News for Borrowers

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.

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.

Payment Address Update

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

New Federal Student Loan Forgiveness Program

On August 24, 2022, the White House announced a new program to forgive federal student loans. We understand that you may have questions about this announcement and how it may affect you and your loans serviced by Higher Education Servicing Corporation (HESC).