The flexible repayment options and low rates help students save on their education
How to fix student-loan debts, easily? Laurel Road launches its graduate loan products to solve this billion-dollar question. Through their award-winning digital platform, the company helps students to easily fund their degrees. This simple application offers the customer-centric, online experience of well-suited students’ needs, such as highly attractive rates, repayment plans, and loan terms.
Originating student loans in 2013, Laurel Road’s goal is to help millennials with all their financial milestones. To date, the company has helped thousands of professionals with undergraduate and postgraduate degrees.
To make students achieve their financial independence, Laurel Road has shouldered with over $4 billion in student loan refinancing through their customer-driven digital platforms. The student loan platform has been expanded to bolster graduate students with end-to-end funding solutions from the application to loan funding with flexible loan options.
Laurel Road’s product features loan-friendly solutions:
- Attractive rates – Graduate students can utilize personalized, low rate options to offer meaningful potential savings.
- Fixed & variable loan terms – Based on students’ 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 can start making full payments right away.
- Flat Payments: Borrowers can pay in installments with 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.
According to a study by the Brookings Institute, since 1989, graduate students could take out about 40% of federal student loans, and the average amount borrowed has jumped by more than $30,000. The study further suggests if students can apply for a low-rate loan while still attending their graduate program, they could decrease the overall costs of their graduate school educations. Laurel Roads offers ahead with their graduate school loan product where students can choose to start full, partial, or minimum payments during school, or hold payment when necessary until after the grace period post-graduation, based on their needs.
“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,” said Alyssa Schaefer, Chief Marketing Officer and Head of Product Experience for Laurel Road.