Laurel Road Graduate Student Loan Review
Graduate School Loans
Rewards: Graduation & Employment Discount, Autopay Discount
Yearly Borrowing Limit: Up to 100% of your full yearly Cost of Attendance
Overall Borrowing Limits: $5,000 (minimum)
Cosigner Terms: Cosigner is optional, offers Cosigner Release after 36 months of on-time payments
Laurel Road student loans, offered by KeyBank, are among the most flexible when it comes to applying and repaying. Though they have a high minimum borrowing limit, their interest rates are among the lowest in the market.
Pros
- Covers up to the full cost of attendance at your school
- Offers repayment options under 10 years and of 20 years
- Offers a 0.25% interest rate discount when you graduate and secure employment
Cons
- Charges a late fee
- Has a high borrowing minimum ($5,000)
- Offers a fixed repayment option, but with a $50 minimum
How does this loan compare?
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|---|---|---|---|
| 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. Interest rates listed include all available discounts. |
Fixed:
4.49% - 8.04%
Variable:
3.80% - 7.50%
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Fixed:
4.69% - 14.41%
Variable:
7.35% - 14.81%
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Fixed:
3.69% - 14.30%
Variable:
5.89% - 15.97%
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| Loan repayment terms (Years) | 5 years, 7 years, 10 years, 15 years, 20 years | 7, 10, 12, 15 years | Up to 15 years |
| Cosigner release? | Yes, after 36 months on-time principal and interest payments | Yes, after 12 months on-time principal and interest payments | None |
Full Review
Laurel Road Graduate School Loans stand out as having some of the most flexible qualification requirements. They don't require you to be enrolled full-time, offered in all 50 states, don't require Satisfactory Academic Progress, and only perform a soft credit inquiry if you want to check your rates before applying. For this reason, we rate them among the best lenders for graduate students.
Their interest rates are also below average when compared to other graduate school lenders. It also helps that Laurel Road offers some neat discounts. One of them is a 0.25% interest rate discount when you graduate and secure a full-time job offer, lessening your future debt load as soon as you finish school.
There are some drawbacks, however, to going with Laurel Road. They require you to borrow at least $5,000, which is higher than usual. If you're late on a payment, be prepared to pay a late fee. And even though they offer a fixed repayment option like other lenders, their fixed payment is a minimum of $50 a month.
KeyBank (Laurel Road) - Private Student Loan Details
- Credit Check: Soft to check rates, hard to process application
- Repayment Terms: 5 years, 7 years, 10 years, 15 years, 20 years
- Minimum Borrowing Limit: $5,000
- Yearly Borrowing Limit: 100% of Cost of Attendance
- Aggregate Borrowing Limit: Not specified by lender
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: Yes
- Minimum Credit Score: Not specified by lender
- Minimum Annual Income: Not specified by lender
- Citizenship Restriction: Citizens or Residents
- Minimum Enrollment Restriction: Half-Time
- List of States where Loan is Not Available: None
- Approved Schools Include: Title IV
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: Yes, 50
- Interest-Only Repayment: Yes
- Full Deferment: Yes
- Length of Grace Period: 6 months
- Maximum Deferment Period: Not specified by lender
- Maximum Forbearance Period: 12 months
- Cosigner Release Option: Yes, after 36 months on-time principal and interest payments
- Death Discharge: Yes
- Disability Discharge: Yes
- US-Based Call Center: Yes
- Hours of Operation (in addition to weekdays): Evenings
- Application Timeline: Rate estimate in 5 minutes
- Scholarship Search Tool: None
- Sponsors a Scholarship: Yes
- Job and Career Assistance: None
- Financial Literacy Training: Yes
Other Loans that KeyBank (Laurel Road) Offers:
