{"id":10989,"date":"2018-12-13T16:38:08","date_gmt":"2018-12-14T00:38:08","guid":{"rendered":"https:\/\/www.credible.com\/lenders\/?p=10989"},"modified":"2021-10-14T11:58:08","modified_gmt":"2021-10-14T19:58:08","slug":"laurel-road","status":"publish","type":"post","link":"https:\/\/www.credible.com\/lenders\/laurel-road\/","title":{"rendered":"Laurel Road Review"},"content":{"rendered":"

If you\u2019re thinking about refinancing your student loans, taking out a private student loan, or are in need of a personal loan \u2014 Laurel Road is a lender worth taking a closer look.<\/p>\n

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.<\/p>\n

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\u2019s offerings are also available in Puerto Rico.<\/p>\n

Here\u2019s what you need to know about Laurel Road\u2019s lending products.<\/p>\n

Laurel Road student loan refinancing overview<\/h2>\n

If you\u2019re 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.<\/p>\n

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\u2019ll lose federal benefits such as access to income-driven repayment plans and the potential to qualify for student loan forgiveness<\/a> after 10, 20, or 25 years of payments.<\/p>\n

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.<\/p>\n

If you\u2019re a doctor or a dentist, you can also refinance your student loans with Laurel Road while you\u2019re still in residency, and defer full loan payments for up to 6 months after completing your residency.<\/p>\n

Laurel Road won\u2019t refinance student loan balances of less than $5,000, but there\u2019s no predetermined upper limit on how much undergraduate or grad school debt you can refinance.<\/p>\n

If you refinance your student loans with Laurel Road, here\u2019s what you should know:<\/strong><\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
\"laurel<\/center><\/th>\n<\/tr>\n<\/thead>\n
Loan amounts<\/strong><\/td>$5,000 up to $300,000<\/td>\n<\/tr>\n
Loan terms<\/strong><\/td>5, 7, 10, 15 or 20 years<\/td>\n<\/tr>\n
Loan qualifications<\/strong><\/td>Refinance federal, private, and Parent PLUS loans<\/td>\n<\/tr>\n
Discounts<\/strong><\/td>0.25% rate deduction with autopay <\/td>\n<\/tr>\n
Income<\/strong><\/td>See lender for more info<\/td>\n<\/tr>\n
Fees<\/strong><\/td>None<\/td>\n<\/tr>\n
Education<\/strong><\/td>See lender for more info<\/td>\n<\/tr>\n
Residency<\/strong><\/td>U.S. citizen or permanent resident with a valid I-551 form<\/td>\n<\/tr>\n
Cosigner release<\/strong><\/td>Available after 36 consecutive, on-time payments<\/td>\n<\/tr>\n
Loan servicer<\/strong><\/td>See lender for more info<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

How to refinance student loans with Laurel Road<\/h2>\n

To refinance student loans with Laurel Road, you\u2019ll typically need three types of documents \u2014 a photo ID, proof of income, and payoff statements for the loans you want to refinance. To be approved, you\u2019ll have to demonstrate that you\u2019re 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\u2019re refinancing, and you\u2019ll start making monthly payments to Laurel Road one month after that.<\/p>\n

Laurel Road has an established track record in refinancing student loans and can be a good choice. But it\u2019s a good idea to compare rates from several lenders. Although Laurel Road isn\u2019t 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<\/a> who offer student loan refinancing.<\/p>\n

Compare Refi Rates Now<\/a><\/p>\n

Laurel Road private student loans overview<\/h2>\n

Once you\u2019ve 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\u2019s), but can be competitive<\/a> with federal PLUS loans for graduate students and parents.<\/p>\n

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.<\/p>\n

If you decide to take out student loans with Laurel Road, here\u2019s what you should know:<\/strong><\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
\"laurel<\/center><\/th>\n<\/tr>\n<\/thead>\n
Loan amounts<\/strong><\/td>$5,000 and up<\/td>\n<\/tr>\n
Loan terms<\/strong><\/td>5, 7, 10, 15, or 20 years <\/td>\n<\/tr>\n
Fees<\/strong><\/td>None<\/td>\n<\/tr>\n
Discounts<\/strong><\/td>0.25% discount for autopay<\/td>\n<\/tr>\n
Residency<\/strong><\/td>U.S. citizen or permanent resident<\/td>\n<\/tr>\n
Enrollment<\/strong><\/td>Loans available to grad students who are enrolled in medical, law, or dentistry school or those pursuing graduate degrees in business, engineering, and nursing<\/td>\n<\/tr>\n
Income<\/strong><\/td>Must provide proof of income<\/td>\n<\/tr>\n
Repayment<\/strong><\/td>See lender for more info<\/td>\n<\/tr>\n
Cosigner info<\/strong><\/td>Cosigner release options are handled on a case-by-case basis<\/td>\n<\/tr>\n
Loan servicer<\/strong><\/td>See lender for more info<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

How to take out a private student loan with Laurel Road<\/h2>\n

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\u2019s certified cost of attendance. You\u2019ll need to show you\u2019re 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<\/a>. If you\u2019re approved, funds will be disbursed directly to your school, and you\u2019ll make monthly payments to Laurel Road\u2019s loan servicer, MOHELA.<\/p>\n

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\u2019t one of our partner lenders, undergraduate students, graduate students, and parents can use Credible to fill out a single form and request prequalified rates<\/a> from other private students lenders.<\/p>\n

Find Your Student Loan<\/a><\/p>\n

Laurel Road personal loans overview<\/h2>\n

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.<\/p>\n

The limits for other purposes \u2014 such as a car purchase, business loan, or moving expenses \u2014 are a little lower at $35,000.<\/p>\n

But doctors and dentists can borrow up to $80,000 if they\u2019re currently practicing or will soon complete their training and have a signed contract to practice.
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\n Laurel Road – PL<\/span>\n <\/div>\n <\/div>\n
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\n <\/span>\n 4.5<\/span>\n <\/span>\n <\/div>\n
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\n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
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\n \"Question\n \n Maximum amount you can borrow<\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/span>\n
Up to $45,000<\/div>\n <\/div>\n <\/div>\n
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\n \"Question\n \n How many years you have to repay the loan<\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/span>\n
3, 4, 5<\/div>\n <\/div>\n <\/div>\n
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\n \"Question\n \n How long it takes to receive your money<\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/span>\n
7+ days<\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n
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Laurel Road isn\u2019t one of our partner lenders.<\/strong>
\nBut you can use Credible to compare rates from other personal loan lenders in 2 minutes.<\/p>\n <\/div>\n Check Personalized Rates<\/a>\n

\n Checking rates won't affect your credit score<\/span>\n <\/div>\n<\/div> <\/div>\n <\/div>\n
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