Refinance student loans

LendingTree is compensated by the companies on this page. This compensation may impact whether and how products are displayed on this page (such as the order). All companies on this page participate in the Credible marketplace. This page does not show all products, services, or providers available in the marketplace.

Citizens:

ELIGIBILITY DISCLOSURES

Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school.

Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan.

Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application.

Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.

Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.

Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school.

RATE DISCLOSURES

Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Nov 01, 2024, the 30-day average SOFR index is 4.86%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Education Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 13.34% (6.53% - 13.34% APR). Fixed interest rates range from 5.89% - 11.84% (5.89% - 11.84% APR).

Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 12.47% (6.53% - 12.42% APR). Fixed interest rates range from 5.89% - 10.97% (5.89%- 10.97% APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 7.88% - 12.54% (7.88% - 12.54% APR). Fixed interest rates range from 6.59% - 11.03% (6.59% - 11.03% APR).

Student Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Undergraduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Graduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Business/Law Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Medical/Dental Loan Rate Disclosure: Variable interest rates range from 5.50% - 13.30% (5.50% - 12.93% APR). Fixed interest rates range from 4.24% - 12.39% (4.24% - 12.32% APR).

Parent Loan Rate Disclosure: Variable interest rates range from 6.52% - 10.13% (6.52% - 10.14% APR). Fixed interest rates range from 5.99% - 10.60% (5.99% - 10.61% APR).

STUDENT LENDING PROGRAM DISCLOSURES

Wireless Charges: Wireless carrier, text, and/or data charges may apply.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.

Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. 82% of borrowers take advantage of our Multi-Year feature. The percentage of borrowers is based on all applicants who received a Multi-Year Student Loan from Citizens between October 1, 2022 and October 1, 2023. The percentage represents only borrowers who accepted the Multi-Year Approval offer. It does not include borrowers that qualified for the Multi-Year feature, but did not accept the offer. Please Note: International students are not eligible for Multi-Year Approval.

Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 99% of Citizens Undergrad Booked Loans from 6/1/23 through 9/30/23 were cosigned.

Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $225,000, Graduate Degrees: $225,000, MBA and Law: $300,000, Healthcare: $250,000 or $400,000 depending on your degree (Aggregate limits up to $400,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $250,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree).

Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications.

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2023 and September 30, 2024 the origination fee is 4.228%.

Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods).

Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 7.26% APR results in 53 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $150.27. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period.

Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students, or prospective students, or parents or legal guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Building the Workforce of the Future Scholarship entrants must be from an underrepresented or a low-income community as described in the Official Rules. Sweepstakes begins at 12:00 AM ET on 7/1/24 and ends at 11:59 PM ET on 3/31/25. Sponsored by Citizens. See Official Rules for details.

Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option.

SAVINGS DISCLOSURES

Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 2,276 Citizens Education Refinance Loan customers who refinanced their loans between September 1, 2023 and September 1, 2024 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower.

Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 1,992 Citizens Education Refinance Loan customers who lowered their interest rate on loans between September 1, 2023 and September 1, 2024. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 15.11% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower.

Parent Loan Savings: Origination fee savings of $753 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $17,825 as compared to the Citizens Student Loan for Parents, which has no origination fees.

Graduate Loan Savings: Origination fee savings of $811 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $19,202 as compared to the Citizens Student Loan, which has no origination fees.

APPLICATION & SOLICITATION DISCLOSURES

Citizens Student Loan™ for Parents 10 Year Application Solicitation & Disclosure

Additional Application Solicitation Disclosures may be obtained by calling the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST.

RISLA:1. THE ANNUAL PERCENTAGE RATE (APR) IMMEDIATE REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest ($0). Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for the full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 6.34% – 8.29% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), if you are a Rhode Island resident (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 5-year term. The first payment will be due approximately 30 days after the loan is completely disbursed. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms. 

MEFA:

The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects the loan's interest rate, timing of payments, and fees. MEFA's lowest rates are only available to the most creditworthy applicants.

The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR) or its replacement index or reference rate, fluctuates.

ELFI:Loan Interest Rates & FeesYour 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 LoansYour 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 -3.14% to 0.49% 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 6% APR would have 120 monthly payments of $11.10 per $1,000 borrowed. Rates are subject to change.

---

Federal Loan Alternatives and Disclosure Regarding BenefitsYou 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 ELFI, the education loan refinance program offered by SouthEast Bank, to pay off your federal loans. If you refinance your federal loans through ELFI, 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 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

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.

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 NotesDisclosure Regarding Federal LoansSee your loan agreement for important disclosures about the consequences of refinancing federal student loans with ELFI.Interest Rate

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

Repayment OptionsELFI 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.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 ELFI approved post-secondary institution and program of study.
• Must reside in a state in which ELFI is authorized to lend.

Participating SchoolsNeither ELFI nor SouthEast Bank is affiliated with the schools included on the ELFI Approved Post-Secondary Institution list, nor does inclusion on this list constitute any endorsement or partnership between either party.Co-SignersMust be at the age of majority or older at the time of loan application.Bankruptcy LimitationsIf 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 Student Loan Refinance: Subject to credit approval. See Terms & Conditions. Interest rates are current as of 11/15/24. Variable interest rates may increase after closing. 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. 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.

ISL Education Lending:

ISL Education Lending Disclosures

Subject to credit approval. Loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation. Bank of Lake Mills is Member FDIC.

Annual percentage rate (APR) shown is dependent on if you are viewing this page with or without the auto-debit discount applied. If viewing with auto-debit discount applied, the APR rate will range from 6.94% APR to 11.58% APR and assumes you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 7.19% APR to 11.83% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile, the term you select, your state of residence or your current lender and will be within the ranges shown above.

EdvestinU:

EdvestinU Refinance Loan

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principal due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Once the repayment period commences, the borrower may enroll in automatic debit. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

 

Granite Edvance In-School Loan Products

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

The Granite Edvance Student Loan requires the borrower to be a resident of NH or attending college in New Hampshire.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principle due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Private Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic debit benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic debit. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit once the initial disbursement on the loan has been made.

 

APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

Nelnet Bank:

Credit Score

Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Auto Debit

Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Cosigner Release

A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.
• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

  NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.

