REFINANCE/CONSOLIDATION LOAN – RATE DETAILS, TERMS, AND CONDITIONS Laurel Road Bank is a Connecticut banking corporation offering products in all 50 U. FIXED APR Fixed rate options consist of a range from 3.75% per year to 6.15% per year for a 5-year term, 4.50% per year to 6.74% per year for a 7-year term, 4.75% per year to 7.00% per year for a 10-year term, 5.24% per year to 7.24% per year for a 15-year term, or 5.60% per year to 7.24% per year for a 20-year term, with no origination fees.The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan).Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan.Interest not paid during any period when Laurel Road has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.DISBURSEMENT OPTIONS The repayment of any refinance and/or consolidation student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.POSTPONING OR REDUCING PAYMENTS After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 6.15% per year for a 5-year term would be from $183.04 to $194.03.The monthly payment for a sample $10,000 loan at a range of 4.50% per year to 6.74% per year for a 7-year term would be from $139.00 to $149.66.
The monthly payment for a sample $10,000 loan at a range of 5.24% per year to 7.24% per year for a 15-year term would be from $80.34 to $91.23.If you are refinancing greater than $300,000 in student loan debt, Laurel Road will refinance the loans into 2 or more new loans. ELIGIBLE LOANS Graduates may refinance and/or consolidate any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U. INTEREST RATES The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term.For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.The monthly payment for a sample $10,000 loan at a range of 3.90% per year to 6.07% per year for a 10-year term would be from $100.77 to $111.37.
The monthly payment for a sample $10,000 loan at a range of 4.24% per year to 6.42% per year for a 15-year term would be from $75.18 to $86.67.
DRB will forgive all of the amounts owed under the student loan if the borrower dies, and some or all of the amounts owed under the loan if the borrower demonstrates to lender’s reasonable satisfaction a significant unanticipated permanent reduction in borrower’s income due to borrower’s permanent disability.