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TERMS

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

Education Loan Finance Program from SouthEast Bank – Loan 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*

Your rate is variable. This means that your rate could move lower or higher than the rates on your disclosure. This loan has a variable interest rate that is based on a publicly available index, the 3-month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 2.20% and 7.20% to the 3-month LIBOR.
Your rate will not increase more than once quarterly.  Although the interest rate will vary after you are approved, the interest rate will never exceed 18% for the 5-year, 7-year, 10-year or 15-year term.*
Your loan amount will not exceed the cost of attendance less financial aid as certified by your school.

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 6% would have 120 payments of $11.00 per $1,000 borrowed.

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 Education Loan Finance.  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 Education Loan Finance.
  • Private education loans are not eligible to be included in a Federal Direct Consolidation Loan.
  • See http://studentaid.ed.gov/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 www.StudentLoans.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

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.

Electronic Payment Requirement

You agree to make monthly principal and interest payments by means of an electronic monthly deduction or transfer from a savings or checking account.

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 Education Loan Finance 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.

Co-Signers

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.