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News for Borrowers

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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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).

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Important Information Regarding Public Service Loan Forgiveness

The U.S. Department of Education has guided on Dec. 7, 2021, that we share the following statements about the temporary Public Service Loan Forgiveness Waiver program. This content reflects what they provided on that date, but you should inquire with the Department if there are any updates, as we may not be provided current information.

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An Important Message From Higher Education Servicing Corporation Regarding COVID-19

Like so many of you, we have spent the last several years attempting to adjust to the impact felt across the world by the coronavirus (COVID-19). We want to assure you that protecting the well-being of our employees, customers and community has been a top priority for Higher Education Servicing Corporation, and while this situation hasn't been easy for anyone, we remain committed to your needs and to providing the best possible customer service we can during this difficult time.

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