Laurel Road Student Loan Refinancing Review
Laurel Road offers refinance loans with soft credit rate checks, multiple repayment options and a six-month grace period after leaving school. However, in-school applicants must show a signed employment offer to qualify, and associate-degree borrowers face a $50,000 refinance cap.
Table of Contents
Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances.
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Our Take
Laurel Road refinance loans are a good choice for borrowers with strong credit who want flexible in-school repayment options, a six-month grace period and the ability to check rates with a soft credit inquiry. The lender also offers unique perks such as free 30-minute student loan consultations and $100 monthly payment options for qualifying medical trainees. However, in-school applicants must show a signed employment offer to qualify, and associate-degree borrowers face a $50,000 refinance cap.
Min. Credit Score:
N/A
Loan Amount:
$5,000 up to the full balance
Fixed APR:
4.74% - 8.75% with autopay
Variable APR:
5.04% - 9.05% with autopay
Loan Terms:
5, 7, 10, 15 or 20 years Years
Loan Types Offered:
Private, federal, and parent loan refinance
Pros
- Offers a co-signer release option.
- Allows applicants to see the rate they could receive with a soft credit check
- Medical interns, fellows and residents can refinance student loans
Cons
- Their co-signer release is 36 months, longer than several other lenders.
What is Laurel Road?
Laurel Road is a digital banking and lending platform, established in 2013 and based in New York City. KeyBank later acquired Laurel Road’s digital lending business in 2019, and the platform now operates as a division of the bank.
The company provides nationwide refinance solutions for federal, private and Parent PLUS loans. Borrowers can choose from multiple repayment options while enrolled in school, including immediate repayment, interest-only payments, flat $50 payments and full in-school deferment.
Medical and healthcare interns, residents and fellows in training may qualify for $100 monthly payments throughout residency or fellowship to help keep costs manageable during lower-income training years.
Who would benefit the most from Laurel Road Student Loan Refinance?
- Bachelor’s degree borrowers with high loan balances, since Laurel Road allows them to refinance the total amount of their outstanding federal and private student loans.
- Medical and healthcare professionals in training, who may qualify for $100 monthly payments during residency or fellowship, which can help keep payments manageable during lower-income years.
- Borrowers who want flexible repayment choices while they’re still in school, including immediate repayment, $50 flat payments, interest-only payments or full in-school deferment followed by a six-month grace period.
How can Laurel Road Student Loan Refinance improve?
- Offer a longer forbearance period. Providing more than 12 months of forbearance can help borrowers experiencing financial hardships.
- Shorten the co-signer release time. Having a 12 or 24-month co-signer release window makes it easier for borrowers to release their co-signer from financial responsibility.
Terms, fees and details
- Loan terms: 5, 7, 10, 15 or 20 years.
- Loan amounts: $5,000 – Total amount borrowed for Bachelor’s Degree holders. Up to $50,000 for eligible Associate Degree holders.
- Soft credit check offered: Yes.
- Allows you to transfer a parent loan to a child: Not publicly disclosed by the lender
- Application or origination fee: None.
- Prepayment penalty: None.
- Late fees: Yes, 5% of the overdue amount, not exceeding $28.
Friendly Finly Advice
If possible prequalify with multiple lenders before committing to a loan offer. Prequalifying allows you to compare potential rates and terms to ensure you’re getting the lowest rate. Rates can depend on a variety of factors, including credit history and income.
Fixed APR:
4.79 - 9.99% with autopay
Variable APR:
5.88 - 9.99% with autopay
Min. Credit Score:
665
Max. Loan Amount:
$500,000
Fixed APR:
4.74 - 9.99% with autopay
Variable APR:
5.99 - 9.99% with autopay
Min. Credit Score:
N/A
Max. Loan Amount:
$0
How do we select lenders?
About This Comparison:
We select three alternative refinance lenders that offer similar products to the lender featured in this review. These lenders are chosen based on their relevance to common borrower-related information—such as APR ranges, repayment terms, credit score requirements and loan amount options—their overall competitiveness in the refinance market, and their strong performance on our lender rating rubric. Our editorial team makes these selections independently to help borrowers easily compare key features and make an informed decision.
To help readers evaluate whether the featured lender is the right fit for their needs, we include a comparison section highlighting three alternative student loan refinance lenders. These lenders are selected using the following criteria:
1. Direct Relevance to Borrower Decision-Making
We choose lenders whose core offerings overlap with the featured lender—specifically in APR ranges, repayment terms, required credit scores and loan amount minimums/maximums. This ensures borrowers can make an apples-to-apples comparison of the factors most likely to influence their refinance decision.
2. Competitive Position in the Market
Alternative lenders are selected based on their market presence, competitive rates, and borrower-friendly features. We prioritize lenders that are commonly considered alongside the featured lender by refinance shoppers and industry experts.
3. Coverage of a Representative Spectrum of Options
We include lenders that together provide a balanced view of the refinance market, such as:
- A lender with low advertised APRs
- A lender with flexible or unique loan terms
- A lender with broad loan amount ranges or borrower eligibility criteria
- A lender with strong performance on our lender rating rubric
- A lender with minimum credit scores that fit borrowers who may visit the featured lender review.
This mix helps borrowers understand how the featured lender compares across different strengths.
4. Data Availability and Consistency
We only include lenders for which we have current, verifiable information on APRs, repayment options, loan amounts, and eligibility requirements. This ensures the comparison is accurate, transparent, and aligned with our editorial standards.
5. Editorial Independence
Alternative lenders are chosen by our editorial team based solely on borrower benefit and informational value. Lender partnerships or compensation agreements do not influence which lenders are selected or how they’re presented.
How to qualify for Laurel Road Student Loan Refinance
You’ll have to meet Laurel Road’s eligibility criteria to refinance your student loan. The company has various requirements for applicants to meet:
Financial criteria:
We contacted Laurel Road to clarify certain underwriting details — including minimum income, debt-to-income considerations and bankruptcy policies — but did not receive additional information in time for this review.
Even though specific thresholds aren’t publicly disclosed, Laurel Road generally caters to borrowers with strong credit and stable income, particularly professionals in sectors such as healthcare.
The lender’s competitive rate positioning and available discounts suggest approval is more likely for applicants with solid credit histories and consistent earnings. If you’re unsure where you stand, pre-qualifying can provide insight into your potential eligibility before submitting a full application.
- Minimum credit score: Not publicly disclosed by the lender.
- Minimum income: Not publicly disclosed by the lender.
- Debt-to-Income ratio maximum: Not publicly disclosed by the lender.
- Allow applicants with bankruptcies to apply: Not publicly disclosed by the lender.
- Average credit score for approved borrowers or co-signers: Not publicly disclosed by the lender.
- Average Income of approved borrowers or co-signers: Not publicly disclosed by the lender.
Location, citizenship and education criteria:
- Citizenship requirements: A United States citizen or permanent resident.
- Location restrictions: None. Available in all 50 states, Washington, D.C., and Puerto Rico.
- Graduation criteria: Applicants don’t have to have graduated to be eligible to apply but must be in their final semester of school and have a signed contract/letter of employment or an eligible co-signer.
- School criteria: Borrowers must be attending or have attended a Title IV-accredited institution.
- Percentage of borrowers with a co-signer: Not publicly disclosed by the lender.
- Other restrictions: N/A
Friendly Finly Advice
Laurel Road, and other refinance lenders, may have additional criteria they may use to determine eligibility for potential borrowers. Always check the lender’s website and reach out to them with any questions to confirm or inquire about the criteria.
Repayment, deferment, forbearance and discharge options
- Immediate repayment payment: Full principal and interest payments begin approximately one month after the final loan disbursement. Borrowers who prefer to start paying down their loan balance right away, including those still in school, may choose this option.
- Interest-only payment: Borrowers can choose to pay only the interest each month while enrolled in school and during the six-month grace period. This helps manage interest growth without requiring full payments.
- Flat $50 payments: Borrowers can make fixed monthly payments of $50 beginning about one month after the final loan disbursement and continuing through the six-month grace period. This option helps limit overall interest accrual while in school.
Note: Interest accrues during all in-school, deferment and grace periods for every repayment option, including flat-payment and interest-only plans, and is added to the loan balance when full repayment begins.
Laurel Road offers repayment terms of 5, 7, 10, 15, or 20 years for refinancing loans.
Related: Interest Capitalization: The Hidden Factor Increasing Your Student Loan Balance
- Full in-school deferment: Borrowers may defer all payments while enrolled at least half-time and for an additional six-month grace period after graduation or separation. No payments are required during this time.
- Unemployment forbearance: Borrowers who lose their jobs may request forbearance in three-month increments, provided they have made 12 consecutive monthly payments before submitting a request.
- Other economic hardship forbearance: Borrowers facing qualifying financial hardship unrelated to unemployment may also apply for forbearance in three-month increments, after making 9 consecutive monthly payments.
- Lifetime limits and requirements:
- Borrowers with loan terms 10 years or longer may receive up to 12 months of forbearance over the life of the loan.
- Borrowers with loan terms under 10 years may access one month of forbearance per year of their loan term. For example, someone with a five year term would have access to five months of forbearance.
- A 12-month gap is required between any two forbearance periods.
- All forbearance requests require documentation showing the nature and expected duration of the hardship.
Note: Interest accrues during all forbearance periods and is added to the loan balance when repayment resumes.
- Death or disability discharge for borrower: Yes.
- Death or disability discharger for co-signer: Not publicly disclosed by the lender.
- Co-signer release: Yes, after 36 on-time and consecutive payments.
The Laurel Road Student Loan Refinance customer service experience
Laurel Road does not clearly outline whether borrowers are assigned a dedicated representative throughout repayment or supported by a broader servicing team, nor does it publicly disclose a typical timeline from final approval to loan funding.
We reached out to discuss a number of factors related to the borrower experience — including how ongoing support is structured and what applicants can expect during the funding process — but did not receive additional details in time for this review.
If having a consistent point of contact or a predictable funding timeline is important to you, it’s worth confirming these details directly with the lender before refinancing.
