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. 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.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. You may be able to consolidate your outstanding federal loans into a Federal Direct Consolidation Loan.Returned Check or Insufficient Funds Charge: $30įor example, a 10 year loan with a fixed rate of 6% would have 120 payments of $11.10 per $1,000 borrowed.įederal Loan Alternatives and Disclosure Regarding Benefits Late Charge: the lesser of 5% of the past due amount or $50 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. Your rate will not increase more than once quarterly. These rates will be calculated by adding a margin between 0.00% to 5.88% to the 3-month LIBOR. 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 variable rates will be calculated and set each month by adding a margin between -3.02% to 2.48% to the Prime Rate. 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.įor 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. This means that your rate could move lower or higher than the rates on your disclosure. Your Interest Rate during the life of the loan: Variable-Rate Loans This means that your interest rate will never change during the life of your loan. Your rate is fixed and will depend on the loan term that you select. Your Interest Rate during the life of a loan: Fixed-Rate Loans If approved, we will notify you of the rate you qualify for. It will be based upon your credit history, the loan term you select, and other factors. Your Starting Interest Rate (upon approval)The interest rate you pay will be determined after you apply. Certain other terms and conditions apply.Įducation Loan Finance Program from SouthEast Bank – Loan Interest Rates & Fees The Auto-Pay Discount only applies when full principal and interest payments are automatically drafted from a bank account and does not apply during periods of approved forbearance or deferment. The interest rate in effect will be reduced by 0.25% if either the borrower or cosigner authorizes automated (ACH) payments from any bank account. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term.ĪutoPay Discount. The lowest variable rate APR displayed is based on the current SOFR index of 5.07% plus a 0.25% margin, minus the Auto-Pay Discount for a 60 month (5 year) repayment term. The variable interest rate is based on an index of the greater of the (A) 30-day Average SOFR or the (B) forward looking term rate based on SOFR, plus a Margin. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. Brazos Student Loan Refinance Loan Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Not all borrowers receive the lowest rate. The Brazos Student Loan Refinance Rates displayed are based upon the repayment term selected and the creditworthiness of the borrower or co-signer, and include the 0.25% Auto-Pay Discount.
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