Laurel Road to Offer Student Loan Refinancing Benefits to Aon Affinity Healthcare Clients

Rhea-AI Summary

On June 24, 2020, Laurel Road, a digital lending platform from KeyBank, announced a collaboration with Aon Affinity to provide a new student loan refinancing program for clients of the Nurses Service Organization (NSO) and Healthcare Providers Service Organization (HPSO).

This initiative aims to offer special discounts on refinancing rates, potentially saving healthcare professionals thousands over the life of their loans. The partnership addresses the growing concern of student debt, which has surpassed $1.6 trillion in the U.S.

Positive

• Collaboration with Aon Affinity enhances service offerings for healthcare professionals.
• Potential savings for clients could help address significant student debt issues.

Negative

• None.

NEW YORK, June 24, 2020 /PRNewswire/ -- Today, Laurel Road, a digital lending platform and brand of KeyBank, has joined with Aon Affinity, a division of Aon plc (NYSE: AON), a leading professional services firm, to bring a new student loan refinancing offer to Aon Affinity's Nurses Service Organization (NSO) and Healthcare Providers Service Organization (HPSO) clients. The program will include a special discount on student loan refinancing rates through Laurel Road's acclaimed digital lending platform, that together with Laurel Road's already low rates could help healthcare professionals potentially save thousands over the life of their loans.¹

"Laurel Road is delighted to bring our extensive resources to Aon Affinity clients," said Paul Bamundo, senior vice president and head of business development for Laurel Road. "Through this offering, healthcare professionals could maximize savings over the life of their loans and gain peace of mind through the time saved by using Laurel Road's intuitive digital platform."

As national student debt exceeds $1.6 trillion, student loans are a pervasive issue impacting millions nationwide. According to a Laurel Road survey, less than half (44%) of millennials with student loans fully understood their repayment timelines before taking on debt to pay for college. For healthcare employees, concerns for financial wellbeing are magnified during these unprecedented times. This innovative program will allow Aon Affinity clients to leverage Laurel Road's digital platform to provide essential financial resources for healthcare professionals.

"We are excited to provide Laurel Road's impactful benefits to our customers," said Michael Loughran, President of Aon Affinity's Healthcare Division. "Delivering quality products and services that help to meet the insurance needs of our healthcare clients is at the core of what we do every day.  Laurel Road is a great addition to Aon Affinity Healthcare's portfolio of resources and one that can significantly help our customers achieve their financial goals."

Laurel Road recently announced a series of initiatives to help support financial goals and mental well-being for frontline hospital workers and healthcare professionals impacted by COVID-19. The company has had an important strategic focus on the healthcare professional sector since Laurel Road began originating loans in 2013 and through this work has developed a deep understanding of their unique financial needs, especially when it comes to student loans.

To learn more about how organizations can offer student loan benefits, visit www.LaurelRoad.com/Partnerships. For more information on Aon Affinity's solutions for healthcare providers, please visit www.nso.com or www.hpso.com.

About Laurel Road
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $7 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products, mortgages and personal loans that helps simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation's largest bank-based financial services companies. For more information, visit www.laurelroad.com. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. The mortgage product is not offered in Puerto Rico. KeyBank is a Member FDIC, Equal Housing Lender. NMLS ID # 399797.

About Aon Affinity
Aon Affinity is a trade name for Affinity Insurance Services, Inc. Aon Affinity combines the specialized knowledge of affinity program management with the extensive resources of a global company to help clients achieve their goals. With an innovative approach to program strategy, from the design of products and services to the delivery of the marketing message, Aon Affinity offers full-service capabilities; technical expertise and industry knowledge to deliver value to clients. Visit http://www.aon.com/affinity for more information.

¹ Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.

Media Contact:
KWT Global for Laurel Road
laurelroad@kwtglobal.com

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SOURCE Laurel Road

FAQ

What new program has Aon launched in partnership with Laurel Road?

Aon Affinity has launched a student loan refinancing program for clients of NSO and HPSO.

How much in student debt is currently outstanding in the U.S.?

National student debt exceeds $1.6 trillion.

What benefits does the new refinancing offer include for healthcare professionals?

The refinancing program includes special discounts on rates, potentially saving professionals thousands.

When was the partnership between Aon and Laurel Road announced?

The partnership was announced on June 24, 2020.

Which organizations are targeted by the student loan refinancing program?

The program targets clients of Aon Affinity's Nurses Service Organization and Healthcare Providers Service Organization.