Laurel Road. It is uncommon to find graduate and professional student loans with competitive interest rates, even in federal student loans for graduate interest is also high. This means that Graduate and professional students loans are always with high-interest rates. Choosing from Laurel road to cover up your finance for your master’s or professional degree could be the best alternative to federal student loans for graduates. They extend their lending service only to graduate student borrowers with low-interest loans for the student in selected schools. Laurel Road loans are flexible in terms of repayment and valuable interest rate discount. Thus, this could be the best affordable option to cover up expenses for your degree.
Despite how affordable and low-interest rates, not everybody will be eligible for their loan. The “what you should know” section will show us what then you should know before you apply for a loan on Laurel road
WHAT YOU SHOULD KNOW
- Do you know that Laurel Road offers room for multiple repayment options and loan terms are available? However, Laurel Road offers five loan terms within the range of five to 20 years longer. Aside from that, the repayment options are multiple such as full deferment which is obtainable when you are in school. Ensure you choose a loan term and repayment plan that works for your budget.
- Do you know that Laurel Road is known to offer loans with low-interest rates? For its fixed rates, it has rates as low as 3.20% and a maximum of 7.02% even in cases of autopay discount. It is not bad since federal loans for graduate has high rate up to7.08%.
- It offers employment and autopay discounts. You may get basically two interest rate discounts. They include a 0.25% discount for signing up for auto-payments and a 0.25% discount when you graduate and secure employment. Having both interests to your advantage will lower your interest rate by 0.50%.
- Do you know that it is only desired for students enrolled in graduate and professional programs? There are only available for graduate and professional students in selected programs at eligible schools.
- Laurel Road student places no guarantee for a lower interest rate with co-signer. In some circumstances, you may need a co-signer to get approved for a loan especially when you don’t meet its credit requirement. But on a normal level, interest rates are not high without co-signers.
- There is no standard for the co-signer release. Even at the venture of adding a co-signer to boost your eligibility, it does not create a special standard to release co-signer.
Like I mentioned earlier, there are a set of programs that are eligible for this graduate student loans.
There are as follows:
- Firstly, Business (MBA)
- Secondly, Dentistry (DO/DDS/DMD)
- Thirdly, Engineering
- Also, Law (JD)
- Then, Medicine (MD)
- Nursing (MA)
- Nursing (DNP)
- Physician’s Assistant (PA)
Laurel Road Graduate Student Loans
Laurel Road’s loans are free from any form of application or origination fees or prepayment penalties. This platform allows borrowers to borrow up to the total cost of attendance aside from the amount of other financial aid you will receive.
The rates available are fixed and variable interest rates, with a loan term of five which are; five, seven, ten, fifteen, and twenty years. This is far longer compared to what you would get from a federal student loan. The more the payment length, it will lessen the monthly payment and make it affordable.
Discounts await you when you graduate and get a job, giving you a discount of 0.50% – each of them is a 0.25% discount.
The below is a table for Laurel Student Loans, Rates, and Terms
|LAUREL STUDENT LOANS RATES AND TERMS|
|Variable Rates||1.99% to 6.65%|
|Fixed Rates||3.20% to 7.02%|
|Loan Amounts||Up to the total cost of attendance|
|Loan Terms||Five, seven, 10, 15, and 20 years|