MOHELA

Independence Day Holiday

We will be closed due to the federal holiday on July 3rd.

Due to the federal holiday weekend, payments may take up to 5 days to post to your MOHELA account. This delay will not change the effective date of the payment. We appreciate your patience.

Coronavirus Situation

The health and well-being of our customers, staff, and our community are a top concern during the emerging Coronavirus (COVID-19) situation. MOHELA is committed to keeping our customers informed should any interruption in services occur. Customer service updates will be posted here.

President Trump recently announced that interest will be waived for all student loans held by Federal Government Agencies. Unfortunately, this does not apply to Laurel Road private educational loans because they are not held by a Federal Government Agency.

If you are experiencing difficulty making your payments due to the Coronavirus situation contact us to discuss your forbearance options available to temporarily postpone your monthly payment. If you are directly impacted by Coronavirus or you are experiencing interruption, reduction or loss of pay due to the National Emergency we can help you.

LIBOR Rate

For variable rate loans issued on the One Month LIBOR rate, the LIBOR is 0.18% effective July 1, 2020.

For variable rate loans issued on the Three Month LIBOR rate, the LIBOR is 0.72% effective July 1, 2020 - September 30, 2020.

You may identify which LIBOR is applicable to your loan on the Final Disclosure issued by Laurel Road.

With any change to the LIBOR rate, variable rate loans will re-amortize and a repayment schedule will be provided that will include your new monthly payment amount, interest rate (margin plus LIBOR), and the effective date of your new monthly payment amount.

Note: The repayment schedule interest rate does not reflect the Auto Pay discount as payments are not calculated with the discounted interest rate.