• The loan must be current at the time of request.
• The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
• The loan must not have been permanently modified from its original terms in the credit agreement.
• The primary borrower must be a U.S. citizen or have permanent residency in the United States.
• The primary borrower must meet the age of majority requirement in their permanent state of residency.
• Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at [email protected] or 800.446.4190.

Payment Assistance Programs

Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at [email protected] or 800.446.4190 to get more information.

Loan Eligibility

Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You, or your cosigner, must meet Nelnet Bank’s annual income criteria. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Limits:

• Minimum loan amount: $5,000
• Maximum student loan limits:
  • $125,000 for borrowers with an undergraduate degree.
  • $175,000 for borrowers with a graduate or doctorate degree.
  • $175,000 for borrowers with an MBA or graduate law degree.
  • $500,000 for borrowers with a graduate health professions degree.

Loan Refinancing Risks: Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. Learn more about what to take into consideration when refinancing federal student loans with private education loans.

School Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your permanent state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.

Undergraduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student loan limits: $125,000

Graduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student Loan limits:
• Graduate or doctorate degree: $175,000
• MBA or graduate law degree: $175,000
• Graduate health professions degree: $500,000

Interest Rates

Selecting ‘Apply Now’ results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Refinance Loan

Fixed interest rates range from 7.12% APR (with auto debit discount) to 11.19% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 7.62% APR (with auto debit discount) to 14.52% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Student Loan

Fixed interest rates range from 4.49% APR (with auto debit discount) to 15.47% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 6.31% APR (with auto debit discount) to 15.53% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate., The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.

INvestEd:

INvestEd Refinance Loan Disclosures

 

Subject to credit approval, loans are made by INvestEd or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in INvestEd. Bank of Lake Mills is Member FDIC.

 

¹These rates are expressed as APR.

 

Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement.

 

The Fixed rate will not change during the term.

 

The variable rate is subject to increase after consummation. The maximum variable interest rate is 18.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC).

Brazos:

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. Not all borrowers receive the lowest rate. The lowest APR calculations assume the highest creditworthy borrower with a 60-month repayment term. The highest APR calculation assumes the lowest creditworthy borrower with a 240-month repayment term.Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 4.86% plus a 0.25% margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term. The Variable Rate product is only available to Texas Residents.AutoPay Discount. 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 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. Certain other terms and conditions apply.

Citizens:

ELIGIBILITY DISCLOSURES

Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school.

Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan.

Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application.

Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.

Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.

Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school.

RATE DISCLOSURES

Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Nov 01, 2024, the 30-day average SOFR index is 4.86%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Education Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 13.34% (6.53% - 13.34% APR). Fixed interest rates range from 5.89% - 11.84% (5.89% - 11.84% APR).

Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 12.47% (6.53% - 12.42% APR). Fixed interest rates range from 5.89% - 10.97% (5.89%- 10.97% APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 7.88% - 12.54% (7.88% - 12.54% APR). Fixed interest rates range from 6.59% - 11.03% (6.59% - 11.03% APR).

Student Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Undergraduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Graduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Business/Law Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Medical/Dental Loan Rate Disclosure: Variable interest rates range from 5.50% - 13.30% (5.50% - 12.93% APR). Fixed interest rates range from 4.24% - 12.39% (4.24% - 12.32% APR).

Parent Loan Rate Disclosure: Variable interest rates range from 6.52% - 10.13% (6.52% - 10.14% APR). Fixed interest rates range from 5.99% - 10.60% (5.99% - 10.61% APR).

STUDENT LENDING PROGRAM DISCLOSURES

Wireless Charges: Wireless carrier, text, and/or data charges may apply.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.

Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. 82% of borrowers take advantage of our Multi-Year feature. The percentage of borrowers is based on all applicants who received a Multi-Year Student Loan from Citizens between October 1, 2022 and October 1, 2023. The percentage represents only borrowers who accepted the Multi-Year Approval offer. It does not include borrowers that qualified for the Multi-Year feature, but did not accept the offer. Please Note: International students are not eligible for Multi-Year Approval.

Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 99% of Citizens Undergrad Booked Loans from 6/1/23 through 9/30/23 were cosigned.

Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $225,000, Graduate Degrees: $225,000, MBA and Law: $300,000, Healthcare: $250,000 or $400,000 depending on your degree (Aggregate limits up to $400,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $250,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree).

Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications.

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2023 and September 30, 2024 the origination fee is 4.228%.

Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods).

Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 7.26% APR results in 53 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $150.27. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period.

Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students, or prospective students, or parents or legal guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Building the Workforce of the Future Scholarship entrants must be from an underrepresented or a low-income community as described in the Official Rules. Sweepstakes begins at 12:00 AM ET on 7/1/24 and ends at 11:59 PM ET on 3/31/25. Sponsored by Citizens. See Official Rules for details.

Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option.

SAVINGS DISCLOSURES

Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 2,276 Citizens Education Refinance Loan customers who refinanced their loans between September 1, 2023 and September 1, 2024 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower.

Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 1,992 Citizens Education Refinance Loan customers who lowered their interest rate on loans between September 1, 2023 and September 1, 2024. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 15.11% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower.

Parent Loan Savings: Origination fee savings of $753 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $17,825 as compared to the Citizens Student Loan for Parents, which has no origination fees.

Graduate Loan Savings: Origination fee savings of $811 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $19,202 as compared to the Citizens Student Loan, which has no origination fees.

APPLICATION & SOLICITATION DISCLOSURES

Citizens Student Loan™ for Parents 10 Year Application Solicitation & Disclosure

Additional Application Solicitation Disclosures may be obtained by calling the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST.

RISLA:1. THE ANNUAL PERCENTAGE RATE (APR) IMMEDIATE REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest ($0). Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for the full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 6.34% – 8.29% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), if you are a Rhode Island resident (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 5-year term. The first payment will be due approximately 30 days after the loan is completely disbursed. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms. 

MEFA:

The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects the loan's interest rate, timing of payments, and fees. MEFA's lowest rates are only available to the most creditworthy applicants.

The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR) or its replacement index or reference rate, fluctuates.

