Laurel Road Student Loan Refinancing Review

• Soft credit check to qualify and see what rate you’ll get: Yes.
• Loan terms: 5, 7, 10, 15 or 20 years.
• Loan amounts: $5,000 up to your total outstanding loan balance. If you refinance more than $300,000, Laurel Road will break it into two loans.
• Application or origination fee: No.
• Can transfer a parent loan to the child: Yes.
• Prepayment penalty: No.
• Late fees: Yes; a fee equal to 5% of the late payment or $28, whichever is less, applies after a payment is 15 days late.

Compare Laurel Road’s range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate Laurel Road will offer you, apply on its website.

Financial

• Minimum credit score: 660.
• Minimum income: No minimum.
• Typical credit score of approved borrowers or co-signers: Did not disclose.
• Typical income of approved borrowers: Did not disclose.
• Maximum debt-to-income ratio: Did not disclose.
• Can qualify if you’ve filed for bankruptcy: Yes; after four years.

Other

• Citizenship: Must be a U.S. citizens or permanent resident. Permanent residents must have a valid I-551 card, known as a green card.
• Location: Available in all 50 U.S. states.
• Must have graduated: At least an associate degree for select professions. Borrowers in their last year of undergrad can refinance. For parent PLUS loans, the child does not need to have graduated to refinance.
• Must have attended a school authorized to receive federal aid: Yes.
• Percentage of borrowers who have a co-signer: Did not disclose.

• Academic deferment: No.
• Military deferment: Laurel Road offers economic hardship forbearance for military leave.
• Reduced payments for medical and dental residents: Medical and dental residents and fellows can pay $100 a month until six months after their residency or fellowship ends. Interest will accrue during this time, and any unpaid interest will be capitalized at the end of the reduced-payment period.
• Forbearance: Postpone loan payments for three months at a time, for up to 12 months total, if you document a qualified economic hardship such as involuntary job loss or unpaid maternity leave.
• Co-signer release available: Yes, after 36 consecutive on-time payments.
• Death or disability discharge: Yes. Laurel Road will forgive all or part of the student loan in the event of death or documented permanent disability.

repayment preferences:

• Allows greater-than-minimum payments via autopay: Yes.
• Allows biweekly payments via autopay: No.

• Loan servicer: MOHELA.
• In-house customer service team: Yes.
• Process for escalating concerns: Yes, complaints and disputes are escalated to customer service managers who work to resolve the issue at hand.
• Borrowers get assigned a dedicated banker, advisor or representative: No.

• Referral bonus: Earn up to $400 for each person you refer to Laurel Road. They must refinance through Laurel Road for you to get the referral bonus.