Laurel Road Launches Student Loan Freedom Solution

First of its kind offering will help borrowers take control of student loans, the second largest debt category in the U.S.

NEW YORK, July 10, 2024 /PRNewswire/ -- Today, Laurel Road, a digital banking platform and brand of KeyBank, announced the launch of Laurel Road Student Loan Freedom^℠, an enhanced suite of student loan solutions designed to help student loan borrowers manage all their options in one place, including repayment, forgiveness and refinancing. Laurel Road Student Loan Freedom^℠ includes a Public Service Loan Forgiveness (PSLF) and Income-Driven Repayment (IDR) Counseling Membership, as well as the new Laurel Road Freedom Plus Checking^℠ account, which helps student loan borrowers track student loan payments and their path to PSLF or IDR forgiveness.

As the second largest debt category in the United States, student loans continue to impact millions of Americans. Given the recent and ongoing changes to federal PSLF and IDR programs, understanding and navigating student loan repayment can be complex. Through this new solution, Laurel Road can offer peace of mind for borrowers and helps its members tackle student loan debt, further establishing the brand as a trusted financial partner at every financial milestone.

"We're thrilled to announce the expansion of our student loan services to help borrowers manage repayment and forgiveness options in one place through our unique suite of solutions," said Alyssa Schaefer, General Manager & Chief Experience Officer at Laurel Road. "Our goal is to provide members with timely information, up to the minute tracking of their student loan repayment and forgiveness progress, and the ability to manage other financial activities in one place. We are confident that this new offering will have a substantial positive impact on a borrower's journey to financial well-being." 

Beginning with a free consultation, Laurel Road's team of experienced, dedicated student loan specialists work one-on-one with borrowers to determine a personalized plan for gaining freedom from student loan debt. Laurel Road's new forgiveness counseling membership is a cutting edge offering for those eligible for PSLF or IDR. And with the new Laurel Road Freedom Plus Checking^℠ account, members can access a unique forgiveness tracking capability which provides valuable student loan data and visualizations to help them manage their debt and stay on track toward forgiveness. Laurel Road Freedom Plus Checking^℠ also offers the convenience of a mobile banking app with Zelle^®, online bill pay, mobile check deposit, and more.

Through ongoing PSLF/IDR counseling, Laurel Road Student Loan Freedom^℠ also helps members track progress toward forgiveness year after year with an annual audit, regular reviews of eligible and qualifying payments, and helps them manage employer and program requirements.

"Laurel Road Student Loan Freedom^℠ is the first and only student loan debt solution on the market that provides borrowers with personalized counseling from a real human expert – in addition to a digital platform and tools to help them navigate their student loans," said Chris Hahn, Head of Product at Laurel Road. "By integrating our white glove counseling service with our full-service digital checking account and the security of a national FDIC-insured bank, we enhance value and convenience for our members, empowering them to achieve financial freedom more efficiently."

The introduction of the Laurel Road Student Loan Freedom^℠ solution marks a significant stride toward easing the burden of student loan debt. Powered by custom technology and banking expertise, Laurel Road Student Loan Freedom^℠ includes personalized counseling, robust tracking capabilities and financial incentives to empower borrowers to effectively manage their loans. As the first bank offering this capability, this comprehensive approach underscores the brand's dedication to delivering innovative financial solutions for evolving challenges.

To learn more about Laurel Road Student Loan Freedom^℠ or to sign up for a free consultation, visit laurelroad.com/student-loan-freedom.

About Laurel Road
Laurel Road is a digital banking platform and brand of KeyBank that provides tailored offerings to support the financial wellbeing of healthcare and business professionals. Laurel Road's banking and lending solutions – including Checking and High Yield Savings accounts, Student Loan Forgiveness Counseling, Student Loan Refinancing, Mortgages, Personal Loans, and more – provide our members with a simplified, personalized experience that helps them better navigate their financial journey with ease.

Laurel Road has reimagined banking and financial management for physicians and dentists through Laurel Road for Doctors, a tailored digital experience made up of banking, insights, and exclusive benefits to provide the financial help and peace of mind they need through each career stage. In spring of 2022, Laurel Road also launched Loyalty Checking, the first checking account designed with nurses in mind, furthering the company's commitment to healthcare professionals. Visit www.laurelroad.com for more information.

CONTACT: [email protected]

SOURCE Laurel Road