ELFI:Loan Interest Rates & FeesYour 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 LoansYour 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 -3.14% to 0.49% 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 6% APR would have 120 monthly payments of $11.10 per $1,000 borrowed. Rates are subject to change.

---

Federal Loan Alternatives and Disclosure Regarding BenefitsYou 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 ELFI, the education loan refinance program offered by SouthEast Bank, to pay off your federal loans. If you refinance your federal loans through ELFI, 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 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

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.

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 NotesDisclosure Regarding Federal LoansSee your loan agreement for important disclosures about the consequences of refinancing federal student loans with ELFI.Interest Rate

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

Repayment OptionsELFI 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.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 ELFI approved post-secondary institution and program of study.
• Must reside in a state in which ELFI is authorized to lend.

Participating SchoolsNeither ELFI nor SouthEast Bank is affiliated with the schools included on the ELFI Approved Post-Secondary Institution list, nor does inclusion on this list constitute any endorsement or partnership between either party.Co-SignersMust be at the age of majority or older at the time of loan application.Bankruptcy LimitationsIf 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 Student Loan Refinance: Subject to credit approval. See Terms & Conditions. Interest rates are current as of 11/15/24. Variable interest rates may increase after closing. 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. 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.

ISL Education Lending:

ISL Education Lending Disclosures

Subject to credit approval. Loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation. Bank of Lake Mills is Member FDIC.

Annual percentage rate (APR) shown is dependent on if you are viewing this page with or without the auto-debit discount applied. If viewing with auto-debit discount applied, the APR rate will range from 6.94% APR to 11.58% APR and assumes you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 7.19% APR to 11.83% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile, the term you select, your state of residence or your current lender and will be within the ranges shown above.

EdvestinU:

EdvestinU Refinance Loan

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principal due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Once the repayment period commences, the borrower may enroll in automatic debit. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

 

Granite Edvance In-School Loan Products

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

The Granite Edvance Student Loan requires the borrower to be a resident of NH or attending college in New Hampshire.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principle due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Private Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic debit benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic debit. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit once the initial disbursement on the loan has been made.

 

APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

Nelnet Bank:

Credit Score

Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Auto Debit

Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Cosigner Release

A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.
• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

  NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.

• The loan must be current at the time of request.
• The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
• The loan must not have been permanently modified from its original terms in the credit agreement.
• The primary borrower must be a U.S. citizen or have permanent residency in the United States.
• The primary borrower must meet the age of majority requirement in their permanent state of residency.
• Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at [email protected] or 800.446.4190.

Payment Assistance Programs

Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at [email protected] or 800.446.4190 to get more information.

Loan Eligibility

Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You, or your cosigner, must meet Nelnet Bank’s annual income criteria. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Limits:

• Minimum loan amount: $5,000
• Maximum student loan limits:
  • $125,000 for borrowers with an undergraduate degree.
  • $175,000 for borrowers with a graduate or doctorate degree.
  • $175,000 for borrowers with an MBA or graduate law degree.
  • $500,000 for borrowers with a graduate health professions degree.

Loan Refinancing Risks: Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. Learn more about what to take into consideration when refinancing federal student loans with private education loans.

School Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your permanent state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.

Undergraduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student loan limits: $125,000

Graduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student Loan limits:
• Graduate or doctorate degree: $175,000
• MBA or graduate law degree: $175,000
• Graduate health professions degree: $500,000

Interest Rates

Selecting ‘Apply Now’ results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Refinance Loan

Fixed interest rates range from 7.12% APR (with auto debit discount) to 11.19% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 7.62% APR (with auto debit discount) to 14.52% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Student Loan

Fixed interest rates range from 4.49% APR (with auto debit discount) to 15.47% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 6.31% APR (with auto debit discount) to 15.53% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate., The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.

INvestEd:

INvestEd Refinance Loan Disclosures

 

Subject to credit approval, loans are made by INvestEd or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in INvestEd. Bank of Lake Mills is Member FDIC.

 

¹These rates are expressed as APR.

 

Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement.

 

The Fixed rate will not change during the term.

 

The variable rate is subject to increase after consummation. The maximum variable interest rate is 18.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC).

Brazos:

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. Not all borrowers receive the lowest rate. The lowest APR calculations assume the highest creditworthy borrower with a 60-month repayment term. The highest APR calculation assumes the lowest creditworthy borrower with a 240-month repayment term.Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 4.86% plus a 0.25% margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term. The Variable Rate product is only available to Texas Residents.AutoPay Discount. 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 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. Certain other terms and conditions apply.

Citizens:

ELIGIBILITY DISCLOSURES

Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school.

Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan.

Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application.

Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.

Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.

Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school.

RATE DISCLOSURES

Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Nov 01, 2024, the 30-day average SOFR index is 4.86%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Education Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 13.34% (6.53% - 13.34% APR). Fixed interest rates range from 5.89% - 11.84% (5.89% - 11.84% APR).

Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 12.47% (6.53% - 12.42% APR). Fixed interest rates range from 5.89% - 10.97% (5.89%- 10.97% APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 7.88% - 12.54% (7.88% - 12.54% APR). Fixed interest rates range from 6.59% - 11.03% (6.59% - 11.03% APR).

Student Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Undergraduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Graduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Business/Law Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Medical/Dental Loan Rate Disclosure: Variable interest rates range from 5.50% - 13.30% (5.50% - 12.93% APR). Fixed interest rates range from 4.24% - 12.39% (4.24% - 12.32% APR).

Parent Loan Rate Disclosure: Variable interest rates range from 6.52% - 10.13% (6.52% - 10.14% APR). Fixed interest rates range from 5.99% - 10.60% (5.99% - 10.61% APR).

STUDENT LENDING PROGRAM DISCLOSURES

Wireless Charges: Wireless carrier, text, and/or data charges may apply.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.

Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. 82% of borrowers take advantage of our Multi-Year feature. The percentage of borrowers is based on all applicants who received a Multi-Year Student Loan from Citizens between October 1, 2022 and October 1, 2023. The percentage represents only borrowers who accepted the Multi-Year Approval offer. It does not include borrowers that qualified for the Multi-Year feature, but did not accept the offer. Please Note: International students are not eligible for Multi-Year Approval.

Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 99% of Citizens Undergrad Booked Loans from 6/1/23 through 9/30/23 were cosigned.

Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $225,000, Graduate Degrees: $225,000, MBA and Law: $300,000, Healthcare: $250,000 or $400,000 depending on your degree (Aggregate limits up to $400,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $250,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree).

Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications.

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2023 and September 30, 2024 the origination fee is 4.228%.

Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods).

Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 7.26% APR results in 53 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $150.27. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period.

Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students, or prospective students, or parents or legal guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Building the Workforce of the Future Scholarship entrants must be from an underrepresented or a low-income community as described in the Official Rules. Sweepstakes begins at 12:00 AM ET on 7/1/24 and ends at 11:59 PM ET on 3/31/25. Sponsored by Citizens. See Official Rules for details.

Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option.

SAVINGS DISCLOSURES

Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 2,276 Citizens Education Refinance Loan customers who refinanced their loans between September 1, 2023 and September 1, 2024 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower.

Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 1,992 Citizens Education Refinance Loan customers who lowered their interest rate on loans between September 1, 2023 and September 1, 2024. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 15.11% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower.

Parent Loan Savings: Origination fee savings of $753 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $17,825 as compared to the Citizens Student Loan for Parents, which has no origination fees.

Graduate Loan Savings: Origination fee savings of $811 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $19,202 as compared to the Citizens Student Loan, which has no origination fees.

APPLICATION & SOLICITATION DISCLOSURES

Citizens Student Loan™ for Parents 10 Year Application Solicitation & Disclosure

Additional Application Solicitation Disclosures may be obtained by calling the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST.

RISLA:1. THE ANNUAL PERCENTAGE RATE (APR) IMMEDIATE REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest ($0). Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for the full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 6.34% – 8.29% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), if you are a Rhode Island resident (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 5-year term. The first payment will be due approximately 30 days after the loan is completely disbursed. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms. 

MEFA:

The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects the loan's interest rate, timing of payments, and fees. MEFA's lowest rates are only available to the most creditworthy applicants.

The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR) or its replacement index or reference rate, fluctuates.

ELFI:Loan Interest Rates & FeesYour 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 LoansYour 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 -3.14% to 0.49% 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 6% APR would have 120 monthly payments of $11.10 per $1,000 borrowed. Rates are subject to change.

---

Federal Loan Alternatives and Disclosure Regarding BenefitsYou 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 ELFI, the education loan refinance program offered by SouthEast Bank, to pay off your federal loans. If you refinance your federal loans through ELFI, 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 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

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.

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 NotesDisclosure Regarding Federal LoansSee your loan agreement for important disclosures about the consequences of refinancing federal student loans with ELFI.Interest Rate

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

Repayment OptionsELFI 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.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 ELFI approved post-secondary institution and program of study.
• Must reside in a state in which ELFI is authorized to lend.

Participating SchoolsNeither ELFI nor SouthEast Bank is affiliated with the schools included on the ELFI Approved Post-Secondary Institution list, nor does inclusion on this list constitute any endorsement or partnership between either party.Co-SignersMust be at the age of majority or older at the time of loan application.Bankruptcy LimitationsIf 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 Student Loan Refinance: Subject to credit approval. See Terms & Conditions. Interest rates are current as of 11/15/24. Variable interest rates may increase after closing. 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. 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.

ISL Education Lending:

ISL Education Lending Disclosures

Subject to credit approval. Loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation. Bank of Lake Mills is Member FDIC.

Annual percentage rate (APR) shown is dependent on if you are viewing this page with or without the auto-debit discount applied. If viewing with auto-debit discount applied, the APR rate will range from 6.94% APR to 11.58% APR and assumes you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 7.19% APR to 11.83% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile, the term you select, your state of residence or your current lender and will be within the ranges shown above.

EdvestinU:

EdvestinU Refinance Loan

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principal due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Once the repayment period commences, the borrower may enroll in automatic debit. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

 

Granite Edvance In-School Loan Products

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

The Granite Edvance Student Loan requires the borrower to be a resident of NH or attending college in New Hampshire.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principle due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Private Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic debit benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic debit. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit once the initial disbursement on the loan has been made.

 

APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

Nelnet Bank:

Credit Score

Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Auto Debit

Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Cosigner Release

A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.
• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

  NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.

• The loan must be current at the time of request.
• The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
• The loan must not have been permanently modified from its original terms in the credit agreement.
• The primary borrower must be a U.S. citizen or have permanent residency in the United States.
• The primary borrower must meet the age of majority requirement in their permanent state of residency.
• Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at [email protected] or 800.446.4190.

Payment Assistance Programs

Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at [email protected] or 800.446.4190 to get more information.

Loan Eligibility

Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You, or your cosigner, must meet Nelnet Bank’s annual income criteria. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Limits:

• Minimum loan amount: $5,000
• Maximum student loan limits:
  • $125,000 for borrowers with an undergraduate degree.
  • $175,000 for borrowers with a graduate or doctorate degree.
  • $175,000 for borrowers with an MBA or graduate law degree.
  • $500,000 for borrowers with a graduate health professions degree.

Loan Refinancing Risks: Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. Learn more about what to take into consideration when refinancing federal student loans with private education loans.

School Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your permanent state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.

Undergraduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student loan limits: $125,000

Graduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student Loan limits:
• Graduate or doctorate degree: $175,000
• MBA or graduate law degree: $175,000
• Graduate health professions degree: $500,000

Interest Rates

Selecting ‘Apply Now’ results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Refinance Loan

Fixed interest rates range from 7.12% APR (with auto debit discount) to 11.19% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 7.62% APR (with auto debit discount) to 14.52% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Student Loan

Fixed interest rates range from 4.49% APR (with auto debit discount) to 15.47% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 6.31% APR (with auto debit discount) to 15.53% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate., The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.

INvestEd:

INvestEd Refinance Loan Disclosures

 

Subject to credit approval, loans are made by INvestEd or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in INvestEd. Bank of Lake Mills is Member FDIC.

 

¹These rates are expressed as APR.

 

Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement.

 

The Fixed rate will not change during the term.

