The industry-wide transition to a new alternative rate index for adjustable (variable) rate products (due to concerns about the of LIBOR (the London Interbank Offered Rate)) has been in the works for several years. In anticipation of this move, the ICE Benchmark Administration (IBA), which administers LIBOR, has taken steps to eventually phase out LIBOR. Given the transition to a new variable rate benchmark, per regulatory and Alternative Reference Rate Committee (ARRC) guidance, Laurel Road will begin limiting new LIBOR-based student loan refinances starting on October 29th, 2021, and will adopt SOFR as the selected alternative USD index rate.