SoFi vs. Laurel Road (Formerly DRB) Student Loan Refinancing Comparison
Both Laurel Road and SoFi offer student loan refinancing products, but each lender has different restrictions and perks. There are certain scenarios when one lender may work better than the other, so be sure to study up before refinancing your loans.
With Americans owing more than $1 trillion in education debt, it’s no surprise many are turning to student loan refinancing to lower interest rates, reduce monthly payments, and consolidate disparate loans into a single payment.
Both SoFi and Laurel Road (formerly DRB) offer student loan refinancing. This SoFi versus Laurel Road comparison will break down how each lender fares in terms of costs, repayment plans, qualifying requirements, and more.
In this comparison:
- SoFi vs. Laurel Road: at a glance
- Laurel Road vs. SoFi: Which is right for you?
- SoFi vs. other lenders
SoFi vs. Laurel Road: at a glance
|Fixed APR||3.89% – 8.07%||3.50% – 7.02%|
|Variable APR||2.49% – 7.11%||3.23% – 6.65%|
|Loan Terms||5, 7, 10, 15, 20||5, 7, 10, 15, 20|
|Loan Amounts||$5,000 up to your total outstanding loan balance||$5,000 up to your total outstanding loan balance|
Laurel Road vs. SoFi: Which is right for you?
Both Laurel Road and SoFi offer popular student loan refinancing options. The two lenders offer similar products and loan terms, but distinct perks. For more detail on each, check out our full reviews:
To help you make the best decision, we have determined a few scenarios when one option may be a better choice than the other.
- If you need multiple financial products
- If you are or were a medical or dental resident
- If you want career or financial guidance
- If you have an associate degree
- If you value face-to-face interactions
- If you think you may go back to school
If you need multiple financial products: SoFi
SoFi offers discounts for members, so if you already have a SoFi account or loan, or plan to open a new bank account or take out a mortgage or other loan from SoFi in the future, you may want to use SoFi to refinance your student loans, too.
If you do, you could get a members-only interest rate discount.
If you are or were a medical or dental resident: Laurel Road
Though both Laurel Road and SoFi can refinance residency and fellowship debt, you’re better off choosing Laurel Road if you’re a medical resident. The lender offers deferred payments until six months after your residency or fellowship ends.
If you want career or financial guidance: SoFi
If you think you might want help in your career or with managing your money, SoFi’s the best fit. The lender offers complimentary career coaching, as well as wealth advisory services. SoFi will even help you find a job if you find yourself unemployed.
If you have an associate degree: SoFi
Both lenders will refinance associate degree debt, but Laurel Road has limits as to what types of associate degrees qualify. These include degrees in dental hygiene, emergency medical services, nursing, pharmacy tech, and other medical fields.
If your degree doesn’t fall into one of these categories, you’ll need to use SoFi for refinancing.
If you value face-to-face interactions: Laurel Road
SoFi is an online lender only, whereas Laurel Road—a KeyBank company—has locations across the country. If you want to talk face-to-face with your lender, Laurel Road is your best bet between the two.
If you think you may go back to school: SoFi
If there’s a chance you’ll pursue another degree down the line, SoFi could be the right lender for you. It offers loan deferment as long as you’re going to school on at least a half-time basis. There are also deferment options if you’re on military duty or experience a disability.
SoFi vs. other lenders
Laurel Road is just one of SoFi’s many competitors and alternatives in the student loan refinancing space. To see how the lender stacks up against other options, check out our other comparisons:
How we rate student loan refinance companies
Wondering how we rate student loan refinancing companies? We use a weighted average of several data points to score private lenders. You can read more about our methodology here.
Author: Aly Yale
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