 

The variable rate is subject to increase after consummation. The maximum variable interest rate is 18.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC).

Brazos:

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. Not all borrowers receive the lowest rate. The lowest APR calculations assume the highest creditworthy borrower with a 60-month repayment term. The highest APR calculation assumes the lowest creditworthy borrower with a 240-month repayment term.Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 4.86% plus a 0.25% margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term. The Variable Rate product is only available to Texas Residents.AutoPay Discount. 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 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. Certain other terms and conditions apply.

Citizens:

ELIGIBILITY DISCLOSURES

Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school.

Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan.

Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application.

Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.

Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.

Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school.

RATE DISCLOSURES

Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Nov 01, 2024, the 30-day average SOFR index is 4.86%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Education Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 13.34% (6.53% - 13.34% APR). Fixed interest rates range from 5.89% - 11.84% (5.89% - 11.84% APR).

Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 12.47% (6.53% - 12.42% APR). Fixed interest rates range from 5.89% - 10.97% (5.89%- 10.97% APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 7.88% - 12.54% (7.88% - 12.54% APR). Fixed interest rates range from 6.59% - 11.03% (6.59% - 11.03% APR).

Student Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Undergraduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Graduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Business/Law Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Medical/Dental Loan Rate Disclosure: Variable interest rates range from 5.50% - 13.30% (5.50% - 12.93% APR). Fixed interest rates range from 4.24% - 12.39% (4.24% - 12.32% APR).

Parent Loan Rate Disclosure: Variable interest rates range from 6.52% - 10.13% (6.52% - 10.14% APR). Fixed interest rates range from 5.99% - 10.60% (5.99% - 10.61% APR).

STUDENT LENDING PROGRAM DISCLOSURES

Wireless Charges: Wireless carrier, text, and/or data charges may apply.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.

Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. 82% of borrowers take advantage of our Multi-Year feature. The percentage of borrowers is based on all applicants who received a Multi-Year Student Loan from Citizens between October 1, 2022 and October 1, 2023. The percentage represents only borrowers who accepted the Multi-Year Approval offer. It does not include borrowers that qualified for the Multi-Year feature, but did not accept the offer. Please Note: International students are not eligible for Multi-Year Approval.

Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 99% of Citizens Undergrad Booked Loans from 6/1/23 through 9/30/23 were cosigned.

Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $225,000, Graduate Degrees: $225,000, MBA and Law: $300,000, Healthcare: $250,000 or $400,000 depending on your degree (Aggregate limits up to $400,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $250,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree).

Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications.

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2023 and September 30, 2024 the origination fee is 4.228%.

Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods).

Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 7.26% APR results in 53 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $150.27. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period.

Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students, or prospective students, or parents or legal guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Building the Workforce of the Future Scholarship entrants must be from an underrepresented or a low-income community as described in the Official Rules. Sweepstakes begins at 12:00 AM ET on 7/1/24 and ends at 11:59 PM ET on 3/31/25. Sponsored by Citizens. See Official Rules for details.

Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option.

SAVINGS DISCLOSURES

Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 2,276 Citizens Education Refinance Loan customers who refinanced their loans between September 1, 2023 and September 1, 2024 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower.

Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 1,992 Citizens Education Refinance Loan customers who lowered their interest rate on loans between September 1, 2023 and September 1, 2024. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 15.11% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower.

Parent Loan Savings: Origination fee savings of $753 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $17,825 as compared to the Citizens Student Loan for Parents, which has no origination fees.

Graduate Loan Savings: Origination fee savings of $811 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $19,202 as compared to the Citizens Student Loan, which has no origination fees.

APPLICATION & SOLICITATION DISCLOSURES

Citizens Student Loan™ for Parents 10 Year Application Solicitation & Disclosure

Additional Application Solicitation Disclosures may be obtained by calling the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST.

RISLA:1. THE ANNUAL PERCENTAGE RATE (APR) IMMEDIATE REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest ($0). Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for the full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 6.34% – 8.29% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), if you are a Rhode Island resident (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 5-year term. The first payment will be due approximately 30 days after the loan is completely disbursed. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms. 

MEFA:

The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects the loan's interest rate, timing of payments, and fees. MEFA's lowest rates are only available to the most creditworthy applicants.

The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR) or its replacement index or reference rate, fluctuates.

ELFI:Loan Interest Rates & FeesYour 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 LoansYour 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 -3.14% to 0.49% 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 6% APR would have 120 monthly payments of $11.10 per $1,000 borrowed. Rates are subject to change.

---

Federal Loan Alternatives and Disclosure Regarding BenefitsYou 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 ELFI, the education loan refinance program offered by SouthEast Bank, to pay off your federal loans. If you refinance your federal loans through ELFI, 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 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

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.

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 NotesDisclosure Regarding Federal LoansSee your loan agreement for important disclosures about the consequences of refinancing federal student loans with ELFI.Interest Rate

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

Repayment OptionsELFI 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.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 ELFI approved post-secondary institution and program of study.
• Must reside in a state in which ELFI is authorized to lend.

Participating SchoolsNeither ELFI nor SouthEast Bank is affiliated with the schools included on the ELFI Approved Post-Secondary Institution list, nor does inclusion on this list constitute any endorsement or partnership between either party.Co-SignersMust be at the age of majority or older at the time of loan application.Bankruptcy LimitationsIf 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 Student Loan Refinance: Subject to credit approval. See Terms & Conditions. Interest rates are current as of 11/15/24. Variable interest rates may increase after closing. 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. 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.

ISL Education Lending:

ISL Education Lending Disclosures

Subject to credit approval. Loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation. Bank of Lake Mills is Member FDIC.

Annual percentage rate (APR) shown is dependent on if you are viewing this page with or without the auto-debit discount applied. If viewing with auto-debit discount applied, the APR rate will range from 6.94% APR to 11.58% APR and assumes you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 7.19% APR to 11.83% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile, the term you select, your state of residence or your current lender and will be within the ranges shown above.

EdvestinU:

EdvestinU Refinance Loan

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principal due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Once the repayment period commences, the borrower may enroll in automatic debit. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

 

Granite Edvance In-School Loan Products

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

The Granite Edvance Student Loan requires the borrower to be a resident of NH or attending college in New Hampshire.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principle due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Private Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic debit benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic debit. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit once the initial disbursement on the loan has been made.

