Student loans helped pay for your education. Refinancing them could help support your future. As a KeyBank client, you may be able to use Laurel Road to refinance your student loans to pay down your loans faster, save money,1 and stress less.
Who is eligible to refinance their student loan with Laurel Road?
Laurel Road refinances student loans for working professionals with four-year undergraduate and/or graduate degrees from Title IV accredited institutions, as well as for professionals who have an associate degree* in designated professions. Graduate students and undergraduates can refinance student loans as early as their final semester of school, so long as they have a signed contract or letter of employment. We also refinance student loans for parents who took out debt to finance their child’s education. To be eligible for the Parent Student Loan Refinancing Program, the child must have attended a Title IV School but does not need to have graduated. Loan eligibility depends on lending criteria, such as your credit profile, monthly income, and monthly debt payments.
*The applicant must have been employed for a minimum of 12 months in the same field of study of the associate degree. Also, the applicant must either (1) be currently enrolled in and in the final term of the associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive the associate degree or (2) have graduated from a school that is Title IV eligible with an associate degree in the following eligible programs: Cardiovascular Technologist (CVT) Dental Hygiene Diagnostic Medical Sonography EMT/Paramedics Nuclear Technician Nursing Occupational Therapy Assistant Pharmacy Technician Physical Therapy Assistant Radiation Therapy Radiologic/MRI Technologist Respiratory Therapy Surgical Technologist Associate’s in Applied Science (AAS) in any of the above fields
Benefits of Refinancing Your Student Loans
Refinancing student loans could offer several benefits for borrowers, including:
Lower interest rates
You could qualify for a lower interest rate when you refinance, especially if your credit has improved since originally borrowing. Lower interest rates can help you save over the life of the loan.
Lower payments
Refinancing can reduce your monthly payment amount. With a lower interest rate or an extended repayment term, you can potentially decrease your monthly payment obligation.
Easier loan management
Refinancing combines multiple loans into a single loan with one payment, one due date, and one servicer.
Frequently Asked Questions About Student Loan Refinancing
Student loan refinancing is combining multiple smaller student loans into one larger loan. This can include both federal and private student loans.
You should consider refinancing your student loans if you have the potential to save a significant amount of money, meet the qualification requirements (including credit score, credit history, and sufficient income), and have stable finances.
Yes, if they are subsidized or unsubsidized Federal or private student loans that were used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited Title IV U.S. undergraduate or graduate school.
Consolidating student loan debt involves combining multiple loans into one. Refinancing means obtaining a new loan to replace existing loans, often with a lower interest rate. Consolidation focuses on how the payment is made, while refinancing aims to secure better loan terms and potential savings. Consolidation is available for both federal and private loans, but federal loan refinancing will result in the loss of federal benefits.
Learn more about consolidating versus refinancing student loans.
When refinancing student loans, there are two types of interest rates to consider: fixed and variable. Fixed-rate refinancing offers a defined interest rate throughout the loan term, ensuring predictable monthly payments. Variable-rate refinancing comes with an interest rate that can fluctuate over time.
All credit products are subject to credit approval and collateral restrictions may apply.
IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans, you will no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans, which may include, but are not limited to, Public Service Loan Forgiveness, Income-Driven Repayment plans, forbearance, or certain forgiveness options granted to Parent Plus borrowers. Please carefully consider your options when refinancing federal student loans and consult www.studentaid.gov for the most current information.
Laurel Road is a brand of KeyBank, N.A.
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Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.