- Loan servicer: MOHELA
- Online chat support (Bot, live or both): Laurel Road offers live chat support on its website. Borrowers can open the chat box, select “Student Loans” from the product options menu, and answer a few verification questions before being connected with a live Premium Care specialist.
- Physical location or branch: None.
- In-house customer service representatives: Yes. Borrowers can contact the support team by phone, email or live chat. Their customer service line is available five days a week, and borrowers can also leave a message by filling out a contact form instead.
- FAQ experience: Laurel Road’s FAQ page includes more than 65 general questions related to student loans. However, the page does not offer a dedicated filter for refinance-specific topics, and some questions only appear when searched directly, meaning borrowers may need to use the search bar to find certain answers.
- Provides borrowers a representative who works with them throughout the entire repayment process: Not publicly disclosed by the lender.
- Offers a process for making and escalating complaints: Borrowers can contact the support team for issues and concerns by phone, email, live chat or by filling out their contact form.
- Has tools that allow applicants to calculate potential monthly payments: Laurel Road has a Student Loan Refinance Calculator.
- Typical time from loan approval to funding: Not publicly disclosed by the lender.
- Laurel Road’s track record with customers:
Laurel Road has a 2.6 out of 5 rating on Trustpilot, based on over 600 reviews. Trustpilot reviews are not limited to Laurel Road’s student loan refinance product but also reflect the lender’s other services.
Some reviews praise aspects such as smooth sign-up or account-opening processes and satisfactory loan or banking experiences. However, a substantial number of reviews raise issues including account access problems, slow customer-service response times, and funding or account-management hiccups.
Currently, Laurel Road and KeyCorp, the parent holding company of Keybank, which funds Laurel Road, have no complaints with the Consumer Financial Protection Bureau (CFPB) over the past 12 months.
Perks and Benefits
Laurel Road offers users access to a free 30-minute student loan consultation with a dedicated student loan specialist. During this session, borrowers can receive personalized guidance on repayment strategies, federal forgiveness pathways and refinancing options.
In addition, eligible medical and healthcare professionals in residency, fellowship, or similar training programs may qualify for $100 monthly payments throughout their training. This benefit helps keep payments manageable during lower-income training years and provides greater flexibility as borrowers work toward completing their programs.
Promotional Offers
Borrowers can receive a 0.25% interest rate reduction by enrolling in autopay. The discount is applied directly to the loan’s principal rather than reducing the monthly payment, helping borrowers pay down the loan faster over time. Always check with the lender to confirm all offers, terms, conditions, exclusions and availability.
Friendly Finly Advice
Even if Laurel Road has competitive rates, compare multiple refinance lenders before committing to a loan. Prequalifying and comparing lenders is the best way to ensure you’re getting the lowest possible rate and most affordable repayment plan for your budget.
How to apply for a Laurel Road Student Loan Refinance
- Pre-qualify online.
Start with Laurel Road’s short online pre-qualification form. You’ll provide basic details about your income, employment and existing loans, and the lender will run a soft credit check so you can see estimated rates without affecting your score.
- Review your rate options.
If you qualify, you’ll see available fixed- and variable-rate offers and repayment options. Laurel Road also emphasizes possible rate discounts, such as autopay or relationship benefits, which can affect your final cost.
- Complete the full application.
Select the offer that works for you and move forward with a formal application. This step includes a hard credit check and may require documentation to verify income, identity and loan details.
- Sign your loan agreement.
Once approved, review your finalized rate, term and monthly payment. Carefully confirm the total repayment cost before electronically signing your agreement.
- Loan payoff and transition.
After closing, Laurel Road coordinates the payoff with your existing lenders. When the refinance is complete, you’ll begin making one monthly payment under your new loan terms.
If you’re unsure whether Laurel Road’s underwriting standards fit your profile, pre-qualifying can help you gauge your potential eligibility before committing to the full application.
Frequently Asked Questions
Depending on what you need out of a student loan refinance lender, Laurel Road may be a fit. They offer multiple repayment options, a six-month grace period, and the ability to check your potential rate with a soft credit inquiry. They also provide added perks such as a free 30-minute student loan consultation and $100 monthly payment options for qualifying medical trainees.
Laurel Road is a digital banking and lending platform that operates as a division of KeyBank, a national FDIC-insured bank.
Borrowers can refinance federal, private and Parent PLUS loans.
Yes. Laurel Road allows in-school borrowers to refinance, but applicants in their final semester must have a signed employment contract or offer letter (or a qualified cosigner) to be eligible.
Borrowers can choose from Immediate Repayment, Interest-Only payments, $50 flat payments, and full in-school deferment, followed by a six-month grace period. Full repayment terms include five, seven, 10, 15, and 20 years.
Methodology
Finly reviews student loan refinance lenders using a transparent, borrower-first methodology built around real financial outcomes. We evaluate lenders across six weighted categories—including cost, protections, flexibility and accessibility—using a structured scoring model grounded in what matters most to borrowers.
Our ratings are developed independently and regularly updated to reflect current rates, terms and lender policies, helping you compare options with clarity and confidence. Take a look at our Methodology page for an even more in-depth view of our scoring process.