Laurel Road Student Loan Refinancing Review

Company Overview: Laurel Road

Laurel Road, the online division of Darien Rowayton Bank (DRB), is a leading private student lender based in Connecticut that operates in all 50 states. DRB was founded in 2006. Laurel Road offers student loan refinancing, parent loan refinancing, and new MBA loans. Laurel Road has funded over $3 billion in student loans and saved its customers over $400 million.

Laurel Road Student Loan Refinancing Overview

First Republic offers attractive rates and terms compared with other top lenders in the student loan refinance industry:

Overview

Variable Rates:2.80% - 5.90%
Fixed Rates:3.37% - 7.02%
Average Savings:$20,200
Minimum Credit Score:680
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 BenefitsFor 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 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 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.57% - 5.87%
Fixed Rates:3.25% - 6.32%
Average Savings:$21,810
Minimum Credit Score:None
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$45,000
Loan Terms:5-20 years
Borrower Residency:All States except AL, KY, MS, VT
Unemployment Protection:Yes
Co-signer Option:Yes
2.56% - 7.40%
Good or Excellent

Overview

Variable Rates:2.56% - 7.40%
Fixed Rates:3.25% - 7.13%
Average Savings:$15,767
Minimum Credit Score:Good or Excellent
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:2.58% - 7.96%
Fixed Rates:3.15% - 8.12%
Average Savings:$15,270
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:2.69% - 6.01%
Fixed Rates:3.09% - 6.69%
Average Savings:N/A
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
1.95% - 3.95%
Excellent

Overview

Variable Rates:-
Fixed Rates:1.95% - 3.95%
Average Savings:-
Minimum Credit Score:Excellent
Minimum Income:-
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$40,000
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

Overview

Variable Rates:2.75% - 7.25%
Fixed Rates:3.25% - 7.75%
Average Savings:N/A
Minimum Credit Score:680
Minimum Income:$75,000
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5 - 15
Borrower Residency:All states
Unemployment Protection:-
Co-signer Option:Yes

Overview

Variable Rates:2.80% - 5.90%
Fixed Rates:3.37% - 7.02%
Average Savings:$20,200
Minimum Credit Score:680
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:3.48% - 7.26%
Fixed Rates:3.50% - 7.28%
Average Savings:$20,221
Minimum Credit Score:700 (670 with a co-signer)
Minimum Income:$42,000 solo or combined with spouse; $25,000 with a co-signer
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$7,500
Loan Terms:5, 8, 12, 15 years
Borrower Residency:All states
Unemployment Protection:Case by case
Co-signer Option:Yes

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