Laurel Road Review

ByBestmoney StaffJan. 03, 2021
This site is a free online resource that strives to offer helpful content and comparison features to its visitors. Please be advised that the operator of this site accepts advertising compensation from certain companies that appear on the site, and such compensation impacts the location and order in which the companies (and/or their products) are presented, and in some cases may also impact the scoring that is assigned to them. The scoring that appears on this site is determined by the site operator in its sole discretion, and should NOT be relied upon for accuracy purposes. In fact, Company/product listings on this page DO NOT imply endorsement by the site operator. 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 which appears on this site is subject to change at any time.

In a Nutshell

Laurel Road is committed to offering low rates and flexible repayment terms that can fit a variety of circumstances and requirements. By providing incentives such as discounts and referral bonuses, it allows customers to save and make money even as they gradually pay off their refinanced student loan.


  • Low variable and fixed interest rates
  • Works with both private and Federal student loans


  • Preference for borrowers with good to excellent credit
  • Underwriting requirements are unclear

Laurel Road ID Card

Loan typesRefinancing Student Loans
Loan amount$5,000 to 100% of outstanding debt amount
Minimum Credit Score700
Repayment TermsTerms 5 to 20 years
Top ProOffer some of the lowest rates in the industry
Top ConGenerally only work with customers with good to excellent credit
Suitable forRecent graduates looking to refinance their existing loans at much lower rates
APR from1.99%
Direct Lender or MarketplaceDirect lender

Laurel Road Laurel Road View Rates

Laurel Road at a Glance

Laurel Road, a Division of Darien Rowayton Bank, was founded in 2006. The bank, based out of Connecticut, has expanded out of its original location to offer nationwide services thanks to their ongoing efforts to create a strong online presence. Laurel Road offers student loan refinancing and unsecured personal loans. The bank’s customer-centric focus has guided them in creating credit services that offer low rates, friendly terms and flexible repayment options. Laurel Road has become a national mainstay in the student loan industry, especially amongst recent graduates and younger demographics who require some assistance with elevated levels of debt.

Suitable for Whom?

Laurel Road’s services make it an ideal partner for young, recent graduates who are looking for sustainable ways to pay their student loans while building their careers. Laurel Road’s services are geared toward this younger demographic, with offerings such as student loan refinancing and consolidation. Moreover, they are able to offer low rates that are ideal for graduates who are looking to avoid overpaying interest on their existing loans. Their interest rates are low because the company prefers to work with lower-risk borrowers who generally already have good credit standing. Laurel Road offers some debt forgiveness, though usually only for cases of extreme duress—such as a significant reduction in income due to disability—or death. Overall, Laurel Road’s services are a good choice for young adults who are looking to fast-track their futures without the burden of student loan debt.

Loan Features

Laurel Road offers a streamlined loan service for its customers. Their focus on student loans and recent graduates means that their services are designed to make borrowers’ lives easier. One of the things we liked the most is the company’s inclusion of forbearance, deferment, and loan forgiveness in their loan terms. If you unexpectedly lose your job, or become disabled, Laurel Road can help by deferring payments for up to three months at a time. In some extreme cases, they are even willing to completely forgive your loan, though this is usually the result of death or an extreme circumstance. Another perk offered by Laurel Road is their discount program, which you can qualify for by signing up for electronic fund transfers. Even better, Laurel Road offers a $300 bonus if you refer someone to one of their loan services. Here are some of the biggest highlights for Laurel Road:

  • Low fixed and variable interest rates
  • Useful insights available on the company’s blog
  • Receive in-person support at any of the bank’s locations
  • Refer borrowers and reap the rewards with the referrals program
  • Get an interest rate discount by signing up for electronic fund transfers
  • Flexible repayment terms
  • Transparent fees and charges
  • Forbearance, deferment, and forgiveness for loans

The Application Process

When you are ready to get started with Laurel Road’s student loan refinancing, it is very easy to access the funds you need. The first step is to fill out an online form through Laurel Road’s website, which will include a soft credit check. This will determine if you prequalify for refinancing. This prequalification makes the loan process significantly more efficient. Once completed, you will be prompted to upload your documentation. After Laurel Road reviews your application and documents, they will send you a promissory note that includes your interest rate, terms, and important disclosures for you to approve and sign. As soon as that is signed and returned, Laurel Road will repay your existing loans and offer you the opportunity to sign up for electronic fund transfers to receive a discount of up to 0.25%. The company is committed to low interest rates, with fixed rates from 3.20% , and variable rates starting at 1.99%.

