Laurel Road Reviews for Student Loan Refinancing

If you're looking for Laurel Road reviews then you're in the right place. Laurel Road refinances federal and private student loans, but is Laurel Road worth it for you?

Refinancing with Laurel Road can help you save on your student loans by reducing your student loan rate. You could save thousands over the life of your loans. We'll learn more in our Laurel Road review for 2020.

Interest Rates

Fixed: 3.50% – 7.02% APR

Variable 2.43% – 6.65% APR

includes autopay discount of 0.25%

Loan Length

5, 7, 10, 15, or 20 years

Services Offerred

Refinance and Consolidation

Features

Auto Payment, Career Support, Cosigner Option

Beat Student Loans Review

★★★★★

Laurel Road Review

With Laurel Road, refinancing your student loans is a simple, seamless and personalized process. Discover your rate options online in only three minutes – no hard credit pull required.

  • Best For: Laurel Road is best suited for those that would want to work with a trusted company that has been around for 11 years. They have a lot of options for students and other individuals that are looking for refinancing or consolidating student loans.  The entire student loan refinancing process can be done from the comfort of your own home.
  • Interest Rates: They have interest rates as low as 3.50%. You can get your custom rate in 3 minutes or less by visiting Laurel Road.
  • Loan Length: 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.
  • Amount: The company currently offers loans between $5,000 and $100,000.
  • Criteria: To qualify for this loan, you will need to be able to prove that you have an adequate income to pay off the loan. You will also need a minimum credit score of 660. Please website the Laurel Road website representative to check your rate and see if you are pre-qualified in minutes.

Laurel Road Referral

Visit this $100 Laurel Road Referral Link to start your student loan refinancing application (you must apply through this link to receive a $100 bonus). 

No impact to your credit score.

Laurel Road Reviews: Pros/Cons

Laural Road Rates

laurel road reviews

Visit Laurel Road and Find Your Rate in Under 3 Minutes

Before deciding on which student loan lender you want to use, compare multiple student loan refinance options to ensure you find the lowest rate for you.

In addition to finding lower rates, be weary of the payment options, flexibility, and other features they offer.

If you’re ready to refinance, you can apply on Laurel Road’s website.

Claim $100 bonus (must submit an application)

Check your rates today—with no impact to your credit score!

Laurel Road Alternatives

LenderAPR RangesDetails
refinance student loans2.25% to 6.65%

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Laurel Road Details

  • Loan Types: Variable and Fixed
  • Terms: 5, 7, 10, 15, 20
  • Eligible Degrees: Undergrad and Graduate
  • Eligible Loans: Private and Federal
    refinance student loans2.02% to 7.09%

    Check Now

    Commonbond Details

    • Loan Types: Variable and Fixed
    • Terms: 5, 7, 10, 15, 20
    • Eligible Degrees: Undergrad and Graduate
    • Eligible Loans: Private and Federal
    earnest
    1.81% to 6.49%

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    Earnest Details

    • Loan Types: Variable and Fixed
    • Terms: 5 – 10
    • Eligible Degrees: Undergrad and Graduate
    • Eligible Loans: Private and Federal
    lendkey2.01% to 8.88%

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    LendKey Details

    • Loan Types: Variable and Fixed
    • Terms: 5, 7, 10, 15, 20
    • Eligible Degrees: Undergrad and Graduate
    • Eligible Loans: Private and Federal
    sofi1.81% to 5.74%

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    SoFi Details

    • Loan Types: Variable and Fixed
    • Terms: 5, 7, 10, 15, 20
    • Eligible Degrees: Undergrad and Graduate
    • Eligible Loans: Private and Federal

    Laurel Road Eligibility Requirements

    Now in 2019, more than ever, various private lenders are helping student loan borrowers refinance at lower rates and save thousands of dollars in interest — that is, borrowers with good credit.

    Before you decide if student loan refinancing is right for you, you should check to see if you would qualify.

    Here are some common eligibility requirements:

    Good Credit Score

    Each lender will have a different credit score requirement, but typically you'll want to have a credit score of 700 or above.

    Have a college degree

    You should have graduated with an associates’ degree or higher from a Title IV school.

    Employed

    Most lenders require that you are employed or have sufficient income from other sources, or have an offer of employment to start within the next 90 days.

    Good Repayment history

    You'll want to be current on your bills, credit cards, and other loans, including student loans.

    *Once you have determined that refinancing your student loans is right for you, we would recommend reviewing your credit report. You can get your credit report for free by using AnnualCreditReport.com or Credit Sesame. If there are any discrepancies on the report, dispute them. This could improve your score and, in turn, improve the terms of the loan.

