Government Shutdown Assistance
We are here for our clients during the Federal government shutdown. For more information, call 877-292-6845 Monday through Thursday from 7am to 8pm CST and Friday 7am to 5pm CST. Dial 711 for TTY/TRS.
FEMA
MOHELA sympathizes with those impacted by natural disasters. If you reside in a designated disaster area declared by FEMA, you may be able to temporarily postpone your student loan payment. Contact us today to determine if you qualify.
LIBOR and SOFR Variable Rates
Please note: As of October 29, 2021, Laurel Road began limiting new LIBOR-based student loan refinances and adopted Secured Overnight Financing Rate ("SOFR") as the index rate for student loans with a variable interest rate.
If your student loan originated with a LIBOR-based variable term rate, your interest rate has transitioned to a spread-adjusted forward-looking term rate based on SOFR.
Rates for Laurel Road variable loans:
For variable rate loans issued on the One Month LIBOR rate, the SOFR is 4.27% effective Oct. 1, 2025.
For variable rate loans issued on the Three Month LIBOR rate, the SOFR is 4.49% effective Oct. 1, 2025 - Dec. 31, 2025.
For variable rate loans issued on the 30-Day Average SOFR rate, the SOFR is 4.34% effective Oct. 1, 2025.
You may identify which rate is applicable to your loan on the Final Disclosure. With any change to the rate index, 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 SOFR), 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.
Public Service Loan Forgiveness
Public Service Loan Forgiveness is not available on private student loans.
Please note, private student loans are not eligible for a refund of payments made during the Covid-19 Forbearance.