At a Glance
Rating Breakdown
Performance Overview
Scores out of 5, based on our editorial analysis
About Laurel Road
Laurel Road began in 2013 as DRB (Darien Rowayton Bank), a Connecticut-based bank that specialized in student loan refinancing for medical and dental professionals. KeyCorp acquired the platform in 2019 for approximately $190 million, rebranded it as Laurel Road, and integrated it into KeyBank's digital banking infrastructure. This acquisition gives Laurel Road access to KeyBank's $190 billion balance sheet for loan funding, regulatory stability as a division of a major national bank, and the ability to offer FDIC-insured deposit accounts alongside lending products. Laurel Road's competitive moat is healthcare specialization. The underwriting model is calibrated specifically for medical professionals whose income trajectories are highly predictable: a medical resident earning $60,000 today will almost certainly earn $250,000-$400,000 within 3-5 years. This allows Laurel Road to offer reduced payments during residency and fellowship, with step-up payments beginning when the borrower enters practice. The residency rate is typically interest-only or $100/month, whichever is greater, giving residents breathing room on loans that can exceed $300,000. Healthcare-specific rate discounts of 0.25-0.50 percentage points are applied on top of standard pricing for verified physicians, dentists, pharmacists, PAs, and nurses. The tradeoff is clear: if you are not a healthcare professional, Laurel Road's rates are competitive but not exceptional. The healthcare discount and residency programs are the entire reason to choose this lender. A software engineer with $80,000 in student loans will get a comparable or better rate from Earnest or SoFi. Additionally, Laurel Road charges a late fee of 5% of the payment amount up to $28, which contrasts with Earnest's zero late fee policy. As with all student loan refinancing, converting federal loans to a Laurel Road private loan permanently eliminates federal protections including IDR, PSLF, and federal forbearance.
Key Features
Healthcare Rate Discounts
Exclusive reduced rates for physicians, dentists, nurses, and other qualifying healthcare professionals.
Residency Repayment Plans
Reduced monthly payments during residency or fellowship with step-up payments upon entering practice.
Parent PLUS Refinancing
Transfer Parent PLUS loans into the student's name through refinancing.
How It Works
Check Your Rate
Complete a short application to see personalized rate offers via soft credit inquiry.
Select Your Terms
Choose your repayment term and fixed or variable rate option.
Verify Your Credentials
Submit proof of degree, professional license, employment, and income.
Finalize Refinance
Laurel Road pays off your existing loans and your new repayment schedule begins.
What They Do
- Student Loan Refinancing
- Residency Loans
- Parent PLUS Refinancing
- Personal Loans
- High-Yield Savings
Debt Types They Take On
- Federal Student Loans
- Private Student Loans
- Parent PLUS Loans
- Medical School Debt
Fee & Cost Structure
Regulatory & Trust
Review Summary
Notable Case Studies
Orthopedic Surgery Resident with $380K Debt
A PGY-3 orthopedic surgery resident earning $65,000/year carried $380,000 in federal student loans at a weighted average rate of 6.8%. Standard repayment would be $4,370/month, which was impossible on a resident salary. IDR payments were $380/month but interest was capitalizing at $2,153/month, growing the balance.
Dentist Refinancing After Practice Buyout
A general dentist two years out of residency earning $240,000 had $295,000 in student loans across three servicers at rates of 5.8%, 6.8%, and 7.5% (weighted average 6.7%). Also had a $450,000 practice acquisition loan at 7.2%. Wanted to reduce student loan payments to free cash flow for the practice loan.
Pros & Cons
Pros
- Healthcare-specific rate discounts of 0.25-0.50% for verified physicians, dentists, pharmacists, PAs, and nurses provide rates that general-market lenders cannot match for these borrowers
- Residency repayment plans allow $100/month payments during training, preventing the financial crisis of owing $4,000+/month on a $60,000 resident salary
- Backed by KeyBank with $190 billion in assets and FDIC insurance, providing institutional stability that pure fintech lenders lack
- No origination fee and no prepayment penalty, so the quoted rate represents the true cost and borrowers can pay off early as attending salaries ramp up
- Refinance amounts up to $500,000 cover the largest medical and dental school debt loads, which routinely exceed $300,000
Cons
- Non-healthcare professionals receive no special pricing advantage, making Laurel Road unremarkable compared to Earnest, SoFi, or LightStream for general borrowers
- Late fee of 5% of payment (up to $28) exists, unlike Earnest which charges no late fees at all, creating an extra cost for borrowers who occasionally pay late
- Residency repayment plans accrue interest during the reduced-payment period, so the loan balance can grow during residency even though payments are being made
- No custom term selection like Earnest offers, limiting borrowers to standard 5, 7, 10, 15, and 20-year options that may not precisely match budget constraints
User Reviews (11)
refinanced at Laurel Road, then refinanced AGAIN 2 years later
First refi in 2024: $100K at 5.49%. Rates dropped and my credit improved. Second refi in 2026: remaining $78K at 4.19%. Laurel Road doesn't penalize you for refinancing away from them and then coming back. The second time was even faster because they had my employment and education history on file. If rates drop, don't be loyal to your current rate -- shop and refinance again. Student loan refinancing isn't a one-time decision.
