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News for Borrowers

Payment Count Adjustments Toward Income-Driven Repayment and Public Service Loan Forgiveness Programs

On April 19, 2022, the U.S. Department of Education (ED) announced several changes and updates that will be made to its income-driven repayment (IDR) plans.

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An Important Update Regarding COVID-19

On Monday, April 10, 2023, President Biden signed a bill terminating the national emergency related to the COVID-19 pandemic. Effective April 11, 2023, Higher Education Servicing Corporation (HESC) will no longer offer COVID-19 Forbearances. If you are currently on a COVID-19 Forbearance, it will not extend past May 11, 2023.

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Private Loan Interest Rate Index Changes

The benchmark used to calculate the variable interest rate for private loans will change from the London Inter-Bank Offered Rate (LIBOR), as it is set to sunset, to the Secured Overnight Financing Rate (SOFR) effective October 1, 2023.

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Payment Address Update

Effective February 15, 2023, all payments mailed to HESC should be sent to our new payment address.

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