FEMA
MOHELA sympathizes with those impacted by the recent natural disasters. If you reside in a designated disaster area declared by FEMA, you may be able to temporarily postpone your student loan monthly payment. Contact us today to determine if you qualify.
Tax Reporting Information
Interest Paid for the 2024 tax reporting year will be available by 1/31/2025.
Log in to your online account to access the amount of interest paid on your student loans.
Customers who paid $600 or more will be provided a 1098e via your preferred delivery method - paperless or US mail.
All customers who made payments toward interest will get an email notification when your interest paid amount is available online!
If you have questions about how your student loan interest paid amount may affect your taxes, please contact your tax advisor. For more information on your student loan tax information, visit our Tax FAQ.
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.