The Fed wants to raise interest rates—here’s what you should do while they’re still low
Apr. 24, 2024
How to Make the Most of Your College Investment
Apr. 24, 2024
How to Send Your Kid to College Without Breaking the Bank
Apr. 24, 2024
This site is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site, which may impact the location and order in which brands (and/or their products) are presented, and may also impact the score that is assigned to it. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time
Laurel Road is a Connecticut-based bank that offers a wide range of financial options, currently having helped students with more than $4 billion in school loans. FDIC-insured, Laurel Road is also a proud member of the Marketplace Lending Association, an organization that promotes transparent, efficient, and customer-centric financial brands. Laurel Road has also won the Benzinga Global Fintech Award for outstanding performance and innovation and the Best Consumer Lending Product of Fintech Breakthrough in 2018. This brand holds an excellent 5-star rating with Trustpilot as well, so you know Laurel Road is reliable.
Students currently enrolled in a participating institution and working toward a relevant degree.
Laurel Road offers various financial products including student loan refinancing, prime and savings accounts, and even mortgages. One option for students is an in-school loan. In-school loans take your current schooling situation into account when creating the terms of your loans, so you can expect to find more flexibility in regards to repayment, interest rates, and fees. Here’s a closer look at what Laurel Road has to offer:
One of the most desireable parts of working with Laurel Road, as opposed to other lenders, is that it charges no fees whatsoever. You won’t pay traditional fees like origination fees, application fees, disbursement fees, etc. These policies really give you the feeling that Laurel Road is on your side.
Speaking of feeling like someone's on your side, Laurel Road has another fabulous policy to prove this point. The economic hardship support allows borrowers to pause payments on their loans without penalty in the event that they lose their job or have some other major economic crisis. So, you won’t have to pay some or all of your loan payments for up to a year under these circumstances.
Laurel Road also offers an ETF discount. If you sign up for a monthly repayment plan and choose automatic transfer as your payment option, you’ll automatically receive a .25% discount on your interest rate. That could save you hundreds of dollars over the course of your loan.
Laurel Road has an online application process. You fill out the form with the relevant information including your personal details, details about your cosigner, and your education status. Once Laurel Road receives your application, you'll get an authorization request to do a credit pull to check your credit history and score.
After this step, you’ll be sent relevant loan offers based on your credit history and other conditions. If approved and you agree to the terms, Laurel Road will send the funds directly to your school.
When applying for a loan, you’ll need to show the following documentation:
School information including which school you’re enrolled in, what degree you are working towards, your enrollment status, and your projected graduation date
Cost of attendance
Personal information including a form of ID, phone number, and email address
Personal information for your cosigner (if you are using one)
Naturally, the higher your credit score, the more easily you will be approved for a loan. Generally, Laurel Road requires a 650 or higher credit score, but if you have a cosigner, you can still get approval with a lower than ideal score. If applying with a cosigner, you'll need to provide personal and financial information for them as well.
In order to be eligible for a Laurel Road private student loan, you’ll need to be enrolled in one of the schools that participate in the loan program. In addition to enrollment, you’ll need to be enrolled at least half-time and be working towards one of the eligible degrees. These include:
MBA
JD
Engineering
Nursing Masters
Doctor of Nursing
Physician Assistant
Doctor of Medicine
Dentistry
You’ll need the documentation mentioned above in the application section of this review. You’ll also need proof of citizenship or permanent residency.
The interest rate you’ll end up paying depends on your credit score, length of loan repayment term, and amount you take out. Regardless, Laurel Road has some really competitive rates, so you are getting a good deal either way. And as mentioned earlier, one of the nicest parts of working with Laurel Road is the lack of fees. You'll never have to pay an origination fee, and if you manage to pay off your loan early, you won't be charged with a prepayment penalty. We also mentioned the EFT discount of .25%.
If you add a cosigner, this will usually reduce your interest rate further.
Laurel Road has 4 repayment options:
Laurel Road also has several repayment policies that show how much this company is working for you like the hardship policy we mentioned earlier. Another policy that exhibits this kind of compassion and understanding is Laurel Road’s grace period. You are granted a period of time during which you are not expected to make any loan payments whatsoever. Your grace period starts whenever your in-school status changes. This can happen in 1 of 3 situations:
You start taking fewer classes than the half-time attendance requirements
You are no longer enrolled in one of the participating institutions or degree programs
You have graduated
When your in-school status switches, your grace period begins and continues for a total of 6 months. Borrowers should be aware that during the grace period you will not have to make monthly payments. However, your interest continues to accrue, so bear this in mind.
Laurel Road ensures the safety and privacy of all customers using electronic, procedural, and physical tactics that are industry standard and approved by the federal and state governments. Strict training, confidentiality agreements, and encryption are a few of the methods employed.
Laurel Road customer service can be reached via telephone at 717-254-2375, Monday through Thursday from 8:3am to 8:30pm ET, and Fridays from 8:30am to 5:30pm ET. You can also reach out through email at answers@campusdoor.com or help@LaurelRoad.com. Alternatively, contact Laurel Road via live chat during the same hours (plus Saturdays, 8:30am - 5: 30pm).
| Laurel Road | LendEDU | |
|---|---|---|
| APR | 4.11% | 1.24% - 12.99% |
| Minimum credit score | 650 | 700 |
| Loan amounts | $5,000-total COA | Varies based on lender |
| Accepts co-signers | Yes | Yes |
| Suitable for | Medical and dentistry school students | Students who want a good financial education |
Laurel Road is a fabulous option for any student who is enrolled in a participating institution. With low rates, understanding and humane policies that include autopay discounts, hardship forgiveness, grace periods, and terrific customer support, Laurel Road is paving the way for students to make a fresh start without the stress of finances to hold them back.