their personal loan product is nothing special
Tried Laurel Road for a $15K personal loan (not student loan refi). Rate was 11.9% with a 680 score. That's middle of the road -- LendingClub and Best Egg were both competitive or better. Laurel Road's magic is in student loan refinancing for healthcare workers. Their personal loan product is just another online lender. If you're here for a personal loan and you're not a healthcare professional, look elsewhere.
pharmacist here -- Laurel Road gets healthcare professionals
$180K in pharmacy school debt at 6.8%. Laurel Road's healthcare professional program gave me 4.29% fixed. They specifically understand PharmD, MD, DDS, and other healthcare degrees. The application asked about my specialty, employer type, and board certifications. Monthly payment dropped from $2,070 to $1,650. Saving over $50K in total interest. If you have a healthcare degree, check Laurel Road before anyone else. Their rates for medical professionals are consistently the best I've seen.
physician assistant -- they include PAs in the healthcare rates
Some lenders only give healthcare discounts to MDs. Laurel Road includes PAs, NPs, CRNAs, and other advanced practice providers. My PA school loans of $105K were refinanced at 4.59% from 6.5%. They verified my NCCPA certification as part of the application. Monthly savings of $220. If you're an advanced practice provider, don't assume you won't qualify for healthcare rates. Laurel Road has a broader definition than most.
KeyBank checking account gave me an extra 0.25% discount
Laurel Road was acquired by KeyBank. If you open a KeyBank checking account and set up autopay from it, you get 0.25% off your rate on top of the standard 0.25% autopay discount. So I got 0.50% total discount. On a $90K loan that saves about $4,500 over the life of the loan. The KeyBank checking account has no monthly fee with direct deposit. Worth the 10 minutes to open it if you're refinancing through Laurel Road.
they have a residency deferment option which is rare
Started my refinance during the last year of residency. Laurel Road offers in-residency deferment -- you can make $100/month payments during residency and start full payments after. Most refi lenders require full payments immediately. This is huge for medical residents making $55-65K with $200K+ in loans. The interest still accrues during deferment but the cash flow relief during training is invaluable. Attending salary kicks in and payments become easy.
RN with $45K in loans, solid refi experience
BSN graduate working as an RN making $72K. Refinanced $45K from 6.2% to 4.89% through Laurel Road. The healthcare professional discount is real -- my non-healthcare friends with similar profiles were quoted 5.5-6% at the same lender. Process took about 10 days. Only downside was the online portal is a bit clunky compared to Earnest's. But the rate is what matters and Laurel Road delivered. Now part of KeyBank which adds stability.
veterinarians qualify too -- $190K refinanced
DVM with $190K in student loans. Laurel Road includes veterinarians in their healthcare professional category. Got 4.69% fixed, down from 6.8% federal. Monthly savings of $350. Most people don't think of vets when they hear "healthcare professional rates" but Laurel Road does. The application process was smooth, they understood veterinary licensing, and funding took about 12 days. If you're a vet drowning in school debt, check this out.
$320K dental school debt -- Laurel Road was the only one who would touch it
$320K in dental school loans. Most refinance lenders cap at $200K-$300K. Laurel Road went up to $500K for healthcare professionals. Got 4.49% fixed over 20 years. Monthly payment $2,025 which is tight on a new dentist salary of $140K but manageable. The alternative was federal repayment at 6.8% which would have cost me an additional $120K in interest over the loan life. For high-balance healthcare professional debt, Laurel Road is one of very few options.
great rates but customer service is KeyBank-level slow
The rate was excellent (4.29% for my $150K medical school refi). But every interaction with customer service was painful. 30+ minute hold times, getting transferred between Laurel Road and KeyBank reps who didn't know each other's systems, and an online portal that logs you out every 5 minutes. The product is great. The service experience is a traditional bank, not a fintech. Be prepared for that trade-off.
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