Thanks for Serving!
Thank you to our Veterans for their service in the United States Armed Forces. Our offices will be closed on Wednesday, November 11.
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, KeyBank 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 KeyBank variable loans:
For variable rate loans issued on the One Month LIBOR rate, the SOFR is 4.050% effective Nov. 1, 2026.
For variable rate loans issued on the Three Month LIBOR rate, the SOFR is 4.050% effective Oct. 1, 2026 - Dec. 31, 2026.
For variable rate loans issued on the 30-Day Average SOFR rate, the SOFR is 3.890% effective Nov. 1, 2026.
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.