Company Overview: Laurel Road
Laurel Road is a leading private student lender based in Connecticut that operates in all 50 states. Founded in 2006, Laurel Road offers student loan refinancing, parent loan refinancing, and undergraduate and graduate school loans. Laurel Road has funded over $3 billion in student loans and saved its customers over $400 million.
Laurel Road Student Loan Refinancing Overview
Laurel Road offers attractive rates and terms compared with other top lenders in the student loan refinance industry:
Overview
| Variable Rates: | 2.50% - 6.65% |
|---|---|
| Fixed Rates: | 3.50% - 7.02% |
| Average Savings: | $20,200 |
| Minimum Credit Score: | 660 |
| Minimum Income: | None |
| Fees: | None |
*Fixed and variable rates are based on APRs and include an ACH AutoPay interest rate reduction of 0.25%.
Details
| Eligible Loans: | Private & Federal |
|---|---|
| Minimum Loan Amount: | $5,000 |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All states |
| Unemployment Protection: | Yes |
| Co-signer Option: | Yes |
How Laurel Road Compares: Key Benefits For Student Loan Refinancing
Here are some of the reasons that Laurel Road borrowers love Laurel Road student loan refinancing:
- Significant Savings: The average Laurel Road borrower saves $20,200 when they refinance their student loans.
- Federal & Private: Laurel Road allows you to refinance and consolidate both federal and private student loans into a new, single student loan.
- Parent PLUS Refinance: If you are a parent and want to refinance student loans that you borrowed for your child’s college, Laurel Road offers Parent PLUS Refinancing. Laurel Road permits parents to refinance Parent PLUS Loans in their child’s name.
- Deferment and Forbearance: Laurel Road may allow borrowers to pause their student loan payments for one or more three-month periods (up to 12 months) through a forbearance if they face economic hardship.
- Special For Medical Residents: Borrowers can pay $100/month during residency, training and 6 months thereafter. Accrued interest does not capitalize during $100/month payment period.The lowest interest rate is available to residents with excellent credit and a signed contract for full-time employment after residency.
- Student Loan Servicer: Laurel Road uses MOHELA as its student loan servicer, and MOHELA has a strong reputation in the student lending industry.
Eligibility Criteria
To apply for Laurel Road student loan refinancing, you need to meet the following eligibility criteria:
Requirements To Apply For Laurel Road Student Loan Refinancing
Minimum Age: At least age of majority in your state
Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)
Employment: You are currently employed (or written job offer) and have sufficient income to cover debt and other life expenses.
Eligible Schools: You graduated from a Title IV accredited university or graduate program (or will graduate by the end of the semester)
Loan eligibility depends on a number of additional factors, which may include your credit profile, income and total debt payments. For applicants who are currently medical or dental residents, your student loan refinance rate will also depend on whether you have secured employment after residency.
Bottom Line: Is Laurel Road right for you?
Laurel Road has an excellent reputation in the student loan refinancing industry. The average Laurel Road member earns enough income to pay student loans, other debt obligations and monthly living expenses. Laurel Road has no minimum income, but the average Laurel Road borrower has an income of $100,000+. The minimum credit score is 660, but the average Laurel Road borrower has a credit score over 700.
Laurel Road also makes the online application easy because you upload a photo or screenshot directly, which saves the hassle of mailing or faxing documents.
If you have a good credit rating, stable employment and want to lower your interest rates, then Laurel Road student loan refinancing may be right for you.
Next Steps: How To Apply To Laurel Road
You can apply for Laurel Road student loan refinancing in 3 easy steps.
Step 1: Check your personalized personal loan rate in just 2 minutes.
Step 2: Complete application and upload documents.
Step 3: Accept loan terms and get funded.
The good news is that you can check your personalized student loan rate online with Laurel Road in 2 minutes. This way, you’ll know whether you can be approved for Laurel Road student loan refinancing before you complete the full application. Therefore, Laurel Road will provide you with a student loan refinancing rate estimate. The pre-approval is only a soft credit pull so there is no impact to your credit.
If you have been pre-approved, you’ll need at least the following documents to complete the online application (which only takes about 10-15 minutes):
- Your most recent pay stubs or tax return
- Payoff statement from current student loan lender
- Driver’s license or passport (or other form of government-issued identification
- Transcript or diploma to verify your degree
Applying is super easy – get your personalized rate in 2 minutes
The Best Student Loan Refinance Rates For 2019
Overview
| Variable Rates: | 2.49% - 7.27% |
|---|---|
| Fixed Rates: | 3.50%- 7.89% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
Details
| Eligible Loans: | Private & Federal |
|---|---|
| Minimum Loan Amount: | $5,000 |
| Loan Terms: | 5-20 years |
| Borrower Residency: | All States except DE, KY, NV |
| Unemployment Protection: | Yes |
| Co-signer Option: | No |
Overview
| Variable Rates: | 2.49% - 6.65% |
|---|---|
| Fixed Rates: | 3.89% - 8.07% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
Details
| Eligible Loans: | Private or Federal |
|---|---|
| Minimum Loan Amount: | $5,000 |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All states |
| Unemployment Protection: | Yes |
| Co-signer Option: | Yes |
Overview
| Variable Rates: | 2.50% - 6.65% |
|---|---|
| Fixed Rates: | 3.50% - 7.02% |
| Minimum Credit Score: | 660 |
| Minimum Income: | None |
| Fees: | None |
Details
| Eligible Loans: | Private & Federal |
|---|---|
| Minimum Loan Amount: | $5,000 |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All states |
| Unemployment Protection: | Yes |
| Co-signer Option: | Yes |
Overview
| Variable Rates: | 2.80% - 6.01% |
|---|---|
| Fixed Rates: | 3.39% - 6.69% |
| Minimum Credit Score: | 680 |
| Minimum Income: | $35,000 |
| Fees: | None |
Details
| Eligible Loans: | Private & Federal |
|---|---|
| Minimum Loan Amount: | $15,000 |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All States |
| Unemployment Protection: | Yes |
| Co-signer Option: | Yes |
Overview
| Variable Rates: | 2.49% - 7.41% |
|---|---|
| Fixed Rates: | 3.64% - 7.50% |
| Minimum Credit Score: | 680 |
| Minimum Income: | $24,000 |
| Fees: | None |
Details
| Eligible Loans: | Private & Federal |
|---|---|
| Minimum Loan Amount: | $5,000 |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All states, except ME, ND, NV, RI, WV |
| Unemployment Protection: | Yes |
| Co-signer Option: | Yes |
Overview
| Variable Rates: | - |
|---|---|
| Fixed Rates: | 1.95% - 4.45% |
| Minimum Credit Score: | Excellent |
| Minimum Income: | - |
| Fees: | - |
Details
| Eligible Loans: | Private & Federal |
|---|---|
| Minimum Loan Amount: | $25,000 with graduate degree ($40,000 with undergraduate degree) |
| Loan Terms: | 5, 7, 10, 15 years |
| Borrower Residency: | Only for the residents of New York City, San Francisco, Palo Alto, Los Angeles, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida) or Greenwich |
| Unemployment Protection: | - |
| Co-signer Option: | Yes |
Make Lemonade is not a lender, broker or investment adviser. We are a free, independent and unbiased website to help empower you to make more informed financial decisions. The rates and terms contained herein are estimates, net of autopay (if applicable) and may change at any time and/or differ from your final rate and terms. Make Lemonade may receive compensation from its affiliate partners, including CreditCards.com. For disclosures from SoFi, please click here. For disclosures from College Ave, please click here. For more information, please see our Advertiser Disclosure.