Tennessee Lending Program (TNLP) – Terms and Conditions
Your Interest Rate & Repayment Term (upon approval)
All student loans offered through the Tennessee Lending Program will have fixed rates, meaning your interest rate will never change during the life of your loan.
For Undergraduate Loans offered through the Tennessee Lending Program, the interest rate will be fixed at 3%. Undergraduate student loans will accrue interest while the student is in school. Following graduation or the conclusion of enrollment at the institution, there will be a 6-month grace period in which monthly payments are not required, however, interest will continue to accrue during this time.
For Graduate Loans offered through the Tennessee Lending Program, the interest rate will be fixed at 4%. Graduate student loans will not accrue interest while the student is in school but will begin to accrue interest after a 6-month grace period following graduation or the conclusion of enrollment at the institution.
All loans offered through the Tennessee Lending Program will have 10-year repayment terms.
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 3% APR would have 120 payments of $9.66 per $1,000 borrowed, and a 10-year loan with a fixed rate of 4% would have 120 payments of $10.12 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 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 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.
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).
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.
Must be enrolled at least half-time in their Junior or Senior year of an undergraduate program or enrolled in a graduate program for teaching or nursing at one of the following eligible institutions:
Lee University – Cleveland, TN
Tennessee Technological University – Cookeville, TN
University of Tennessee – Chattanooga, TN
Tennessee State University – Nashville, TN