BorrowStudent LoansLaurel Road Review: Is Laurel Road Safe and Legit?

Laurel Road Review: Is Laurel Road Safe and Legit?

Laurel Road promises they can save you thousands of dollars by refinancing your student loan debt. Is Laurel Road refinancing legit, though?

Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support Smarts by using our links.

Laurel Road promises they can save you thousands of dollars by refinancing your student loan debt. Is Laurel Road refinancing legit, though?

Laurel Road claims to offer low rates, personalized service, and technology that makes refinancing your student loans seamless. Plus, their average customers saves $20,000+ on average over the life of their loans. But if it the right student loan refinancing company for you?

Let’s find out, together in our Laurel Road Student Loan Refinancing review.

If you wanted to refinance your student loans with Laurel Road, they are now offering a $400 refinancing bonus, so act fast.

What is Laurel Road?

Laurel Road Bank is a Connecticut state-chartered bank offering student loan refinancing, mortgages, personal loans, and both consumer and business deposit products. FDIC-insured and established in 2006, Laurel Road Bank has helped thousands of professionals with graduate and undergraduate degrees to refinance and consolidate over $3 billion in federal and private school loans. Laurel Road also maintains bank branches in Darien, Rowayton, and Southport, Connecticut.

Laurel Road Bonus

If you wanted to refinance your student loans with Laurel Road, they are now offering a
$400 refinancing bonus, so act fast. Just fill out your 3-minute application to check your rate!

Who is Laurel Road Best For?

Laurel Road is best suited for those that would want to work with a trusted company that has been around for 14 years. They have a lot of options for students and other individuals that are looking for refinancing or consolidating student loans. The entire loan process can be done from the comfort of your own home. Laurel Road is a great option for those that have an average credit score and you’re looking for a lot of options in terms of student loans refinancing or consolidation.

Laurel Road Services Offered

Auto Payment, Career Support, Cosigner Option

Laurel Road Features

Refinance and Consolidation.
As an innovator in the exciting world of Fintech, Laurel Road is focused on creating seamless, personalized experiences for its customers. From student loan refinancing to mortgages to personal loans, we offer online financing solutions with honest, competitive rates and clear terms that help simplify financial decision-making.
They strive to be a trusted financial partner by supporting our customers at every financial milestone, with the technology and simplicity they expect from a digital innovator, and the transparency and security they deserve from a bank.

Laurel Road Student Loan Refinancing Rates

Student Loan Refinance: 2.80% APR – 7.02% APR

  • Student Loan Refinance Variable Rates: 2.80% – 5.90% APR
  • Student Loan Refinance Fixed Rates:  3.37% – 7.02% APR

They have interest rates as low as 2.80% – 5.90% for variable APR and 3.37% – 7.02% for fixed APR.

Laurel Road In-School Loans

Private Student Loans: 3.83% APR – 8.91% APR

  • Private Student Loans Variable Rates: 3.83% – 6.81% (5 years)
  • Private Student Loans Fixed Rates:4.50% – 7.22% (5 years)

Laurel Road Loan Length

Loan Length: 5, 7, 10, 15, 20

You can get a loan through them for a 5, 7, 10, 15, or 20-year term. Speak to one of their representatives to figure out the best loan length that works for you.

Laurel Road Loan Amounts

The company currently offers loans between $5,000 and $100,000

Laurel Road Eligibility

To qualify for this loan, you will need to be able to prove that you have an adequate income to pay off the loan and an average credit score.

Laurel Road Pros:

  • Unemployment protection up to 1 year
  • Offers a number of options to help you
  • Reduce APR by 0.25% when you sign up for automatic payments
  • No origination fee or prepayment penalty

Laurel Road Cons:

  • Charges a late fee of $28 or 5% of the missed payment
  • Charges a $20 fee for a non-sufficient fund returned payment

Laurel Road Referral Program

Share Laurel Road and get $400 for every referral.

You can earn up to $400 when you refer your friends and they refinance their student loan with us.

They have an easy-to-use slider lets you determine how much you and your friend will earn.

Refer a friend today – you don’t have to be a Laurel Road customer to participate!

Is Laurel Road Safe?

Laurel Road has an A+ Rating on the BBB page. They also have 3 customer reviews with an average of 1/5 stars.

More Laurel Road Info:

BBB File Opened: 3/17/2015

Years in Business: 14

Business Started: 2004

Business Incorporated: 2004 in DE

Type of Entity: Corporation

Laurel Road Headquarters: 1001 Post Rd, Darien, CT 06820-4553

Laurel Road Contact Information:

Laurel Road Phone Number

  • (855) 245-0989

Why Should You Refinance Your Student Loan Debt?

In case you’re wondering why someone would refinance student loan debt, here are the top reasons:

1. It’s simple to check your rate and can save you a lot of money

There are a lot of competing student loan companies and that’s good for you. That means you can get the best possible interest rate which can save you a lot of money. The average user saves $18,668 when refinancing. You can check your rate for all of the lenders on this page in under 3 minutes.

2. If you have a high interest rate on your student loans

Fortunately, for many graduates, refinancing can be a great opportunity to help with loan payments. If you have federal or private student loans with an interest rate over 4%, then refinancing them will save you a lot of money. Student loans with 6.8% interest rates mean that you’ll need to pay $586 a month in interest alone for every $100,000 you owe. You could also refinance your student loans to a longer term to help lower your monthly payments.

3. If you don’t qualify for public student loan forgiveness

Public student loan forgiveness (PSLF) was created in 2007 in order to encourage graduates to pursue full-time work in public sectors including nonprofits and government organizations. If you are working in one of these fields, and have been consistent with your payments, it’s best to weigh your options and see if refinancing or PSLF will save you more money over the life on your student loan.

4. Have more questions?

If you want to learn more about student loans before refinancing student loans with Laurel Road, here are some good student loan resources to consider:

Check your rate without a hard credit check
College Ave Student Loans
4.5

College Ave offers private student loans with multiple repayment options. Apply online in 3 minutes and get an instant credit decision. No application, origination, or disbursement fees.

Pros:
  • Min credit score: Mid 600s
  • Fixed APR: 3.24-13.59%
  • Variable APR: 0.94-12.99%
VIEW RATES
Brian Meiggs
Brian Meiggs
Founder of Smarts, Brian is an entrepreneur and investor who enjoys working out, reading, spending time with his family and friends, playing chess, traveling and creating great content. He’s passionate about helping others make smarter money moves and achieve financial freedom. He uses the free Personal Capital app to manage his cash flow and net worth.
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments