ACPA Member benefits

GradFin and Laurel Road are brands of KeyBank N.A.

Members who met the requirement for federal student loan forgiveness through an Income-Driven Repayment (IDR) plan or Public Service Loan Forgiveness (PSLF) qualified for an average of $118,207.69 in student loan forgiveness as of 10/08/2024.

Member Names get a 20.00% discount off the published annual membership rate for Public Service Loan Forgiveness (“PSLF”) or Income Driven Repayment (“IDR”) programs. The discount will apply to both Standard and Freedom Plus membership options and will automatically apply when the annual membership is charged. This discount is only available to current Member Names, is non-transferable and cannot be applied to previous membership purchase(s). This discount cannot be redeemed for cash or combined with other offers; pricing and discount accurate as of June 27, 2024 and are subject to change or cancellation at any time and without notice

The $200 PSLF/IDR Membership discount (“Discount”) is available to members who sign up for a new PSLF or IDR Counseling membership ("Membership") and in conjunction successfully open a new Laurel Road Freedom Plus Checking account ("Account”) and meet the following “Criteria”: (i) make 1 or more qualifying direct deposits totaling at least $1,500 into the Account, and (ii) make at least 1 qualifying student loan payment from the Account. You must meet the Criteria in the third (3rd) statement month after Account opening for the initial Membership term, and in the statement month immediately prior to membership renewal for subsequent Terms (the “Fulfillment Period”).

Qualifying Direct Deposit. A qualifying “Direct Deposit” is a pre-arranged electronic direct deposit through the Automated Clearing House (“ACH”) Network from most employer payrolls, payroll providers (excluding third-party advance payroll service providers), benefits payers such as Social Security or Military Pay, or pension. Non-qualifying deposits include, but are not limited to: point-of-sale (“POS”) and internet-initiated mobile entry (“WEB”) ACH transactions; incoming Person-to-Person (“P2P”) payments made via the ACH Network such as Zelle, PayPal, Cash App, or Venmo (including payroll-related transactions made via P2P providers); mobile check deposits; wire transfers; cash deposits; one-time direct deposits such as tax refunds and corporate reimbursements; internal transfers between Laurel Road or KeyBank accounts; external transfers from another financial institution; and insurance payments and other similar transactions. You may be eligible for an exception from making at least one (1) qualifying Direct Deposit into Your Account if, during Your Fulfillment Period for that Term (“Direct Deposit Exception”); (a) You are unemployed, (b) You are on a special pay schedule, or (c) You are changing employment. Laurel Road, in its sole discretion, reserves the right to deem any deposit either a qualifying or non-qualifying direct deposit, as applicable.

Qualifying Student Loan Payment. A qualifying student loan payment from your Account must be an electronic payment towards any student loan serviced by a federal student loan servicer. Non-qualifying student loan payments may include, but are not limited to, student loan payments made via check or other non-easily identifiable means and those student loan payments to a non-federal student loan servicer. You may be eligible for an exception from making at least one (1) qualifying student loan payment from your Account, if your federal student loan status is any of the following during the Fulfillment Period for that Term (the “Student Loan Exception”, together with Direct Deposit Exception, collectively “Exceptions”); (a) you are in a grace period where no student loan payment is due per the terms of the student loan, (b) your application for the Program is not yet approved by the U.S. Department of Education, (c) you consolidated with your federal loan servicer, (d) your student loans are in forbearance, (e) your student loan payment is zero U.S. ($0) dollars, or (f) other circumstances as determined by Company. Laurel Road, in its sole discretion, reserves the right to deem any student loan payment either a qualifying or non-qualifying student loan payment, as applicable.

The Discount is subject to cancellation without notice and cannot be combined with any other checking account offer. You must request any Exceptions each Fulfillment Period and will be required to provide supporting documentation of Your Exception request prior to the end of Your Fulfillment Period. For full details, please see your Membership Agreement.

The 0.25% Member Name interest rate discount is offered on new student loan refinance applications from active Member Names. The Member Name discount is applied to your monthly payment and will be reflected in your billing statement. The Member Name discount is only available at loan origination and at no other time, and will go into effect on the date the loan funds are disbursed. This offer cannot be combined with any other discounts from Laurel Road affiliated partners or employers.

Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.

After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for forbearance of payments for one or more 3-month time periods (however, a minimum of twelve (12) months are required between any two forbearance periods). Borrowers with a loan term of at least ten (10) years are eligible for up to twelve (12) months of forbearance over the life of the loan; borrowers with a loan term less than ten (10) years are eligible for one (1) month for every year of the loan term (e.g., if a borrower’s loan term is five (5) years they are eligible for up to five (5) months of forbearance over the life of the loan). Borrowers seeking an economic hardship forbearance due to unemployment must have made twelve (12) consecutive monthly payments prior to a forbearance request to be eligible. For any other forbearance due to economic hardship, borrowers must have made nine (9) consecutive monthly payments prior to a forbearance request to be eligible. All requests for forbearance are subject to review, including the review of acceptable documentation (including updating documentation) of the nature and expected duration of the borrower's economic hardship. During any period of forbearance, interest will continue to accrue. Unless otherwise noted, at the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principal amount of the loan.

AutoPay / EFT Discount: If you choose to make monthly payments automatically by electronic fund transfer (EFT) from a bank account, the rate will decrease by 0.25% and will increase back if you stop making monthly payments (or we stop accepting) automatically by EFT from your bank account. The 0.25% AutoPay/EFT Discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

You will earn 2.0% in Cashback Rewards for each $1 spent on eligible Purchases if you redeem your Cashback Rewards towards your Student Loan with an eligible servicer. This equates to $0.02 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $2.00 in Student Loan Credit. You will earn 1.0% in Cashback Rewards for each $1 spent on eligible Purchases if redeemed for a statement credit. This equates to $0.01 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $1.00 in Cashback Rewards. For more information visit https://www.laurelroad.com/cash-back-credit-card/#disclaimer.

For a full list of eligible loan servicers, visit https://www.laurelroad.com/faq/which-student-loan-servicers-do-you-work-with-for-the-laurel-road-student-loan-cashback-card/.

A $25 cash bonus offer is available to current non-college student Member Names who apply and are approved for a Laurel Road Student Loan Cashback Credit Card. The $25 cash bonus will be paid within 45 days of the member's activating the credit card. Existing credit card customers are not eligible. If you were the primary owner on a Laurel Road Student Loan Cashback Credit Card within the prior 24 months, you are not eligible. The value of the bonus may be reported to the IRS on Form 1099-INT.