Debt Consolidation: Laurel Road Bank Cut My Student Loan Payments in Half

As a recent nursing school graduate, I found myself facing the daunting reality of repaying my student loans. 

Like many students, I had to rely on federal and personal loans to finance my education. While I’ve always been skeptical about the necessity of college for success, nursing stood out as a career worth investing in. Not only does it offer the opportunity to make a real difference in people’s lives, but it also provides a stable job market with the ongoing nursing shortage.

After passing the NCLEX, I received the dreaded email informing me that my student loan payments were about to begin. 

I had four different loans from SallieMae that had ridiculous interest rates. 

A total of  $576/month to pay my loans…

The thought of being able to survive financially seemed impossible. I knew I needed to find a solution to reduce my monthly payments.

My Sallie Mae Loan details

After some thorough research, I discovered that CONSOLIDATING my personal loans was my only option. This decision was life-changing and probably one of the best financial decisions I have ever made. 

I could have consolidated my federal loans if I wanted too, but from my research it didn’t make sense because my interest rates were lower with those loans. 

So, I began searching for a loan servicer who offered student loan consolidation and a low interest rate. I recommend shopping around for the best option and get the best interest rate you can (not financial advice).

For me, Laurel Road emerged as the top choice. 

The reasons why I chose Laurel Road:

#1. Interest Rate

Laurel Road consolidated my four SallieMae loans into a single loan with a 5.8% interest rate, cutting my monthly payment by more than half!

     My Laurel Road Loan details

2. Benefits tailored specifically for nurses:

• • Enrollment in autopay to further reduce interest.
  • Opportunities to open a checking account that earns rewards and can be used to pay down your student loan. Details Here.
  • They even offer a credit that earns points which will automatically go towards paying down your loan.

My experience with Laurel Road has been exceptional. I cut my payments in half, I couldn’t ask for anything more! Halving my monthly student loan payment has provided me with much-needed financial breathing room. 

Although this is not financial advice, I urge all my fellow nurses to explore loan consolidation options and find deals that work for them. By freeing up cash flow, you can invest more in your future. 

My next goal? Paying off these loans entirely!