Laurel Road Legal Disclaimer

1. A $300 cash bonus is offered on new student loan refinance applications of balances between $50,000 and $99,999.99 from active ODs on Finance readers. A $1000 cash bonus is offered on new student loan refinance applications of balances equal to or greater than $100,000 from active ODs on Finance readers. The loan application must close in order to qualify for the bonus which will be paid within 45 days of closing. Existing Laurel Road members are not eligible. This offer cannot be combined with any other discounts from Laurel Road affiliated partners or employers nor the Student Loan Refer-a-Friend Program.
2. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
3. Effective February 1, 2022, you must open a Laurel Road Checking account simultaneously while refinancing your student loan with Laurel Road by 06/30/22 at 11:59 p.m. (ET) and make one or more qualifying direct deposits via an Automated Clearing House (ACH) transaction into the Laurel Road Checking account totaling at least $2,500 within the first 60 days after account opening to receive the $300, which will be deposited into your account within 60 days of meeting requirements. Click here for current Laurel Road Checking Rates. Normal account service charges and miscellaneous charges may apply to the Laurel Road Checking, which may reduce earnings. Qualifying ACH direct deposit transactions include most payroll, Social Security, pension and government benefits deposits. Limit one bonus per qualifying account and per individual. If you were the primary owner on any Laurel Road checking account within the prior 24 months before opening the new checking account, you are not eligible for the bonus offer. The value of the bonus will be reported to the IRS on Form 1099-INT. If you close your account within the first 180 days of account opening, you will be charged a $25 account early closure fee. Accounts overdrawn or closed at the time of bonus payment are not eligible. Offer is subject to cancellation without notice and cannot be combined with any other bonus offer. Laurel Road is not responsible for, and will not honor, promotional offers that appear on third-party websites that are not authorized by Laurel Road.
4. The Laurel Road Checking discount is available to borrowers who open a Laurel Road Checking account simultaneously while refinancing their student loans with Laurel Road. You may also be able to utilize a checking account opened simultaneously with a prior Laurel Road student loan refinance to obtain a discount on your new Laurel Road student loan refinance. Borrowers will receive a 0.25% rate discount for their first three monthly billing cycles. Starting with the fourth billing cycle and continuing with each billing cycle thereafter, the rate discount applied to each billing cycle will be based on the amount deposited via qualifying Automated Clearing House (ACH) transactions into the Laurel Road Checking account during the preceding calendar month; 0.25% for deposits between $2,500 and $7,499 per month and 0.55% for deposits $7,500 or greater per month. To continue to receive the discount for the fourth billing cycle, you must begin making qualifying ACH deposits to your Laurel Road Checking account during the second month after your loan funds. Note that the discount is only available to the primary checking account owner and is not available to a joint checking account owner. If the primary account owner is no longer an owner on the checking account or the account is closed, the discount on their student loan will cease. Discounts subject to change without notice and cannot be combined with the Laurel Road Linked Savings discount. For more information on the Laurel Road Checking Account visit Click here for more information on the Laurel Road Checking account and student loan rate discounts.
5. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for forbearance of payments for one or more 3-month time periods (however, a minimum of twelve (12) months are required between any two forbearance periods). Borrowers with a loan term of at least ten (10) years are eligible for up to twelve (12) months of forbearance over the life of the loan; borrowers with a loan term less than ten (10) years are eligible for one (1) month for every year of the loan term (e.g., if a borrower’s loan term is five (5) years they are eligible for up to five (5) months of forbearance over the life of the loan). Borrowers seeking an economic hardship forbearance due to unemployment must have made twelve (12) consecutive monthly payments prior to a forbearance request to be eligible. For any other forbearance due to economic hardship, borrowers must have made nine (9) consecutive monthly payments prior to a forbearance request to be eligible. All requests for forbearance are subject to review, including the review of acceptable documentation (including updating documentation) of the nature and expected duration of the borrower's economic hardship. During any period of forbearance, interest will continue to accrue. Unless otherwise noted, at the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principal amount of the loan.
6. AutoPay/EFT Discount: if the borrower chooses to make monthly payments automatically by electronic fund transfer (EFT) from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the borrower’s bank account. The AutoPay/EFT Discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Estimated Student Loan Payment Examples

Assumptions: Repayment examples below assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include any discounts.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the 30-day Average Secured Overnight Financing Rate (“SOFR”) and changes in the SOFR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%. There is no limit on the amount your interest rate can increase at one time. The Index is currently published by the Federal Reserve Bank of New York (“New York Fed”). If the Index is no longer available, it will be replaced by a replacement Index according to the terms of the promissory note.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of March 1, 2022. Information and rates are subject to change without notice.