Refinancing Loan 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. Although the interest rate will vary after you are approved, the interest rate will never exceed 9.95% for the 5-year, 7-year, 10-year, 15-year, or 20-year term.
For variable rate loans applied for after 7:00 PM EST on January 7, 2022, 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 -3.22% to 0.49% to the Prime Rate.
If you have an existing variable rate loan that uses the London Interbank Offered Rate (LIBOR) as the benchmark rate index, your loan will continue to use LIBOR as the benchmark rate index. These rates will be calculated by adding a margin between 0.00% to 5.88% to the 3-month LIBOR. Your rate will not increase more than once quarterly. ELFI will notify borrowers with existing variable rate loans originated prior to 7:00 PM EST on January 7, 2022, of the expected change from LIBOR to the Prime Rate in the future.

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 $11.10 per $1,000 borrowed.

Federal Loan Alternatives and Disclosure Regarding Benefits

  • You may be able to consolidate your outstanding federal loans into a Federal Direct Consolidation Loan. The current interest rate for a Federal Direct Consolidation Loan is the weighted average of the interest rates being consolidated rounded up to the nearest one-eighth of one percent.
  • Think carefully before taking out a loan with Education Loan Finance, the education loan refinance program offered by SouthEast Bank, to pay off your federal loans. If you refinance your federal loans through Education Loan Finance, you will not be able to select income contingent repayment or other flexible payment plans that are available to federal student loan borrowers. In addition, 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 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 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

Disclosure Regarding Federal Loans

See your loan agreement for important disclosures about the consequences of refinancing federal student loans with Education Loan Finance.

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

Education Loan Finance does not have a grace period. Monthly payments of principal and interest begin the month after the loan proceeds are disbursed unless we grant you a deferment and align your repayment begin date to the expiration of the grace period on the federal student loans that you are refinancing with us. You understand that interest will continue to accrue during this deferment period and that accrued interest will be capitalized at the end of this deferment period.

Electronic Payment Requirement

This loan requires an electronic payment.

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 have earned a bachelor’s degree or higher from an Education Loan Finance approved post-secondary institution and program of study.
  • Must reside in a state in which Education Loan Finance is authorized to lend.

Participating Schools

Neither Education Loan Finance nor SouthEast Bank is affiliated with the schools included on the Education Loan Finance Approved Post-Secondary Institution list, nor does inclusion on this list constitute any endorsement or partnership between either party.


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.


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.