- 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
Updated: March 17, 2021
KeyBank (Laurel Road): Private Student Loan
Student Loan Refinancing
Other Loans that KeyBank (Laurel Road) Offers:
Advertising disclosure
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.
2.80% - 6.00%
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.
1.89% - 5.90%
Repayment Terms
5 years, 7 years, 10 years, 15 years, 20 years
Important Information
Repayment Options: 5, 7, 10, 15 and 20-year repayment terms
Important Information
• 0.25% interest rate reduction with autopay
• Death and disability discharge available
• Cosigner release available
• Late fees charged
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
● 0.25% interest rate reduction with autopay
● Cosigner release available
● Multiple types of repayment assistance for borrowers facing financial hardship
● Referral program
● No origination, application or prepayment fees
Cons
● Late fees
● High credit requirements
● Long cosigner release period required
Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
Input your loan terms and we’ll tell you how much you can expect to pay monthly and in total
Full Review
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. Lauren 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
Requirements to Qualify
- Minimum Credit Score: None
- Minimum Annual 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
How does this loan compare?
|  |  | |
|---|---|---|---|
| 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: 2.80% - 6.00% Variable: 1.89% - 5.90% | Fixed: 2.98% - 5.79% Variable: 1.99% - 5.64% | Fixed: 2.99% - 6.94% Variable: 2.25% - 6.49% |
| 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 |
