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