 

APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

Nelnet Bank:

Credit Score

Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Auto Debit

Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Cosigner Release

A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.
• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

  NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.

• The loan must be current at the time of request.
• The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
• The loan must not have been permanently modified from its original terms in the credit agreement.
• The primary borrower must be a U.S. citizen or have permanent residency in the United States.
• The primary borrower must meet the age of majority requirement in their permanent state of residency.
• Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at [email protected] or 800.446.4190.

Payment Assistance Programs

Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at [email protected] or 800.446.4190 to get more information.

Loan Eligibility

Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You, or your cosigner, must meet Nelnet Bank’s annual income criteria. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Limits:

• Minimum loan amount: $5,000
• Maximum student loan limits:
  • $125,000 for borrowers with an undergraduate degree.
  • $175,000 for borrowers with a graduate or doctorate degree.
  • $175,000 for borrowers with an MBA or graduate law degree.
  • $500,000 for borrowers with a graduate health professions degree.

Loan Refinancing Risks: Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. Learn more about what to take into consideration when refinancing federal student loans with private education loans.

School Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your permanent state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.

Undergraduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student loan limits: $125,000

Graduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student Loan limits:
• Graduate or doctorate degree: $175,000
• MBA or graduate law degree: $175,000
• Graduate health professions degree: $500,000

Interest Rates

Selecting ‘Apply Now’ results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Refinance Loan

Fixed interest rates range from 7.12% APR (with auto debit discount) to 11.19% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 7.62% APR (with auto debit discount) to 14.52% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Student Loan

Fixed interest rates range from 4.49% APR (with auto debit discount) to 15.47% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 6.31% APR (with auto debit discount) to 15.53% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate., The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.

INvestEd:

INvestEd Refinance Loan Disclosures

 

Subject to credit approval, loans are made by INvestEd or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in INvestEd. Bank of Lake Mills is Member FDIC.

 

¹These rates are expressed as APR.

 

Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement.

 

The Fixed rate will not change during the term.

 

The variable rate is subject to increase after consummation. The maximum variable interest rate is 18.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC).

Brazos:

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. Not all borrowers receive the lowest rate. The lowest APR calculations assume the highest creditworthy borrower with a 60-month repayment term. The highest APR calculation assumes the lowest creditworthy borrower with a 240-month repayment term.Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 4.86% plus a 0.25% margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term. The Variable Rate product is only available to Texas Residents.AutoPay Discount. 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 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. Certain other terms and conditions apply.

Citizens:

ELIGIBILITY DISCLOSURES

Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school.

Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan.

Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application.

Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.

Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.

Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school.

RATE DISCLOSURES

Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Nov 01, 2024, the 30-day average SOFR index is 4.86%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Education Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 13.34% (6.53% - 13.34% APR). Fixed interest rates range from 5.89% - 11.84% (5.89% - 11.84% APR).

Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 12.47% (6.53% - 12.42% APR). Fixed interest rates range from 5.89% - 10.97% (5.89%- 10.97% APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 7.88% - 12.54% (7.88% - 12.54% APR). Fixed interest rates range from 6.59% - 11.03% (6.59% - 11.03% APR).

Student Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Undergraduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Graduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Business/Law Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Medical/Dental Loan Rate Disclosure: Variable interest rates range from 5.50% - 13.30% (5.50% - 12.93% APR). Fixed interest rates range from 4.24% - 12.39% (4.24% - 12.32% APR).

Parent Loan Rate Disclosure: Variable interest rates range from 6.52% - 10.13% (6.52% - 10.14% APR). Fixed interest rates range from 5.99% - 10.60% (5.99% - 10.61% APR).

STUDENT LENDING PROGRAM DISCLOSURES

Wireless Charges: Wireless carrier, text, and/or data charges may apply.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.

Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. 82% of borrowers take advantage of our Multi-Year feature. The percentage of borrowers is based on all applicants who received a Multi-Year Student Loan from Citizens between October 1, 2022 and October 1, 2023. The percentage represents only borrowers who accepted the Multi-Year Approval offer. It does not include borrowers that qualified for the Multi-Year feature, but did not accept the offer. Please Note: International students are not eligible for Multi-Year Approval.

Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 99% of Citizens Undergrad Booked Loans from 6/1/23 through 9/30/23 were cosigned.

Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $225,000, Graduate Degrees: $225,000, MBA and Law: $300,000, Healthcare: $250,000 or $400,000 depending on your degree (Aggregate limits up to $400,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $250,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree).

Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications.

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2023 and September 30, 2024 the origination fee is 4.228%.

Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods).

Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 7.26% APR results in 53 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $150.27. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period.

Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students, or prospective students, or parents or legal guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Building the Workforce of the Future Scholarship entrants must be from an underrepresented or a low-income community as described in the Official Rules. Sweepstakes begins at 12:00 AM ET on 7/1/24 and ends at 11:59 PM ET on 3/31/25. Sponsored by Citizens. See Official Rules for details.

Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option.

SAVINGS DISCLOSURES

Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 2,276 Citizens Education Refinance Loan customers who refinanced their loans between September 1, 2023 and September 1, 2024 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower.

Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 1,992 Citizens Education Refinance Loan customers who lowered their interest rate on loans between September 1, 2023 and September 1, 2024. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 15.11% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower.

Parent Loan Savings: Origination fee savings of $753 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $17,825 as compared to the Citizens Student Loan for Parents, which has no origination fees.

Graduate Loan Savings: Origination fee savings of $811 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $19,202 as compared to the Citizens Student Loan, which has no origination fees.

APPLICATION & SOLICITATION DISCLOSURES

Citizens Student Loan™ for Parents 10 Year Application Solicitation & Disclosure

Additional Application Solicitation Disclosures may be obtained by calling the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST.

RISLA:1. THE ANNUAL PERCENTAGE RATE (APR) IMMEDIATE REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest ($0). Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for the full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 6.34% – 8.29% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), if you are a Rhode Island resident (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 5-year term. The first payment will be due approximately 30 days after the loan is completely disbursed. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms. 

