Please note: Education Loan Finance is rebranding to our commonly known name, ELFI. Our look and name have changed, but our commitment to providing our customers with great products and service remains the same. Please note that this will not affect any existing loans or applications in any way.

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Private Student Loans: Terms & Conditions

Please read below for SouthEast Bank’s general disclosures, rate details, terms and conditions.

Interest Rates & Fees

Your Starting Interest Rate (upon approval)

The interest rate you pay will be determined after you apply. It will be based upon your credit history, the loan term you select, and other factors. If approved, we will notify you of the rate you qualify for.

Your Interest Rate during the life of a loan: Fixed-Rate Loans

Your rate is fixed and will depend on the loan term that you select. This means that your interest rate will never change during the life of your loan.

Your Interest Rate during the life of the loan: Variable-Rate Loans(1)

Your rate is variable. This means that your rate could move lower or higher than the rates on your disclosure. Although the interest rate will vary after you are approved, the maximum interest rate that could apply will be included in your loan agreement.

The variable interest rate will be based on a publicly available index, the Prime Rate of Interest, as published in the Money Market Section of the Wall Street Journal. . These variable rates will be calculated and set each month by adding a margin between -2.50% to 5.72% to the Prime Rate.

Loan Fees & Example

  • Application Fee: $0
  • Origination Fee: 0%
  • Loan Guarantee Fee: 0%
  • Prepayment Fee: 0%
  • Late Charge: the lesser of 5% of the past due amount or $50
  • Returned Check or Insufficient Funds Charge: $30

For example, a 10-year loan with a fixed rate of 9.00% APR would have 120 monthly payments of $12.66 per $1,000 borrowed. Rates are subject to change.

Federal Loan Alternatives and Disclosure Regarding Benefits

You may qualify for federal education loans. For additional information, contact your school’s financial aid office or the Department of Education at: www.studentloans.gov & studentaid.ed.gov/sa

Think carefully before taking out a loan with ELFI. You are encouraged to start with grants, scholarships, savings, and federal student loans before utilizing private student loans. Federal student loans offer deferment and forbearance options that may not be available to you if you take out a loan with ELFI.

Private education loans are not eligible to be included in a Federal Direct Consolidation Loan.

See https://studentaid.gov/understand-aid/types/loans/federal-vs-private for a description of the benefits and repayment options available to federal student loan borrowers.

Next Steps

  1. Find out about other options.
    • The Federal Direct Consolidation Loan may have student loan benefits and terms not detailed on this form. Visit the Department of Education’s website at https://studentaid.gov for more information about other consolidation loans.
  2. To apply for this loan, complete the application.
    • If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law).

Reference Notes

Interest Rate

  • Your interest rate will depend on the loan term that you select.
  • Interest rates are valid within the preceding 30 days.

Repayment Options

Immediate

The borrower starts repaying the loan while still in school. The monthly payment will cover the monthly interest and some of the principal borrowed. This option will have the highest monthly payments while in school, but will save the borrower the most money throughout the life of the loan.

Fixed

The borrower pays a fixed monthly payment of $25.00 while in school and grace period.(2) This amount will first be applied to interest, and any leftover will be applied to the principal. Any unpaid interest will be added to the principal balance of the loan upon the end of the borrowers grace period.

Interest Only

The borrower makes monthly payments to cover the monthly interest while the borrower is in school and grace period. These payments will not include any payment toward the principal of the loan. The principal balance will remain unchanged unless the borrower pays extra.

Deferred

The borrower makes no monthly payments while in school and grace period. The loan will accrue interest while the borrower is in school and grace period. Upon the end of the grace period, the accrued interest will be added to the principal amount of the loan.

Depending on the repayment option you select, your loan may defer payment of principal and/or interest while you are enrolled at least half-time at a post-secondary educational institution. If your loan includes a deferment period, interest will accrue from the disbursement of the loan through the end of the deferment period. Any accrued but unpaid interest during that time will be added to the loan’s principal balance.

The lender does not offer payment deferral options once your full payments of principal and interest begin. The lender may in its sole discretion agree to modify the loan or extend other repayment assistance to you on request.

Borrower Eligibility Criteria

  • All loans are subject to credit approval.
  • Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility.
  • Must be at the age of majority or older at the time of loan application.
  • Must reside in a state in which ELFI is authorized to lend.
  • A cosigner is not required but may help you qualify and/or receive a lower rate.
  • Must be an eligible student enrolled at least half-time at a post-secondary educational institution.

Cosigners

Must be at the age of majority or older at the time of loan application.

Bankruptcy Limitations

If you file for bankruptcy you may still be required to pay back this loan.

SOUTHEAST BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This website and all content is the exclusive property of SouthEast Bank and may not be reproduced without permission. All information contained on this website is subject to change without notice. SouthEast Bank is not responsible for typographical errors.

More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement.

Terms & Disclosures

1

Private Student Loans: Subject to credit approval. Terms and conditions apply. Interest rates are current as of 10/1/24. Interest rates may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. Variable interest rates may increase after closing. For example, a 10-year loan with a fixed rate of 9.00% APR on an immediate repayment plan would have 120 monthly payments of $12.66 per $1,000 borrowed. Rates are subject to change.

2

Fixed Repayment Example: For example, if your loan was disbursed on 8/15/2024 and you graduated on 5/15/26, you would make 27 monthly payments of $25 beginning 9/15/24 (which includes your 6-month grace period for full payments), followed by 120 full monthly payments beginning 12/15/26 of $67.67 for every $5,000 borrowed at a 9% APR.