No action is required for existing Laurel Road members with a LIBOR-based variable loan. Laurel Road plans to transition these...
Published October 28, 2021
No action is required for existing Laurel Road members with a LIBOR-based variable loan. Laurel Road plans to transition these loans to a SOFR-based index by June 30, 2023; after this date, these loans will be based on the Refinitiv USD IBOR Consumer Cash Fallback (“Refinitiv Consumer Index”). Our team will provide timely updates to existing members who are impacted in advance of the scheduled transition.
Your student loan refinance documents specify that in the event LIBOR is no longer available, an alternative published benchmark will be selected to serve as the Index. It’s important to note that once your current variable loan transitions to the Refinitiv Consumer Index, the new index change will not change most other terms of the loan, such as the maximum interest rate payable during the term of the loan or the timing of any interest rate resets. For additional information on the discontinuation of LIBOR, we recommend visiting the LIBOR Transition FAQs webpage, maintained by the Consumer Financial Protection Bureau. Or if you have specific questions about your existing student loan, please contact a Laurel Road Specialist at 877.292.6845 or send a secure message by logging into your web account at laurelroad.mohela.com.
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