Darien Rowayton Bank — the student loan refinancing program endorsed by the ADA — announced June 15 that its online lending division inclusive of its student loan refinancing program is now officially called Laurel Road.
The rebrand includes a new logo, visual identity and website. Although the online lending division is rebranding under a new name, terms of ADA members’ loans will remain the same, and the lender of ADA members’ loans will continue to be DRB.
Borrowers will receive student loan statements from MOHELA, a student loan servicer, for Laurel Road starting June 15, and its new website, LaurelRoad.com, is live. Completed student loan application and applications for new lending products can now be found on LaurelRoad.com.
According to letters the company sent to borrowers, the new name is more reflective of the company’s growing customer base, evolving product set and recent technology advancements.
“The name embodies both the journey (i.e. ‘Road’) it takes for our customers to achieve their life goals and the inherent satisfaction once those goals are earned,” according to a Laurel Road FAQ.
In 2015, the ADA announced the endorsement of DRB’s student loan refinancing program, which allowed ADA members an opportunity to refinance existing federal and private loans at a lower rate. As with other Laurel Road product offerings, ADA members receive an extra 0.25 percent discount on their student loan refinancing rate as long as they maintain their membership. As of December 2016, the typical ADA member saves nearly $33,000 over the life of their loan after refinancing with DRB.
In addition, the ADA announced earlier this year that students going into any one of the nine ADA-recognized specialties and general practice residencies are able to refinance their entire student loan portfolio as soon as they are matched to a residency program. For ADA members who qualify and regardless of how much is refinanced, their payment will be only $100 per month throughout training. Rates for the Resident Student Loan Refinancing program range from 4.48 percent to 6.95 percent, including an extra discount for those that set up autopay.