    Eligibility Requirements for Student Loan Refinancing

    Company
    Minimum Credit Score
    Minimum Student Loan Debt Amount
    Maximum Student Loan Debt Amount
    Minimum Income Requirements
    Proof of Employment & Diploma Required
    Company Website
    CommonBond Refinance Student Loans
    700
    $5,000
    $500,000
    None
    Yes
    VISIT SITE
    Earnest Refinance Student Loans
    Good
    $5,000
    No Max
    $24,000/year
    Yes
    VISIT SITE
    660
    $5,000
    No Max
    None
    Yes
    VISIT SITE
    SoFi Refinance Student Loans
    Good
    $5,000
    No Max
    None
    Yes
    VISIT SITE
    LendKey Refinance Student Loans
    Good
    $5,000
    Undergraduate:$125,000
    Graduate: $250,000
    Medical: $300,000
    $24,000/year
    Yes
    VISIT SITE

    Should You Refinance with Laurel Road?

    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.

    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.

    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.

    How Much Can You Save on Student Loans?

    Company
    Average Monthly Savings
    Average Savings (Yearly/Lifetime)
    Auto Pay Discount
    Fees or Penalties
     
    CommonBond Refinance Student Loans
    $288/month
    $22,359
    Yes – .25%
    None
    VISIT SITE
    Earnest Refinance Student Loans
    $192/month
    N/A
    Yes – .25%
    None
    VISIT SITE
    N/A
    $20,195
    Yes – .25%
    None
    VISIT SITE
    SoFi Refinance Student Loans
    $288/month
    $22,359
    Yes – .25%
    None
    VISIT SITE
    LendKey Refinance Student Loans
    $191/month
    $16,657
    Yes – .25%
    None
    VISIT SITE

    Student Loan Refinancing FAQs

    Consolidation simply means combining multiple student loans into one loan, but you get different results by consolidating with the federal government vs. consolidating with a private lender. Student loan refinancing is when you apply for a loan under new terms and use that loan to pay off one or more existing student loans.

    The biggest benefit of refinancing your student loans is receiving a lower interest rate than your previous student loans carried, which will save you a lot of money over time. 

    To get a list of your federal student loans, go to the National Student Loan Data Services website maintained by the U.S. Department of Education.

    99% of all federal student loans are listed on the National Student Loan Data Services website. If a particular student loan is not listed there, it is most likely a private student loan.

    Set up an automatic direct debit from your checking account to make the monthly payments on your loans. Borrowers with auto-debit are much less likely to miss a payment. Many lenders offer discounts for borrowers who set up auto debit. Federal loans offer a 0.25% interest rate reduction while private student loans often offer a 0.25% or 0.50% interest rate reduction for the remainder of the repayment period. Some lenders will require electronic billing to get the discount.

    There are hundreds of companies out there that will help you refinance your student loans, but a select few rank above the rest. The five best, are SoFi, Laurel Road, Commonbond, LendKey, and Earnest. All 5 of these companies offer competitive rates with a variety of term lengths, ranging from 5 years to 20 years.

    The actual interest rate you will receive is based upon your credit score, income, savings, degree type, and/or presence of a co-signer. To increase your chances of getting approved and receiving the lowest interest rate, it is recommend applying with a co-signer.

    Yes. Student Loan Debt Relief Companies and Student Loan Debt Law Firms are very different.  Student loan companies are often in the news for scamming student loan borrowers.  On the other hand, debt relief attorneys are held to specific ethical and legal standards to act in their clients’ best interest.  If they don’t follow these standards, they will be disbarred.

    If you are solicited by a student loan debt company – BEWARE!  This is a red flag and means they probably obtained your information from a list that they bought.  Most of these companies are just out to make a buck and don’t really care about your personal student loan debt struggle.

    If you have private and federal loans, SoFi may be your best bet, as they will refinance both loan types together. It is important to apply to several different lenders. Odds are not all of them will offer the same interest rate and terms, so shop around and get the best deal you can find. You can check your rate in under 3 minutes.

    • Make an overall budget for your monthly income and expenses to include your student loan payments.  Make sure you have all payment due dates noted. Use a spreadsheet or an app to help you track where and how you spend your money.
    • Set up automatic payments for your student loans, so you don’t miss any. Some lenders often a small discount on your interest rate if you set this up.
    • Accelerate repayment of high interest student loans first.  You always want to tackle high-interest loans of any kind first.

    Student Loan Articles & Resources For You

    Best Student Loan Refinancing Lenders

    Company
    Variable Rates (APR)
    Fixed Rates (APR)
    Eligible Degrees
    Company Website
    CommonBond Refinance Student Loans
    2.76% – 7.03%
    3.18% – 7.25%
    Undergrad
    & Graduate
    VISIT SITE
    Earnest Refinance Student Loans
    2.55% – 6.97%
    3.89% – 7.89%
    Undergrad
    & Graduate
    VISIT SITE
    LaurelRoad
    2.80% – 5.90%
    3.37% – 7.02%
    Undergrad
    & Graduate
    VISIT SITE
    SoFi Refinance Student Loans
    2.58% – 7.07
    3.25% – 7.25%
    Undergrad
    & Graduate
    VISIT SITE
    LendKey Refinance Student Loans
    2.56% – 7.94%
    3.15% – 8.12%
    Undergrad
    & Graduate
    VISIT SITE