What to do when a Laurel Road account holder dies
Report the death to Laurel Road's MOHELA - Death and Disability Discharge at 1-877-292-6845
Laurel Road is now KeyBankRebranded
The Laurel Road brand has joined KeyBank. Every laurelroad.com path 301-redirects to https://www.key.com/personal/student-loans.html, which states "Laurel Road and GradFin brands have joined KeyBank," and laurelroad.mohela.com redirects to keybank.mohela.com. Existing Laurel Road loans keep the same account number, loan terms, payment amount and due date, and student-loan servicing continues with MOHELA. KeyBank publishes no effective date for the brand consolidation, so none is recorded here.
Notifying Laurel Road of a death is not a claim for money. It is the step that stops the account and starts whatever the loan's terms provide at the borrower's death, from a discharge of the balance to a claim the estate settles. The MOHELA - Death and Disability Discharge (1-877-292-6845) handles it.
The claim process begins with a phone call to 1-877-292-6845. Have the account holder's full name, account numbers, and the death certificate available when making initial contact.
Death claim process
Follow these steps to file a death claim with Laurel Road:
Filing a claim
- Upload after logging in to the account, which the page names as the fastest route for documents
- Fax toll free to 1.888.212.5912, or to 636.787.2790
- Mail to MOHELA, 633 Spirit Drive, Chesterfield, MO 63005-1243, the Request for Assistance address. Payments go to MOHELA, P.O. Box 1022, Chesterfield, MO 63006-1022 instead
Required Documents
- Copy of the death certificate, for a deceased borrower's student loanA death certificate is the proof MOHELA asks for on its death-discharge intake. MOHELA confirms on the call what it needs for the specific loan.
- The 10-digit MOHELA loan account numberInclude it on everything sent so the documents reach the right loan.
- Documentation of the cosigner's death, where cosigner release is requested instead of a borrower death dischargeMay be required to qualify for the release.
- Original or certified copy of the death certificate, for a Laurel Road personal loan or other KeyBank-held accountIt starts KeyBank's validation.
- A claimant affidavit, or Letters Testamentary or other probate court appointment papers, for a KeyBank-held accountA properly executed affidavit, or an original or certified copy of the appointment papers issued within the time allowed by state law. KeyBank does not accept a will as proof of fiduciary authority to close accounts.
- Original or certified copy of the trust documentation, where a KeyBank-held account is titled to a trust
What happens to each kind of account1
- Loan
On a KeyBank private student loan disbursed on or after March 20, 2015, some or all of the remaining balance may be forgiven by the lender, KeyBank, if the borrower dies. Forgiveness is at the lender's determination, and interest continues to accrue until a discharge is granted or the balance is paid.1
A Laurel Road personal loan is handled through KeyBank rather than MOHELA. Interest continues to accrue on it, as on a student loan, and only a granted discharge cancels a balance.1
KeyBank's cosigner release on loans disbursed on or after September 12, 2017 normally requires 12 consecutive on-time payments and an underwriting review of the borrower. If the cosigner dies, the cosigner may be released without meeting those stipulations.2
Release removes the cosigner and the cosigner's estate from the obligation. It does not cancel the loan, which stays with the borrower.2
Accounts handled elsewhere1
- KeyBank
Laurel Road personal loans and any other KeyBank-held account of the deceased3
Phone: 1-800-539-2968
What Laurel Road's agreement and guidance say2
- What it does when notified
KeyBank's first settlement actions are to return government deposits received after the date on the death certificate, return ACH payments, stop automatic bill pay deductions and automatic funds transfers, and revoke overdraft protections.3
KeyBank says settlement time depends on the complexity of the relationship, and asks for the time needed where additional review and approval are required.3
- Who can get account information
A cosigner or co-borrower can view account information, change contact information and make payments through the MOHELA website while the discharge is pending.1
Not in Laurel Road's published guidance3
- A claim form
- How long a claim takes
- Personal loan death-forgiveness provision
Laurel Road's MOHELA - Death and Disability Discharge can be reached by phone at 1-877-292-6845 and fax at 1-888-212-5912 for questions throughout the claims process.
Sources
Data sourced from Laurel Road primary sources (12 pages reviewed). How we research.
Laurel Road death claims support
MOHELA - Death and Disability Discharge (Laurel Road / KeyBank loans)
Phone
Alternate fax
Fax
Hours
Mailing address
Website
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