Laurel Road: Student Loan Refinancing and Health Care Loans

Laurel Road offers student loan refinancing and health care graduate loans. In this Laurel Road review, learn how you can get additional discounts.

Laurel Road is a lender that specializes in student loan refinancing and private health care graduate loans. The lender offers competitive interest rates and added benefits, and Juno members can qualify for exclusive discounts. 

Laurel Road has programs specifically designed for physicians and other health care professionals. According to the lender, Laurel Road’s refinancing program saves physicians an average of $29,000 over the life of their loan.

Before applying for a loan through Laurel Road, take the time to research its loan options, terms and benefits. 




Laurel Road Student Loan Review: Pros and Cons

Pros

Cons

Parent loans can be transferred to the child

Lower refinancing maximums for associate degree loans

Students can refinance before they graduate

Private student loans not available to all borrowers

Additional discounts for Juno members


Pros 

  • Parent loans can be transferred to the child: With most parent student loans, the parent is solely responsible for repaying the loan and cannot transfer the loan to the child. But Laurel Road offers a workaround; it’s one of the few lenders that allows parents to refinance loans into the child’s name. If the child meets the eligibility criteria, the loan will be transferred to them, eliminating the parent’s responsibility to repay the loan. 
  • Students can refinance before they graduate: Most student loan refinancing lenders require you to wait until after you graduate to refinance your loans. Laurel Road is the exception. Undergraduate and graduate students in health care majors can refinance as early as their final semester of school. To qualify, you must have a signed contract or letter of employment. Laurel Road will even honor up to 12 months of remaining grace periods or in-school deferments. 
  • Additional discounts for Juno members: If you join Juno and apply for a loan from Laurel Road, you can qualify for additional discounts. Juno members can get an extra  0.25% off their interest rate. 

Cons

  • Lower refinancing maximums for associate degree loans: While borrowers with associate degree loans can refinance their loans with Laurel Road as long as they used their loans to pursue a degree in health care, there is a limit on how much they can refinance. Borrowers with associate degree loans can refinance only up to $50,000. 
  • Private student loans not available to all borrowers: While Laurel Road does issue some private student loans, they’re not available to everyone. They’re only for students in select health care disciplines at certain schools. If you are in a different major or attending another university, you’ll have to take out a loan from another lender. 


Laurel Road Review: Private Student Loans

Laurel Road does issue private student loans. However, they’re not for all levels or majors. Laurel Road’s loans are specifically for graduate students pursuing degrees in health care. 

Graduate Loans

To qualify for a graduate student loan from Laurel Road, you must be in one of the following disciplines: 

  • Dentistry (DDS/DMD)
  • Medicine (MD/DO)
  • Nursing (MA/DNP)
  • Physician Assistant (PA)

Laurel Road doesn’t charge origination fees or prepayment penalties, and it offers employment discounts if you secure a job within your field after graduation. 

Laurel Road’s loans can have fixed or variable interest rates, and the lender has four repayment options for graduate student loans: 

  • Full Deferment: With full deferment, you don’t make any payments while in school or during your grace period. 
  • Flat Repayment: If you select flat repayment, you’ll pay $50 per month while in school and during your grace period. 
  • Interest-Only Repayment: The interest-only repayment plan allows you to pay only the monthly interest while you’re in school and during your grace period. 
  • Immediate Repayment: The immediate repayment option has the lowest overall cost of the four plans, but you have to make full payments against the principal and interest while you’re in school. 

Laurel Road Student Loan Refinancing 

To save money, pay off your debt faster or reduce your payments, you can use student loan refinancing as a solution.  

Laurel Road offers refinancing for both students and parents. 

Student Loan Refinancing

With Laurel Road’s refinancing option, you can choose a loan term between five and 20 years. You can select either a variable or fixed interest rate, and you can qualify for autopay discounts. 

To qualify for a loan, you must be a working professional with a degree from a Title IV-accredited institution or be in your last semester with a contract or letter of employment.

Parent Loan Refinancing

Parents also can refinance student loans they took out to pay for their child’s education. To qualify, the child must have attended a Title-IV school. However, Laurel Road will allow you to refinance even if your child hasn’t graduated yet. 

You also can refinance the loan into your child’s name. Going forward, you’ll no longer have any obligation to repay the loan, and it will be listed as paid in full on your credit report. 


Choosing a Lender

Although Laurel Road’s private student loans aren’t available to everyone, it is a top lender with an excellent reputation. Whether you’re looking for a private student loan to pay for your health care graduate program or want to refinance your existing debt to get a lower interest rate, Laurel Road could be a good fit for you. 

The lender has some valuable benefits, including the ability to transfer parent loans to a child and additional interest rate discounts. Plus, Juno members can qualify for an additional 0.25% reduction on their interest rates. It’s completely free to join Juno, and you can complete the process in about a minute. 


Kat Tretina
Written By
Kat Tretina

Kat Tretina is a freelance writer based in Orlando, FL. She specializes in helping people finance their education and manage debt. Her work has been featured in Forbes, The Huffington Post, MarketWatch, and many other publications.

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