in California; New York City; Boston; Greenwich, Connecticut; Palm Beach, Florida; Portland, Oregon; or Jackson, Wyoming
Hardship Deferment:No
Co-signer Option:Yes
1.99% – 8.77%
680

Overview

KeyValue
Variable Rates:1.99% – 8.57%
Fixed Rates:2.99% – 8.77%
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Hardship Deferment:Yes
Co-signer Option:Yes

Checking Your Rate Doesn’t Affect Your Credit Score
Disclosures: Earnest | ELFI | Laurel Road | LendKey | SoFi | Splash

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