Secured Overnight Financing Rate (SOFR)
The interest rates of the student loans offered by Leap Finance track the 30-day CME Term SOFR benchmark.
We evaluate the base rate every quarter on January 1st, April 1st, July 1st, and October 1st annually, employing the base rate disclosed on the preceding business day. If the 1st falls on a non-business day for banks in the USA, we will use the base rate published for the preceding business day.
What is SOFR?
SOFR is a benchmark interest rate that reflects the cost at which financial institutions lend to each other for overnight loans. The 30-day CME Term SOFR is an average of these rates over 30 days, widely used for financial instruments like student loans. It is calculated and published by CME Group.
30-day Average SOFR
The 30-day CME Term SOFR serves as a benchmark interest rate calculated as the average of observed SOFR rates over a 30-calendar day period. It is employed as a benchmark for a variety of financial instruments, including student loans.
You can explore the daily publication of 30-day CME Term SOFR rates on the CME Group’s website. Please note, we update the variable interest rates on our loans quarterly, specifically on January 1st, April 1st, July 1st, and October 1st, in alignment with these benchmarks published on the preceding business day.
Terms of Use: The CME Term SOFR rates provided on this page are exclusively intended for Leap Finance customers as a point of reference for the benchmark rates used in determining their loan interest rates. Visitors to the Leap Finance website are strictly prohibited from selling, licensing, renting, modifying, printing, collecting, copying, reproducing, downloading, uploading, transmitting, disclosing, distributing, disseminating, publicly displaying, performing, publishing, editing, adapting, electronically extracting or scrubbing, compiling, or creating derivative works from any content on this page (including, but not limited to, framing or systematic retrieval to generate collections, compilations, databases, or directories) or transferring any of the content on this page to any third party.