NEW YORK, July 30, 2019 /PRNewswire/ -- Laurel Road announces the launch of their graduate loan products on their award-winning platform to help students easily fund their degrees. With a customer-centric, online experience, the application is simple and well-suited to students' needs, with highly attractive rates, repayment plans and loan terms.
Graduate students take out about 40% of federal student loans1, and the average amount borrowed has jumped by more than $30,000 since 1989, according to a study by the Brookings Institute2. By applying for a low-rate loan while still attending their graduate program, students could decrease the overall costs of their graduate school educations. With Laurel Road's graduate school loan product, students can choose to start full, partial or minimum payments during school, or defer payments until after the grace period post-graduation, based on their needs.
Laurel Road has originated over $4 billion in student loan refinancing through their customer-driven digital platforms. The student loan platform has been expanded to now provide an end-to-end experience from application to loan funding for graduate students with flexible loan options.
"Our goal at Laurel Road is to help millennials with all their financial milestones, and this generation faces the uphill battle of paying off their student debt just as they enter their adult lives and look to achieve financial independence," said Alyssa Schaefer, Chief Marketing Officer and Head of Product Experience for Laurel Road. "With student debt, establishing a plan and responsible habits early can result in meaningful savings down the line. Our graduate loan products were specifically designed to give students in the healthcare, law and business fields a head-start on savings with low rates and help them reach their financial goals sooner."
Product features for Laurel Road's graduate student loans include:
- Attractive rates – Laurel Road's personalized, low rates offer graduate students meaningful potential savings.
- Fixed & variable loan terms – Based on their needs, borrowers can set their loan term to 5, 7, 10, 15 or 20 years.
- Flexible repayment options – Borrowers can choose from four repayment plans to best align with their unique financial situation:
- Immediate Repayment: borrowers start making full payments right away
- Flat Payments: borrowers pay a flat $50 a month while in school and throughout the grace period
- Interest-Only Payments: borrowers pay only monthly interest accrued while in school and throughout the grace period
- Full Deferment: borrowers are not required to make payments while in school or during the grace period
- No origination or early repayment fees – For added savings, Laurel Road's graduate student loans require no origination or early repayment fees.
- Quick and easy online application – Borrowers select their school from the eligible school list, then only need a government-issued ID or driver's license to apply and are guided through the quick online process to determine their customized rate and select their loan term.
- Direct payment to school – Laurel Road's proprietary platform disburses funds directly to the school for fast payment.
For more information on Laurel Road's graduate school loans, including terms and conditions, please visit www.laurelroad.com/graduate-school-loans/.
About Laurel Road
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products, mortgages and personal loans that helps simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation's largest bank-based financial services companies. For more information, visit www.laurelroad.com. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. The mortgage product is not offered in Puerto Rico. KeyBank is a Member FDIC, Equal Housing Lender. NMLS ID # 399797.
KWT Global for Laurel Road
1 College Board. "Trends in Student Aid". 2018.
2 Brookings Institute. "Is a Student Loan Crisis on the Horizon?". June 2014.
SOURCE Laurel Road