Laurel Road is an FDIC insured bank offering both federal and private student loan refinancing; it has helped thousands of professionals consolidate and refinance more than $9 billion in federal and private student debt. In addition to these consolidation and refinancing options, Laurel Road offers an online suite of graduate school loan products, personal loans, and mortgages.
A Laurel Road personal loan for student loan refinancing provides consumers with flexible terms, no fees, and award-winning lending. Laurel Road was named the Best Consumer Lending Company and Best Overall LendTech Company in 2019 by FinTech Breakthrough, an organization that recognizes top companies in the fintech industry.
Continue reading for more information about the company's student loan refinancing options, as well as Laurel Road reviews.
Laurel Road has been in business for seven years, which may seem short, but is enough time to make it a frontrunner in student loan consolidation and refinancing services. Unlike other competitors, Laurel Road offers its loan refinancing services in all 50 states and to all accredited undergraduate and graduate schools in the United States.
To assist in the student loan refinancing process, Laurel Road provides a loan calculator. This calculator allows you to enter your personal student loan information and will then give you a general idea of what your payments would be with Laurel Road.
In addition to offering traditional student loan refinancing options, borrowers also have the option to refinance a Parent PLUS loan if applicable. Few student loan servicers provide this option, but graduates that meet Laurel Road's refinancing requirements and have a strong credit history can take on a parent loan.
Through Laurel Road's referral program, each time you refer a friend and they refinance with the company, you can can earn up to $400. You can easily determine how much you and your friend will earn on the Laurel Road website, and you don't even have to be a Laurel Road customer to participate.
Laurel Road has a minimum credit score requirement of 660, which is significantly higher than most other lenders in the industry. For recent graduates seeking to refinance their student loans, this may be a difficult requirement to meet if they have a low credit score or unestablished credit history.
If you are unable to meet Laurel Road's credit requirement, you can apply with a cosigner, which can increase your chances of approval.
Laurel Road customer reviews are currently limited, but the majority of reviews are negative, offering the company 1 star. Of these reviews, customers outline difficulty in getting approved, even with good credit, and many customers document experiences in which they had to wait an extended period of time before being denied. In addition, some customers mention that the application process is not very straightforward or fast.
It is important to note that due to the limited number of reviews, it is difficult to draw a conclusive picture of the lender, and if you have specific questions or concerns you should speak with a Laurel Road representative.
Laurel Road offers flexible options for refinancing your student loans, providing better repayment options that can lower your student loan monthly payment. for both private and federal student loans. However, it is important to note that refinancing a federal student loan will require you to give up all attached benefits, such as loan forbearance and loan forgiveness options. Federal student loans have various repayment options and benefits, and so it is important to weigh refinancing through a private lender with losing those benefits.
Although Laurel Road's 660 minimum credit score is somewhat high, most lenders require excellent credit to qualify for refinancing. For this reason, you can apply with a cosigner, providing additional credit that can boost your chances of approval.
If you are approved for Laurel Road student loan refinancing, you can rest assured that it will have your back if unexpected financial challenges or circumstances arise in your life. For this reason, Laurel Road offers unemployment protection and loan forbearance, easing the burden of making payments for a time.
While we believe that Laurel Road could offer lower student loan interest rates, the lender's refinancing rates can still be competitive depending on what you qualify for.
Todd Merlot Boston, MA
6 years ago
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