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From small-town financing to a national online lending giant, Laurel Road refinances both federal and private student loans and caters to health professionals with a special medical school repayment plan. Parents who have taken out loans for their children can also refinance with Laurel Road.
Compare Laurel Road with the promotions available from SoFi here.
Laurel Road In A Nutshell
| Loan Terms | 5, 7, 10, 15 or 20 years |
| Loan Amounts | $5,000 up to your total outstanding loan balance |
| Loan Types | Variable, fixed |
| Refinance Parents’ PLUS Loan | Yes |
| Cosigner | Yes |
| Autopay Discount | 0.25% |
Laurel Road $500 Checking Offer
- What you’ll get: $500
- Where it’s available: Nationwide
- How to earn it: Open a new Laurel Road Checking account and make one or more direct deposits totaling at least $2,500 within 60 days after account opening
- When it expires: 12/31/2022
There are several offers worth comparing this one to. A few great checking accounts with bonus offers include the Chase Total Checking® ($225 bonus), TD Bank Convenience CheckingSM ($150 bonus), Aspiration Checking ($150 or $200 bonus), Bank Of America Advantage Banking ($100 bonus), Huntington Bank (up to $500 bonus) and HSBC Premier Checking ($450 bonus).
How To Earn The Bonus
Open a new Laurel Road checking account and make one or more direct deposits totaling at least $2,500 within 60 days after account opening
Mobile Check Deposit
Deposit your checks on-the-go.
40,000 No-Fee ATMs
Locate 40,000 Keybank & All-point ATMs.3
Send Money with Zelle®
Easily send money to family & friends.4
Bank Securely
Deposits are FDIC insured up to $250,000. KeyBank, N.A. Member FDIC.5
Online Bill Pay
Pay your bills from anywhere, anytime.
There are no monthly fees.
- Normal account service charges and balance requirements apply to these accounts.
- Qualifying ACH direct deposit transactions include most payroll, Social Security, pension and government benefits deposits.
- Limit one gift per qualifying account. Limit one gift per individual.
- The value of the gift will be reported to the IRS on Form 1099-INT.
- If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.
- Other miscellaneous charges may apply.
- Accounts overdrawn or closed at the time of gift payment are not eligible.
- Offer is subject to cancellation without notice and cannot be combined with any other offer.
- Laurel Road / KeyBank is not responsible for, and will not honor, promotional offers that appear on third-party websites that are not authorized by the Laurel Road/KeyBank.
Bottom Line
You don’t need to refinance a student loan to be eligible for this bonus. This is a strong bonus with nationwide availability. I would jump on it immediately. Compare this offer with the best bank bonuses here.
Laurel Road Referral Program: Up To $400 Bonus
You can earn up to $400 for each friend you refer when they refinance a student loan, finance a personal loan, or get a credit card.
Referrers must have log in credentials for Laurel Road’s Online Banking in order to participate in the Referral Program. A log in credential is created during the application process for a Laurel Road product or can be created at any time if you have an existing Laurel Road product.
See the Laurel Road referral program page here.
Here are some referral links you can try:
Laurel Road Features
Laurel Road offers competitive rates, and the company will let you refinance 100% of your student loans, regardless of how much they add up to. Instead of a cookie cutter approach, the lender provides a tailored solution with flexible terms and limits to fit your financial your needs. Other special features include:
Cosigners Welcomed
This can be helpful if you doubt you can qualify on your own. Having a cosigner on board will better your chances for approval and improved rates.
Borrower Protections
The following protections offer borrowers peace of mind:
- Laurel Road honors grace periods and delayed payments for recent graduates until time’s up.
- You can apply for forbearance if you experience a qualifying economic hardship such as involuntary job loss or unpaid maternity leave. In these instances, you can postpone your monthly payments for up to three months at a time, for a total of 12 months during the term of your loan.
- In the unfortunate circumstances that you become permanently disabled or die, Laurel Road will forgive the total amount of your refinanced student loan.
Reduced Payments for Medical & Dental Residents
As soon as you’re matched to a residency program, you can refinance your student loans with Laurel Road and pay only $100 per month throughout your residency or fellowship and up to six months after training.
Laurel Road Rates & Fees
Your rate will depend on several factors, including your – or your cosigner’s – credit history and financial profile. To get a customized rate estimate, visit Laurel Road’s website and submit your information. These rate checks are done with a soft credit check, so your credit score won’t take a hit.
Once approved, sign up for automatic payments to get a 0.25% interest rate discount.
| Application Fee | None |
| Origination Fee | None |
| Prepayment Penalty Fee | None |
| Late Payment Fee | 5% or $28, whichever is less |
Laurel Road Requirements
To be eligible for student loan refinancing with Laurel Road, you’ll need to:
- Be a United States citizen or permanent resident with a valid I-551 card.
- Be a working professional with a four-year undergraduate or graduate degree from Title IV accredited institutions, a professional with an associate degree in a designated profession, or a parent who took on debt to finance your child’s education.
Laurel Road currently refinances student loans in all 50 states, the District of Columbia and Puerto Rico.
Bottom Line
Refinancing your student loans with Laurel Road makes good sense if:
- You’re a medical student in residency or fellowship.
- You’re a parent looking to refinance loans you took out for you child’s education.
- You want flexible terms.
- You want to apply with a cosigner.
It’s always good to explore all your options to find a lender that offers what you’re looking for. Before you settle on Laurel Road, make sure to shop around and compare rates and terms from other lenders.
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Please note: this bonus is ONLY available with a student loan refi.
Diana, if you want a screenshot of chat conversation, please email me directly. Thank you.