Laurel Road Student Loan Refinancing Review

By Mentor Staff | Edited By Mentor Staff

Updated On January 25, 2022

Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.

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Laurel Road is a top lender to refinance student loans, including both federal student loans and private student loans. Laurel Road, formerly known as Darien Rowayton Bank (DRB), will refinance student loans for doctors and dentists and offers some of the lowest rates and most flexible loan terms.

In this Laurel Road student loan refinancing review, we will discuss:

Laurel Road student loan refinancing: Rating

Best For: Laurel Road is best for doctors and dentists who want to refinance student loans while in residency.

Overview

Variable APR:
1.89% - 5.90%
Fixed APR:
2.99% - 6.00%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes

Laurel Road student loan refinancing: Pros and Cons

Pros:

  • Ability to refinance student loans while in medical or dental residency
  • Refinance Parent PLUS Loans in your name
  • Student loan refinancing available in all 50 states, Washington, D.C. and Puerto Rico

Cons:

  • Cannot postpone student loan payments if you return school

Laurel Road student loan refinancing: Overview

Laurel Road is a leading lender for student loan refinancing and is based on Connecticut. Formerly known as DRB, Laurel Road refinances both federal and private student loans. Laurel Road focuses on borrowers with excellent credit, including doctors and dentists. Laurel Road has flexible repayment options, low rates, no application fees, no minimum income requirement and is available in all 50 states plus Washington, D.C. and Puerto Rico.

Advantages of Refinancing With Laurel Road

Here is what we like about Laurel Road student loan refinancing:

  • Laurel Road will temporarily pause your student loan payments for up to 12 months if you lose your job or face other financial hardship.
  • You can refinance Parent PLUS Loans, even if your child did not graduate.
  • Co-signer release is offered after 36 months of on-time payments

Drawbacks of Refinancing With Laurel Road

Laurel Road can improve in these key areas:

  • Offer more than 12 months of forbearance.
  • Refinance student loans for borrowers without a degree.

Laurel Road student loan refinancing review: Details

How to refinance student loans with Laurel Road:

You can check your new interest for free in two minutes with no impact to your credit score. If you like your interest rate, you can apply online to refinance your student loans with Laurel Road. The application comes about 10-15 minutes to complete.

Get My Rate

* Checking your rate does not affect your credit score.

Is Laurel Road student loan refinancing right for you?

Laurel Road student loan refinancing may be right for you if:

  • You have a credit score of at least 660
  • You have stable and recurring monthly income
  • You are a dentist or doctor with a high student loan balance
  • You want a lower interest rate
  • You have Parent PLUS Loans and want a lower interest rate, even if your child did not complete a degree

Laurel Road is a great option for borrowers who want a lower interest rate and want to refinance federal student loans, private student loans or both. Laurel Road has low rates, flexible repayment options, and no origination or application fees. With Laurel Road, you can pay off student loans with no prepayment penalties. You can also refinance student loans to remove a co-signer. To qualify, you will need a minimum credit score of 660 and stable monthly income. However, you can also qualify if you are a doctor or dentist in residency, or if you’re in your year of college. Finally, Laurel Road refinances Parent PLUS Loans, including if your child did not complete a degree.

Get My Rate

* Checking your rate does not affect your credit score.

Top Picks For Student Loan Refinancing

May 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
1.74% - 7.99%
3.49% - 7.99%
1.74% - 7.99%

View Details

on SoFi's website

Overview

Variable APR:
1.74% - 7.99%
Fixed APR:
3.49% - 7.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 7.99%
2.74% - 7.99%
1.74% - 7.99%

View Details

on Earnest's website

Overview

Variable APR:
1.74% - 7.99%
Fixed APR:
2.74% - 7.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except KY or NV
Hardship Deferment:
Yes
Co-signer Option:
No
1.74% - 7.99%
2.74% - 7.99%
1.74% - 7.99%

View Details

on NaviRefi's website

Overview

Variable APR:
1.74% - 7.99%
Fixed APR:
2.74% - 7.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,001 ($10,001 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
1.86% - 6.01%
2.73% - 5.99%
1.86% - 6.01%

View Details

on ELFI's website

Overview

Variable APR:
1.86% - 6.01%
Fixed APR:
2.73% - 5.99%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$15,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 8.70%
1.99% - 8.63%
1.74% - 8.70%

View Details

on Splash's website

Overview

Variable APR:
1.74% - 8.70%
Fixed APR:
1.99% - 8.63%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 20 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
Yes
1.99% - 8.38%
3.74% - 8.63%
1.99% - 8.63%

View Details

on Citizens' website

Overview

Variable APR:
1.99% - 8.38%
Fixed APR:
3.74% - 8.63%
Minimum Credit Score:
Not disclosed
Minimum Income:
$24,000
Fees:
No prepayment or origination fees
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.89% - 5.90%
2.99% - 6.00%
1.89% - 6.00%

View Details

on Laurel Road's website

Overview

Variable APR:
1.89% - 5.90%
Fixed APR:
2.99% - 6.00%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.90% - 5.25%
2.49% - 7.75%
1.90% - 7.75%

View Details

on LendKey's website

Overview

Variable APR:
1.90% - 5.25%
Fixed APR:
2.49% - 7.75%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes
-
4.44% - 8.48%
4.44% - 8.48%

View Details

on ISL's website

Overview

Variable APR:
-
Fixed APR:
4.44% - 8.48%
Minimum Credit Score:
670
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except OR and ME
Hardship Deferment:
Yes
Co-signer Option:
Yes

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