Updated: July 7, 2021

Laurel Road Student Loan Refinance Review

Student Loan Refinancing

The bottom line:

There’s a reason this lender consistently ranks toward the top as one of the best for student loan refinancing. Between letting you borrow up to the full balance of your loan and offering plenty of financial assistance to struggling borrowers, Laurel Road is good for all students. It is an especially great option for healthcare professionals 

Pros

  • Cosigner release available
  • Multiple types of repayment assistance for borrowers facing financial hardship
  • Referral program

Cons

  • Late fees
  • High credit requirements
  • Long cosigner release period required
Advertising disclosure
Refinance
Student Loan Rating
4.5 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.25% - 5.75%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.64% - 5.65%
Repayment Terms
5 years, 7 years, 10 years, 15 years, 20 years
Important Information

Rewards: 0.25% interest rate reduction with autopay, referral program

Flexibility: Cosigner release, death and disability discharge available

Overall Limits: $5,000 minimum

Other Loans that KeyBank (Laurel Road) Offers:

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Laurel Road does a lot to help borrowers facing tough times. Temporary financial hardship may qualify a borrower for up to a 12-month forbearance in 3-month increments. Death and disability discharge are also available. If you applied with a cosigner, you may apply to release them after making 36 consecutive on-time payments.

This lender is also more flexible on education and employment requirements; you need only have an Associate’s degree to qualify. However, only certain healthcare professions/degrees such as Cardiovascular Technicians, EMT/Paramedics, Nursing and Physical Therapy Assistants qualify. Those refinancing an Associate’s degree may borrow up to $50,000. If you are a medical or dental student, you may qualify to refinance your debt while still in school and have your payments deferred until up to 6 months after your residency and fellowships.

You must borrow at least $5,000 in all states and are eligible to borrow up to the full cost of attendance. If your balance exceeds $300,000, your loan may be disbursed into two or more new loans. Laurel Road does offer parents the option of refinancing their education loans into their student’s name. Laurel Road gives preferential pricing (interest rate discounts) to healthcare professionals. There is also a $400 referral bonus offered to all individuals, even those that are not yet borrowers, that refer a friend to refinance their student loans with Laurel Road.

KeyBank (Laurel Road) - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft for Rate Check, Hard for Application
  • Repayment Terms: 5 years, 7 years, 10 years, 15 years, 20 years
  • Minimum Borrowing Limit: $5,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: None
  • Minimum Anual Income: None
  • Citizenship Restriction: Citizens or Residents
  • List of States where Loan is Not Available: None
  • Approved Schools Include: Title IV
Repayment Options
Repayment Details
  • Maximum Deferment Period: Not specified by lender
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: Yes, after 36 months on-time payments
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Yes
  • Hours of Operation (in addition to weekdays): Evenings
  • Application Timeline: Rate estimate in 5 minutes
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: None
  • Financial Literacy Training: Yes
KeyBank (Laurel Road) Earnest SoFi
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
2.25% - 5.75%
Variable:
1.64% - 5.65%
Fixed:
2.50% - 5.79%
Variable:
1.88% - 5.64%
Fixed:
2.74% - 6.74%
Variable:
2.25% - 6.39%
Loan repayment terms (Years) 5 years, 7 years, 10 years, 15 years, 20 years 5 years, 10 years, 15 years, 20 years 5 years to 20 years
Cosigner release? Yes, after 36 months on-time payments Not specified None