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).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.Variable APR Loan The APR may increase during the term of the loan, but will not increase above the maximum interest rate.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.
The monthly payment for a sample ,000 loan at a range of 4.50% per year to 6.74% per year for a 7-year term would be from 9.00 to 9.66.
If Laurel Road agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed.
Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period.
The borrower may be charged for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
LOAN AMOUNT Up to 100% of outstanding private and federal student loans (minimum ,000). Citizen or Permanent Resident with a valid I-551 card and meet Laurel Road underwriting criteria (including, for example, employment, employer size, debt-to-income, disposable income, total student loan debt relative to annual salary level, and credit history requirements). All loans must be in grace or repayment status and cannot be in default.