Loan Terms – Essentials

Our research revealed that Laurel Road offers some of the most flexible repayment terms in the industry. Additionally, they do not require heavy documentation or incredibly sensitive personal details to get the application process started. While the initial form requires only some basic personal details as well as basic financial information, Laurel Road does notify you that refinancing approval may require more sensitive personal details. These requests may relate to your employment history, disposable income, credit history, and your debt-to-income ratio. We would have liked to see a clearer list on their website, but they are happy to provide this information if you contact customer support. While their requirements are geared toward borrowers with better credit, they were reasonable and not exclusive towards other individuals with lower creditworthiness but generally good qualifications. To get approved for a loan, Laurel Road requests the following conditions be met:

  • That you have steady employment
  • That you are a recent graduate or parent of one
  • That you are a US citizen or a permanent resident with a valid I-551 green card

To expedite the refinancing process, you should have the following on hand before you start your application:

  • A photo ID such as your passport or driver’s license
  • 2 recent paystubs
  • Proof of graduation such as your transcripts or a diploma
  • Payoff statements from your current student loan provider
  • A license to practice if you are a medical professional

We were pleased to see that Laurel Road can help you refinance both private student loans and Federal loans. The bank does note that for Federal loan refinancing, you will lose access to benefits such income-based repayment and pay-as-you earn programs.
Another major positive for Laurel Road is their loan amounts, which start from a minimum of $5,000 but can reach as high as the full amount of your outstanding student loans. Additionally, you can earn money from Laurel Road simply by referring friends and family to their personal and student loan services. For every person referred who qualifies for a loan, you are entitled to receive a $300 bonus, and there is no limit to the number of times you may refer borrowers or receive the benefits.
Laurel Road is also very transparent about their fees and charges. The bank does not charge you an origination or loan prepayment fee, although they do include late fees which is the lower amount of 5.00% or $28 as well as a $20 surcharge for any returned checks or electronic payments.

Repayment Terms

After you are approved for a refinancing loan, you may choose between terms of 5, 7, 10, 15, and 20 years, a testament to the repayment flexibility Laurel Road offers. With all available loan terms, you may choose between variable or fixed rates. Thanks to the bank’s commitment to working with borrowers in good standing, quoted rates are favorable. Laurel Road clearly displays their repayment terms, rates, and other important details on their website, making it easy to find all the important details you need when exploring refinancing. If you have more questions, the bank offers in-person consultations at any of their locations in Connecticut. Furthermore, if you want to access even better repayment terms and rates, you can also include a co-signer in your application.

How Safe is It?

Laurel Road takes their customers’ security and privacy concerns seriously. They take the necessary steps to provide industry-standard practices to ensure your data’s safety. The bank does collect some data related to your browsing for advertising and marketing purposes, but your information is kept anonymous and stored securely. Additionally, the company’s servers are protected by both physical and electronic security measures and redundancies to avoid hacking, data theft, or even loss because of accidents or natural disasters.

Help & Support

If you require assistance, Laurel Road can help you through several different channels. If you prefer to speak to a service representative in person, you can visit any of the bank’s locations throughout Connecticut. If you are not in the state, you can still contact the bank via telephone or e-mail six days a week during regular business hours. We found the bank’s representatives to be well-informed and courteous when responding to our inquiries. Additionally, e-mail queries were responded to promptly, generally within one business day.

Deep Dive into Pros and Cons

Overall, Laurel Road offers strong student loan services, although the bank does have some room for improvement.

  • We would like to see a clearer explanation of the company’s underwriting requirements to make it easier to prepare ahead of time.
  • Laurel Road could improve its educational services, adding a knowledge base or video tutorials that could help customers understand the lending process and its consequences.
  • The bank could also add a co-signer release, letting them be removed from the loan after a period of on-time payments.

Laurel Road’s many value-added benefits and features compensate for these minor drawbacks. Some features of the bank’s student loans include:

  • Low variable and fixed interest rates make refinancing a real possibility.
  • The bank can work with both private and Federal student loans.
  • In-person assistance for customers is available in the Connecticut area.
  • Interest rate discounts are offered to borrowers opting to activate electronic fund transfers.
  • The referral program gives you $300 for every person you refer that is approved for a personal or student loan.


Laurel Road is committed to helping young professionals fast-track their careers and lives by helping them refinance their outstanding debt. We were happy to see the bank’s dedication to offering low rates and flexible repayment terms that can fit a variety of circumstances and requirements. Additionally, the bank furnishes incentives such as discounts and referral bonuses, allowing you to save and make money even as you gradually pay off your refinanced student loan. Laurel Road’s customer support and in-person assistance also make it appealing, as you can rest easy knowing that there is someone ready to answer doubts or issues that may arise regarding your student loan. We were impressed with the company’s emphasis on young adults who require help that is not always available to them. Overall, Laurel Road delivers a good alternative for your student loan refinancing needs.

Physical Address

Laurel Road

PO Box 191

Bridgeport, CT


Laurel Road Laurel Road View Rates

Laurel Road customer testimonials

ExcellentReviews 327
TrustPilot is the world’s most powerful review platform, free and open to all.
  • author
    Bhãñù YãdÃv
    Dec 27, 2020
    excellent work and fast loan and low…

    excellent work and fast loan and low interest


  • author
    Dec 18, 2020
    The process was quick and easy

    The process was quick and easy. I got a better rate than I previously had and was approved within a week.


  • author
    Amber Shell
    Dec 17, 2020
    Very quick and easy transition for…

    Very quick and easy transition for refinancing my loans. Would recommend.


  • author
    Eleanor Mcshane
    Dec 17, 2020
    Rates were so much more competitive and…

    Rates were so much more competitive and the timing was the fastest I have ever experienced, even with Covid


  • author
    Stephanie Chambers
    Dec 17, 2020
    Great Rate & Amazing Ava

    Great Rate, and great customer service! Got back to me way faster than other companies and you have a true treasure on your team with Ava there. Give that woman a hug and a raise!! She is FANTASTIC and the backbone of your Customer service team and made me feel like I was cared about:)


Laurel Road