The bottom line:
Laurel Road is a digital banking platform and brand of KeyBank that caters to health professionals. Its loans are best for borrowers who want to refinance during their medical or dental residency.
Pros & Cons
You can refinance parent PLUS loans in your name.
Refinancing available for medical and dental residents.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Payment postponement isn’t available if borrowers return to school.
Compare to Other Lenders
Laurel Road refinances federal and private student loans. Any eligible borrower can refinance with Laurel Road, but the lender caters to health professionals, offering special pricing to physicians, dentists, nurses and physician assistants.
Laurel Road is also one of the few lenders that lets doctors and dentists refinance as soon as they match to a residency or fellowship. These borrowers are not eligible for the additional health professional discount, though.
Laurel Road, a brand of KeyBank, was previously a division of Darien Rowayton Bank — it offered student loan refinancing under DRB branding until June 2017.
Laurel Road at a glance
Reduced rates for physicians, dentists, nurses and physician assistants.
Borrowers can refinance their parents’ PLUS loans.
No academic deferment.
How Laurel Road could improve
Laurel Road could improve by:
Offering more than 12 months of forbearance.
Allowing academic deferment for borrowers returning to school.
Allowing biweekly payments via autopay.
» MORE: Laurel Road personal loan review
Laurel Road student loan refinancing details
Before refinancing with Laurel Road
Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.
If you aren’t eligible to refinance with Laurel Road
If Laurel Road denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.
NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Frequently asked questions
Laurel Road was previously a division of Darien Rowayton Bank — it offered student loan refinancing under DRB branding until June 2017. It caters to health professionals, offering special pricing to physicians, dentists, nurses and physician assistants.
The minimum to refinance with Laurel Road is $5,000 and you can refinance up to your total outstanding loan balance. If you refinance more than $300,000, Laurel Road will break it into two loans.
Laurel Road requires borrowers to have at least an associate degree for select professions. But borrowers in their last year of undergrad can refinance. For parent PLUS loans, the child does not need to have graduated to refinance.