Updated: November 23, 2021

Laurel Road Student Loan Refinance Review

Student Loan Refinancing

Advertising disclosure
Refinance
Student Loan Rating
4 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, 7, 10, 15, 20 years
Important Information

Rewards: 0.25% interest rate autopay discount, referral program

Flexibility: Cosigner release, death and disability discharge available

Overall Limits: $5,000 minimum

The bottom line:

There’s a reason this lender consistently ranks toward the top as one of the best online lenders 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 a good fit for all borrowers. It is an especially great option for healthcare professionals such as physicians and dentists.

Pros

  • Cosigner release available
  • Multiple types of repayment assistance for borrowers facing financial hardship
  • Referral program
  • 0.25% interest rate reduction for automatic payments

Cons

  • Late fees
  • High credit requirements
  • Long cosigner release period required
KeyBank (Laurel Road) SoFi LendKey
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:
2.49% - 6.94%
Variable:
2.25% - 6.59%
Fixed:
2.95% - 7.63%
Variable:
1.90% - 5.25%
Loan repayment terms (Years) 5, 7, 10, 15, 20 years 5, 7, 10, 15, 20 years 5, 7, 10, 15, 20 years
Cosigner release? Yes, after 36 months on-time payments None Yes, after 12 months on-time payments

Laurel Road was acquired by KeyBank in April 2019. Laurel Road was previously known as Darien Rowayton Bank until the name change in 2018. 

Laurel Road offers several repayment options to help borrowers facing tough times. Borrowers with 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 apply with a cosigner, you may apply to release them after making 36 consecutive on-time monthly payments.

This provider is also more flexible on education and employment eligibility 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 are eligible to borrow up to $50,000. If you are a medical or dental student, you may qualify to refinance loans while still in school and have your loan payments deferred until up to 6 months after your residency and fellowships.

The minimum loan amount is $5,000 in all states, you can borrow up to the full cost of attendance. If your total loan balance exceeds $300,000, your loan may be disbursed into two or more new loans. Laurel Road offers loan terms ranging from 5 to 20 years with both fixed and variable rate loans available.

Laurel Road does offer parents the option of refinancing their Parent PLUS 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 loan debt 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, 7, 10, 15, 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 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

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