Refinancing with Laurel Road
Refinancing rates from 1.89% APR. Checking your rates won’t affect your credit score.
Thinking about turning to TD Bank to refinance student loans? After all, it is known as one of the best places for students to store their money.
However, “America’s Most Convenient Bank” might not be so helpful once you leave school, since refinancing your student loans at TD Bank isn’t possible. Just as with regular student loans, TD doesn’t have a student loan refinancing option.
Alternatives to TD Bank student loan refinancing
It might be hard to believe that the nation’s sixth-largest bank, with nearly $70 billion in consumer loans on its balance sheet, doesn’t offer student loan refinancing.
It does offer a personal loan, but unfortunately, TD’s personal loans are unlikely to be a useful substitute. Personal loan rates, even at TD, start much higher than refinancing APRs you’ll see provided by other lenders.
If the pros of refinancing outweigh the cons for your repayment — a lower interest rate may or may not be worth giving up your federal loan protections, for example — you’ll need to find an alternative lender.
To hone in on the best banking alternative, consider what drew you to TD in the first place. Perhaps you were attracted to some of the positives of borrowing from bigger banks, including:
- Having the option to visit brick-and-mortar branches for guidance
- Managing your repayment using online and mobile banking
- Saving or investing your money under the same roof
- Receiving loyalty discounts for banking and borrowing simultaneously
- Having your loan serviced by the bank itself, not by a third party
Thankfully, many of the leading student loan refinancers offer most or all of the big-bank-like features.
You might start your search with one of the following four lenders:
1. Laurel Road
Maybe you’re more familiar with KeyBank than online-only lender Laurel Road. The former acquired the latter in April 2019 and now says that customers get the best of both worlds: “the capability of a fintech” and “the credibility of a bank.”
Although Laurel Road refinanced loans are serviced by MOHELA, they’re funded by KeyBank and are available in all 50 states, plus D.C. Also, KeyBank has 1,100 branches nationwide.
The following perks make Laurel Road a top-rated lender:
- If you qualify, choose any loan repayment term below 20 years
- Refinancing available for associate’s degree-holders in healthcare fields
- Postpone repayment up to 12 months (in three-month increments) when you experience an economic hardship
With its 1,100 branches across 11 states, Citizens gives you the ability to house your finances in one place: It offers bank accounts, credit cards and home borrowing, as well as retirement and wealth management products.
Even if you don’t live near a branch, you could still benefit from these unique features:
- Choose a loan term of 5, 7, 10, 15 or 20 years
- Make loan payments via the bank’s mobile app
- Receive a 0.25% loyalty discount if you have a Citizens savings or checking account
- Refinancing available for associate’s degree-holders, students who didn’t graduate, as well as parents and non-citizens who have a Social Security number
First Republic has some of the lowest interest rates available for student loan refinancing. But even if you meet the bank’s strict eligibility criteria, you must also reside close enough to one of its 78 branches to complete your refinancing application in person.
Once you’ve met those requirements, you could enjoy these loan features:
- Choose a loan term of 5, 7, 10 or 15 years
- Score an interest rate reduction of 0.50% or 0.75%, depending on your First Republic checking account balance
- Work with a personal banker to optimize your repayment
- Receive a 2% rebate for repaying your loan ahead of schedule (within 48 months)
You don’t have to borrow from a big bank to access a one-stop shop of finances or enjoy in-person customer service. The bank-versus-credit union debate acknowledges these institutions’ similarities.
LendKey is not a credit union per se. It is instead a platform that connects student loan refinancing applications with credit unions and community banks. If you apply for refinancing with LendKey, you could receive multiple loan offers in one place, plus these additional perks:
- Choose a loan term spanning 5, 7, 10, 15 or 20 years
- Estimate your interest rate without harming your credit score
- Other benefits, such as cosigner release or forbearance policies, vary by lender
Refinance student loans with TD Bank-like competitors
As much as you might like them to, “TD Bank” and “refinance student loans” simply don’t go together, at least not at this time.
Fortunately, you can easily find an alternative lender to consolidate your debt and reduce your interest rate or monthly payment.
As you shop around, ensure your selected lender meets all of your borrowing preferences. After all, the name of your bank is less important than the features it delivers.
The information in this article is accurate as of the date of publishing.
Interested in refinancing student loans?Here are the top 6 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|1.99% – 5.64%1||Undergrad & Graduate|
|1.89% – 5.90%2||Undergrad & Graduate|
|2.25% – 6.28%3||Undergrad & Graduate|
|1.89% – 6.77%4||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|1.99% – 5.61%5||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews! |
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.79% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.64% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of July 31, 2020, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 7/31/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.
© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of September 9, 2020. Information and rates are subject to change without notice.
3 Important Disclosures for SoFi.
4 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.
The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.
To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of September 10, 2020.
5 Important Disclosures for CommonBond.
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective Sep 1, 2020 and may increase after consummation.