No action is required at this time for existing Laurel Road members with a LIBOR-based variable loan. Laurel Road plans to transition these loans to SOFR by June 30, 2023, but 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 SOFR, 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 Alternative Reference Rates Committee website, maintained by the Federal Reserve Bank of New York. Or if you have specific questions about your existing student loan, please reach out to the Laurel Road Member Services at firstname.lastname@example.org.