Laurel Road

Laurel Road, a division of KeyBank N.A., has established itself as a premier digital banking platform specializing in financial solutions tailored for healthcare professionals and early career professionals. Founded with a focus on simplifying student loan refinancing, the company has expanded its services while maintaining its core expertise in addressing the unique financial needs of medical professionals, including physicians, dentists, nurses, and physician assistants. What distinguishes Laurel Road in the crowded student loan refinancing marketplace is its deep understanding of the career trajectories, earning potential, and financial challenges specific to healthcare professionals. Unlike general lenders that apply standard underwriting criteria across all borrowers, Laurel Road has developed specialized qualification pathways that recognize the unique circumstances of medical professionals—including consideration of future earning potential for residents and fellows who may have high debt loads but limited current income. This tailored approach has earned them a reputation as a go-to financial resource within the healthcare community.

The company's flagship offering remains its student loan refinancing product, which stands out for several reasons. For medical and dental residents, Laurel Road offers a distinctive program allowing payments as low as $100 per month during residency or fellowship, acknowledging the financial constraints during this career phase while still working toward loan repayment. For practicing physicians, dentists, and other healthcare professionals, they provide competitive interest rates that typically beat the federal loan program rates, potentially saving borrowers tens of thousands of dollars over the life of their loans. Beyond just refinancing, Laurel Road has expanded its services to include personal loans, mortgages specifically designed for healthcare professionals (with reduced down payment requirements), and a comprehensive digital banking platform with checking and savings accounts that offer special benefits for healthcare workers. What further distinguishes their approach is the integration of financial education resources and personalized guidance, helping borrowers understand their options and make informed decisions about debt management in the context of their overall financial picture.

To qualify for Laurel Road's student loan refinancing, applicants generally need a credit score of at least 660, though the average approved borrower typically has a higher score in the 700+ range. For healthcare professionals in residency or fellowship programs, the qualification process places greater emphasis on career trajectory and program completion than on current income. For established professionals, Laurel Road typically requires a minimum annual income of $60,000, though this threshold may be flexible for applicants with exceptionally strong credit profiles or significant assets. The application process is streamlined and entirely digital, with initial rate quotes available through a soft credit pull that doesn't affect the applicant's credit score. For those who proceed with an application, Laurel Road requests documentation including proof of income, education verification, and existing loan information. One notable advantage is their quick processing time—many applicants receive a decision within 3-5 business days, with funding following shortly thereafter upon acceptance of terms. The company offers both fixed and variable rate loans with terms ranging from 5 to 20 years, allowing borrowers to choose a repayment structure that aligns with their financial goals, whether prioritizing lower monthly payments or minimizing total interest paid.