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If you’re thinking about refinancing your student loans, taking out a private student loan, or are in need of a personal loan — Laurel Road is a lender worth taking a closer look.
Laurel Road is a division of Darien Rowayton Bank (DRB). They rebranded in 2018 taking on the name of what had been its online lending division.
Laurel Road has refinanced more than $3 billion in student loans since 2013. As a Connecticut chartered bank, it also offers student loans, personal loans, and mortgages in all 50 U.S. states and Washington, D.C. With the exception of mortgages, Laurel Road’s offerings are also available in Puerto Rico.
Here’s what you need to know about Laurel Road’s lending products.
Laurel Road student loan refinancing overview
If you’re paying back student loans at high interest rates, you may be able to refinance them at more affordable rates. Refinancing student loans can also be a good option if you want to replace your variable-rate loans with a fixed-rate loan.
Laurel Road will refinance both private and federal student loans. But keep in mind that if you refinance your federal student loans with a private lender, you’ll lose federal benefits such as access to income-driven repayment plans and the potential to qualify for student loan forgiveness after 10, 20, or 25 years of payments.
If you refinance your student loans with Laurel Road, you can apply for forbearance if you experience economic hardship. If approved, forbearance allows you to make partial payments for up to 3 months, with a lifetime limit of 12 months of forbearance over the term of the loan.
If you’re a doctor or a dentist, you can also refinance your student loans with Laurel Road while you’re still in residency, and defer full loan payments for up to 6 months after completing your residency.
Laurel Road won’t refinance student loan balances of less than $5,000, but there’s no predetermined upper limit on how much undergraduate or grad school debt you can refinance.
If you refinance your student loans with Laurel Road, here’s what you should know:
|Loan amounts:||$5,000 up to $300,000
|Loan terms:||5, 7, 10, 15 or 20 years|
|Loan qualifications:||Refinance federal, private, and Parent PLUS loans|
|Discounts:||0.25% rate deduction with autopay|
|Income:||See lender for more info|
|Education:||See lender for more info|
|Citizenship:||U.S. citizen or permanent resident with a valid I-551 form|
|Cosigner release:||Available after 36 consecutive, on-time payments|
|Loan servicer:||See lender for more info|
How to refinance student loans with Laurel Road
To refinance student loans with Laurel Road, you’ll typically need three types of documents — a photo ID, proof of income, and payoff statements for the loans you want to refinance. To be approved, you’ll have to demonstrate that you’re responsible about paying your bills and have the income needed to meet your monthly obligations. Once approved, Laurel Road will pay off the student loans you’re refinancing, and you’ll start making monthly payments to Laurel Road one month after that.
Laurel Road has an established track record in refinancing student loans and can be a good choice. But it’s a good idea to compare rates from several lenders. Although Laurel Road isn’t one of our partner lenders, you can use Credible to fill out a single form in 2 minutes and compare prequalified rates from other lenders who offer student loan refinancing.
Laurel Road private student loans overview
Once you’ve hit your limits on federal student loans, you might need to turn to private student loans to cover unmet expenses, like housing and food. Rates on private student loans depend on your credit (or your cosigner’s), but can be competitive with federal PLUS loans for graduate students and parents.
Laurel Road offers student loans to grad students who are enrolled in medical, law, or dentistry school or those pursuing graduate degrees in business, engineering, and nursing.
If you decide to take out student loans with Laurel Road, here’s what you should know:
|Loan amounts||$5,000 and up|
|Loan terms||5, 7, 10, 15, or 20 years|
|Discounts||0.25% discount for autopay|
|Citizenship/Residency||U.S. citizen or permanent resident|
|Enrollment||Loans available to grad students who are enrolled in medical, law, or dentistry school or those pursuing graduate degrees in business, engineering, and nursing|
|Income||Must provide proof of income|
|Repayment||See lender for more info|
|Cosigner info||Cosigner release options are handled on a case-by-case basis|
|Loan servicer||See lender for more info|
How to take out a private student loan with Laurel Road
To take out a private student loan with Laurel Road, you must be enrolled in graduate school in an approved field of study. Expect to provide information about your school, degree program, enrollment status, and graduation date, along with your school’s certified cost of attendance. You’ll need to show you’re a U.S. citizen or permanent resident. If you have a limited credit history or income, applying with a cosigner can improve your chances of being approved and securing low rates. If you’re approved, funds will be disbursed directly to your school, and you’ll make monthly payments to Laurel Road’s loan servicer, MOHELA.
Laurel Road can be a good option for graduate students facing funding shortfalls. Checking rates with multiple lenders can help you evaluate your options. Although Laurel Road isn’t one of our partner lenders, undergraduate students, graduate students, and parents can use Credible to fill out a single form and request prequalified rates from other private students lenders.
Laurel Road personal loans overview
Because they often offer lower interest rates than credit cards, personal loans are an increasingly popular way to pay off high-interest credit card debt or finance big purchases. Laurel Road offers personal loans of up to $45,000 for debt consolidation, major purchases, or home improvement.
The limits for other purposes — such as a car purchase, business loan, or moving expenses — are a little lower at $35,000.
But doctors and dentists can borrow up to $80,000 if they’re currently practicing or will soon complete their training and have a signed contract to practice.
If you want to take out a personal loan with Laurel Road, here’s what you should know:
|Types of rates (APR)||Fixed|
|Loan size||Up to $45,000|
|Loan terms||3, 4, or 5 years|
|Loan use||Pay off high rate credit cards and other high-interest debt, make home improvements, and other uses.|
|Key benefits||- All loans through Laurel Road are unsecured (no collateral required)
- Offers a 0.25% autopay discount
|Residency||U.S. citizens or permanent residents with a valid I-551 card|
|Loan servicer||See lender for more info|
|Loan originator||See lender for more info|
How to take out a personal loan with Laurel Road
Laurel Road’s online application process for personal loans requires some basic information about your employment and credit history. You can get “conditional” interest rates by authorizing a soft credit check (which won’t affect your credit score). Once you complete your application, you’ll be offered final rates and loan terms, and can e-sign all the required documents.
Although Laurel Road isn’t one of our partner lenders, you can still use Credible to fill out a single form in 2 minutes and compare prequalified rates from other personal lenders.