Private Student Loans: FAQs

A private student loan is a financing option for higher education in the United States provided by a private lender.

The ELFI Private Student Loan program can cover up to 100% of the school-certified cost of attendance minus any outside assistance (grants, scholarships, etc.). The cost of attendance typically includes tuition, books, supplies, room and board, transportation, and personal expenses. The minimum you can borrow is $1,000.

You do not need to be a full-time student, but you must be enrolled in a Bachelor’s, Master’s or Doctoral degree program and be attending classes at least half-time. Check out our full eligibility requirements to learn more.

Both federal and private student loan products are financial tools to assist you in paying for college. As a general rule, we recommend that you complete your FAFSA and take advantage of grants, scholarships, and other federal loan products first before exploring private student loans.

ELFI Private Student Loans do not have early payment fees or service fees, so the primary driver of cost is the annual interest rate. Paying your loans off faster will reduce the amount of interest you pay and save you money. Some of your options for faster repayment are:

• Making payments while in school. Interest accrues from the point the loan was taken out, so beginning to make payments, even if just interest only or partial payments, will reduce the amount of interest added to your loan while you are in school.
• Select shorter loan terms. Generally, shorter loan terms have a lower interest rate than longer loan terms. Selecting a shorter loan term with a lower interest rate can lead to savings.

SouthEast Bank is a chartered bank, headquartered in Knoxville, Tennessee. The management team has over 30 years of experience in commercial banking and student loans. ELFI, a division of SouthEast Bank, was created to provide lower-cost student loan options to borrowers nationwide.

Yes, we are direct lenders and there is no go-between which you will need to communicate about your loan application.

ELFI has three decades of experience in the student loan industry, and throughout that time, we have established a track record of customer service and integrity. Each applicant is assigned a Student Loan Advisor, who is dedicated to helping you throughout the application process.

The minimum loan amount is $1,000 for a private student loan with ELFI. The maximum loan size is the amount approved by the school for qualified education expenses for the requested academic period.