Laurel RoadReviews of laurelroad.com

First, Laurel road seemed pretty legit offering competitive rates on student loan refinance and a seemingly easy process. Fast forward a couple weeks after deciding to move forward. Took about two weeks to have all of my uploaded documents reviewed. It would take 2-3 days for a response to questions and when calling , I was referred back to my application dashboard to send an email to the underwriters, to wait another 3 or four days for a response. Couple this with the fact that my loan pay off from Navient is only good for ten days, so finally, after they denied my application anyways, about 22 days had passed since I submitted the pay off info rendering it outdated and incorrect. When I called to ask about the denial, she cited that my debt to income ratio was over their threshold of 50%. She was also very unpleasant about it. First, I keep track of everything, my debt to income is 30% at best with my current moans and bills. I asked for details as to how they arrived to these numbers, she routed me back to my application dashboard to send an email to the underwriters... so I did . 4 days later I get a response and said, your debt to income was used via the information from your credit report and your income... again very vague. This went back and forth about 10 messages and 2 weeks. Finally she said they calculated my income and gave me that number (which was actually less than half Of my income which I provided with pay stubs) she also quoted my student loans payment numbers which were also severely overinflated. Other than that, no specific details. Finally in her last message she told me that if I though this was an error than I can reapply with documentation that show those numbers. I said thanks but not thanks. If this is how they treat you during the process, I can’t imagine what happens when they actually service your loan and you have questions. I DO NOT recommend this lender. The customer service is awful and their figures they “calculate” are way off base from what is actually given to them via paystubs and I for from credit report. I asked the same question 5 times and got barely half an answer. Save yourself the trouble.

Hard credit pulled affecting my credit-deceiving information Customer service unhelpful during process-reassured no hard credit pull Lengthy application report with lots of uploading documents just to get an approximate rate/pre approval info WOULD NOT RECOMMEND

I tried to refinance a loan I had with Navient. The loan has approximately 11.5% interest. I have a perfect payment history on the loan. I have been paying more than the minimum on the loan. I have very stable income and have several valued investments. However, Laurel Road denied my application because I have high debt to income ratio. They lowered my credit score by doing 2 hard inquiries on my credit and took over 30 days to respond to my application. I would not recommend them to my family and friends.

I have worked as a Director of Financial Aid for the past 17 years and have never had as many issues with a lender as I've experienced with Laurel Road. Admittedly the rates they offer are quite competitive, but I would never recommend this lender to students. The amount of time my office has to spend dealing with Laurel Road to correct errors that they make while processing student's loans far surpasses that of all other lenders combined.

When I first worked with them in 2018 it was a good process. At that time, when they had any questions about documentation submitted they'd reach out and clear it up. Skip to 2019 and they did not reach out once throughout the process and the customer service rep I spoke to was unfriendly and unhelpful.

1* rating Slow underwriting times, indifferent customer service. 10 days had passed since I submitted all my documentation, which seemed lengthy for a decision. I decided to call and check on it and was told it can take up to 30 days. I applied with Earnest that same day and was approved in less than 24 hours. Same rate and term I was pre-approved for with LR. Just way too slow for such a simplistic transaction.

I’ve had a terrible experience trying to refinance a parent plus loan into my name from my parents. I’ve searched and did research on best companies to refinance with and all except for Laurel road states they required a BA or BS degree. So I went through the application process and included all the required documents asked of me. They did a hard inquiry on my credit and then asked for more document verification. I’ve been going back and forth for three weeks and I have called twice to follow up. Not once did someone contact me and clearly state that an associates degree would not suffice to get approved. Even after they lowered my preliminary rate. Waste of my time and a hard inquiry on my credit, which effected my score. Would not recommend, terrible customer service.

After more than two weeks and taking a hit for a hard pull on my credit, I got denied because they couldn't verify some information. I had called their customer service number every other day asking if they needed more information to which they always said they had all the documents required. Would never recommend this bank or do business would them in the future. You have no access to loan officers or anyone with real knowledge of the process.