Laurel Road, a Division of Darien Rowayton Bank, was founded in 2006. The bank, based out of Connecticut, has expanded out of its original location to offer nationwide services thanks to their ongoing efforts to create a strong online presence. Laurel Road has quickly become a national mainstay in the student loan industry, especially amongst recent graduates and younger demographics who require some assistance with elevated levels of debt. The bank’s customer-centric focus has guided them in creating credit services that offer some of the lowest rates available in the market to go with friendly terms and flexible repayment options.
Their services make it an ideal partner for young, recent graduates who are looking for sustainable ways to pay their student loans while building their careers. Moreover, they are able to offer low rates that are ideal for graduates who are looking to avoid overpaying interest on their existing loans.
Laurel Road offers a streamlined loan service for its customers. Their focus on student loans and recent graduates means that their services are designed to make borrowers’ lives easier. Their interest rates are incredibly low because the company prefers to work with lower-risk borrowers who generally already have good credit standing.
Laurel Road also has a number of unique services if you are medical professional. This includes a residency and fellowship repayment option that allows you to pay just $100 per month until you become an attending physician.
One of the best things about Laurel Road is the company’s inclusion of forbearance, deferment, and loan forgiveness in their loan terms. If you unexpectedly lose your job, or become disabled, Laurel Road can help by deferring payments for up to three months at a time. In some extreme cases, they are even willing to completely forgive your loan, though this is usually the result of death or an extreme circumstance. Another perk offered by Laurel Road is their discount program, which you can qualify for by signing up for electronic fund transfers. Even better, Laurel Road offers a $300 bonus if you refer someone to one of their loan services, and there is no limit to the number of times you may refer borrowers or receive the benefits.
Laurel Road clearly displays their repayment terms, rates, and other important details on their website, making it easy to find all the important details you need when exploring refinancing. If you have more questions, the bank offers in-person consultations at any of their locations in Connecticut. Furthermore, if you want to access even better repayment terms and rates, you can also include a co-signer in your application.
Another major positive for Laurel Road is their loan amounts, which start from a minimum of $5,000 but can reach as high as the full amount of your outstanding student loans. Laurel Road can help you refinance both private student loans and Federal loans, they also offer unsecured personal loans. The bank does note that for Federal loan refinancing, you will lose access to benefits such income-based repayment and pay-as-you earn programs.