MEFA:

The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects the loan's interest rate, timing of payments, and fees. MEFA's lowest rates are only available to the most creditworthy applicants.

The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR) or its replacement index or reference rate, fluctuates.

ELFI:Loan Interest Rates & FeesYour 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 LoansYour 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 -3.14% to 0.49% 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 6% APR would have 120 monthly payments of $11.10 per $1,000 borrowed. Rates are subject to change.

---

Federal Loan Alternatives and Disclosure Regarding BenefitsYou 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 ELFI, the education loan refinance program offered by SouthEast Bank, to pay off your federal loans. If you refinance your federal loans through ELFI, 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 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

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.

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 NotesDisclosure Regarding Federal LoansSee your loan agreement for important disclosures about the consequences of refinancing federal student loans with ELFI.Interest Rate

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

Repayment OptionsELFI 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.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 ELFI approved post-secondary institution and program of study.
• Must reside in a state in which ELFI is authorized to lend.

Participating SchoolsNeither ELFI nor SouthEast Bank is affiliated with the schools included on the ELFI Approved Post-Secondary Institution list, nor does inclusion on this list constitute any endorsement or partnership between either party.Co-SignersMust be at the age of majority or older at the time of loan application.Bankruptcy LimitationsIf 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 Student Loan Refinance: Subject to credit approval. See Terms & Conditions. Interest rates are current as of 11/15/24. Variable interest rates may increase after closing. 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. 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.

ISL Education Lending:

ISL Education Lending Disclosures

Subject to credit approval. Loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation. Bank of Lake Mills is Member FDIC.

Annual percentage rate (APR) shown is dependent on if you are viewing this page with or without the auto-debit discount applied. If viewing with auto-debit discount applied, the APR rate will range from 6.94% APR to 11.58% APR and assumes you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 7.19% APR to 11.83% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile, the term you select, your state of residence or your current lender and will be within the ranges shown above.

EdvestinU:

EdvestinU Refinance Loan

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principal due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Once the repayment period commences, the borrower may enroll in automatic debit. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

 

Granite Edvance In-School Loan Products

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

The Granite Edvance Student Loan requires the borrower to be a resident of NH or attending college in New Hampshire.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principle due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Private Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic debit benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic debit. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit once the initial disbursement on the loan has been made.

 

APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

Nelnet Bank:

Credit Score

Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Auto Debit

Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Cosigner Release

A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.
• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

  NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.

• The loan must be current at the time of request.
• The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
• The loan must not have been permanently modified from its original terms in the credit agreement.
• The primary borrower must be a U.S. citizen or have permanent residency in the United States.
• The primary borrower must meet the age of majority requirement in their permanent state of residency.
• Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at [email protected] or 800.446.4190.

Payment Assistance Programs

Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at [email protected] or 800.446.4190 to get more information.

Loan Eligibility

Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You, or your cosigner, must meet Nelnet Bank’s annual income criteria. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Limits:

• Minimum loan amount: $5,000
• Maximum student loan limits:
  • $125,000 for borrowers with an undergraduate degree.
  • $175,000 for borrowers with a graduate or doctorate degree.
  • $175,000 for borrowers with an MBA or graduate law degree.
  • $500,000 for borrowers with a graduate health professions degree.

Loan Refinancing Risks: Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. Learn more about what to take into consideration when refinancing federal student loans with private education loans.

School Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your permanent state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.

Undergraduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student loan limits: $125,000

Graduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student Loan limits:
• Graduate or doctorate degree: $175,000
• MBA or graduate law degree: $175,000
• Graduate health professions degree: $500,000

Interest Rates

Selecting ‘Apply Now’ results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Refinance Loan

Fixed interest rates range from 7.12% APR (with auto debit discount) to 11.19% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 7.62% APR (with auto debit discount) to 14.52% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Student Loan

Fixed interest rates range from 4.49% APR (with auto debit discount) to 15.47% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 6.31% APR (with auto debit discount) to 15.53% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate., The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.

INvestEd:

INvestEd Refinance Loan Disclosures

 

Subject to credit approval, loans are made by INvestEd or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in INvestEd. Bank of Lake Mills is Member FDIC.

 

¹These rates are expressed as APR.

 

Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement.

 

The Fixed rate will not change during the term.

 

The variable rate is subject to increase after consummation. The maximum variable interest rate is 18.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC).

Brazos:

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. Not all borrowers receive the lowest rate. The lowest APR calculations assume the highest creditworthy borrower with a 60-month repayment term. The highest APR calculation assumes the lowest creditworthy borrower with a 240-month repayment term.Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 4.86% plus a 0.25% margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term. The Variable Rate product is only available to Texas Residents.AutoPay Discount. 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 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. Certain other terms and conditions apply.

Citizens:

ELIGIBILITY DISCLOSURES

Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school.

Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan.

Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application.

Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.

Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.

Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school.

RATE DISCLOSURES

Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Nov 01, 2024, the 30-day average SOFR index is 4.86%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Education Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 13.34% (6.53% - 13.34% APR). Fixed interest rates range from 5.89% - 11.84% (5.89% - 11.84% APR).

Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 12.47% (6.53% - 12.42% APR). Fixed interest rates range from 5.89% - 10.97% (5.89%- 10.97% APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 7.88% - 12.54% (7.88% - 12.54% APR). Fixed interest rates range from 6.59% - 11.03% (6.59% - 11.03% APR).

Student Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Undergraduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Graduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Business/Law Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Medical/Dental Loan Rate Disclosure: Variable interest rates range from 5.50% - 13.30% (5.50% - 12.93% APR). Fixed interest rates range from 4.24% - 12.39% (4.24% - 12.32% APR).

Parent Loan Rate Disclosure: Variable interest rates range from 6.52% - 10.13% (6.52% - 10.14% APR). Fixed interest rates range from 5.99% - 10.60% (5.99% - 10.61% APR).

STUDENT LENDING PROGRAM DISCLOSURES

Wireless Charges: Wireless carrier, text, and/or data charges may apply.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.

Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. 82% of borrowers take advantage of our Multi-Year feature. The percentage of borrowers is based on all applicants who received a Multi-Year Student Loan from Citizens between October 1, 2022 and October 1, 2023. The percentage represents only borrowers who accepted the Multi-Year Approval offer. It does not include borrowers that qualified for the Multi-Year feature, but did not accept the offer. Please Note: International students are not eligible for Multi-Year Approval.

Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 99% of Citizens Undergrad Booked Loans from 6/1/23 through 9/30/23 were cosigned.

Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $225,000, Graduate Degrees: $225,000, MBA and Law: $300,000, Healthcare: $250,000 or $400,000 depending on your degree (Aggregate limits up to $400,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $250,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree).

Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications.

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2023 and September 30, 2024 the origination fee is 4.228%.

Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods).

Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 7.26% APR results in 53 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $150.27. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period.

Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students, or prospective students, or parents or legal guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Building the Workforce of the Future Scholarship entrants must be from an underrepresented or a low-income community as described in the Official Rules. Sweepstakes begins at 12:00 AM ET on 7/1/24 and ends at 11:59 PM ET on 3/31/25. Sponsored by Citizens. See Official Rules for details.

Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option.

SAVINGS DISCLOSURES

Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 2,276 Citizens Education Refinance Loan customers who refinanced their loans between September 1, 2023 and September 1, 2024 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower.

Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 1,992 Citizens Education Refinance Loan customers who lowered their interest rate on loans between September 1, 2023 and September 1, 2024. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 15.11% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower.

Parent Loan Savings: Origination fee savings of $753 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $17,825 as compared to the Citizens Student Loan for Parents, which has no origination fees.

Graduate Loan Savings: Origination fee savings of $811 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $19,202 as compared to the Citizens Student Loan, which has no origination fees.

APPLICATION & SOLICITATION DISCLOSURES

Citizens Student Loan™ for Parents 10 Year Application Solicitation & Disclosure

Additional Application Solicitation Disclosures may be obtained by calling the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST.

RISLA:1. THE ANNUAL PERCENTAGE RATE (APR) IMMEDIATE REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest ($0). Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for the full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 6.34% – 8.29% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), if you are a Rhode Island resident (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 5-year term. The first payment will be due approximately 30 days after the loan is completely disbursed. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms. 

MEFA:

The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects the loan's interest rate, timing of payments, and fees. MEFA's lowest rates are only available to the most creditworthy applicants.

The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR) or its replacement index or reference rate, fluctuates.

ELFI:Loan Interest Rates & FeesYour 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 LoansYour 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 -3.14% to 0.49% 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 6% APR would have 120 monthly payments of $11.10 per $1,000 borrowed. Rates are subject to change.

---

Federal Loan Alternatives and Disclosure Regarding BenefitsYou 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 ELFI, the education loan refinance program offered by SouthEast Bank, to pay off your federal loans. If you refinance your federal loans through ELFI, 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 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

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.

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 NotesDisclosure Regarding Federal LoansSee your loan agreement for important disclosures about the consequences of refinancing federal student loans with ELFI.Interest Rate

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

Repayment OptionsELFI 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.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 ELFI approved post-secondary institution and program of study.
• Must reside in a state in which ELFI is authorized to lend.

Participating SchoolsNeither ELFI nor SouthEast Bank is affiliated with the schools included on the ELFI Approved Post-Secondary Institution list, nor does inclusion on this list constitute any endorsement or partnership between either party.Co-SignersMust be at the age of majority or older at the time of loan application.Bankruptcy LimitationsIf 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 Student Loan Refinance: Subject to credit approval. See Terms & Conditions. Interest rates are current as of 11/15/24. Variable interest rates may increase after closing. 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. 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.

ISL Education Lending:

ISL Education Lending Disclosures

Subject to credit approval. Loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation. Bank of Lake Mills is Member FDIC.

Annual percentage rate (APR) shown is dependent on if you are viewing this page with or without the auto-debit discount applied. If viewing with auto-debit discount applied, the APR rate will range from 6.94% APR to 11.58% APR and assumes you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 7.19% APR to 11.83% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile, the term you select, your state of residence or your current lender and will be within the ranges shown above.

EdvestinU:

EdvestinU Refinance Loan

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principal due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Once the repayment period commences, the borrower may enroll in automatic debit. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

 

Granite Edvance In-School Loan Products

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

The Granite Edvance Student Loan requires the borrower to be a resident of NH or attending college in New Hampshire.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principle due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Private Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic debit benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic debit. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit once the initial disbursement on the loan has been made.

 

APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

Nelnet Bank:

Credit Score

Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Auto Debit

Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Cosigner Release

A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.
• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

  NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.

• The loan must be current at the time of request.
• The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
• The loan must not have been permanently modified from its original terms in the credit agreement.
• The primary borrower must be a U.S. citizen or have permanent residency in the United States.
• The primary borrower must meet the age of majority requirement in their permanent state of residency.
• Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at [email protected] or 800.446.4190.

Payment Assistance Programs

Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at [email protected] or 800.446.4190 to get more information.

Loan Eligibility

Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You, or your cosigner, must meet Nelnet Bank’s annual income criteria. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Limits:

• Minimum loan amount: $5,000
• Maximum student loan limits:
  • $125,000 for borrowers with an undergraduate degree.
  • $175,000 for borrowers with a graduate or doctorate degree.
  • $175,000 for borrowers with an MBA or graduate law degree.
  • $500,000 for borrowers with a graduate health professions degree.

Loan Refinancing Risks: Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. Learn more about what to take into consideration when refinancing federal student loans with private education loans.

School Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your permanent state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.

Undergraduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student loan limits: $125,000

Graduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student Loan limits:
• Graduate or doctorate degree: $175,000
• MBA or graduate law degree: $175,000
• Graduate health professions degree: $500,000

Interest Rates

Selecting ‘Apply Now’ results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Refinance Loan

Fixed interest rates range from 7.12% APR (with auto debit discount) to 11.19% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 7.62% APR (with auto debit discount) to 14.52% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Student Loan

Fixed interest rates range from 4.49% APR (with auto debit discount) to 15.47% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 6.31% APR (with auto debit discount) to 15.53% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate., The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.

INvestEd:

INvestEd Refinance Loan Disclosures

 

Subject to credit approval, loans are made by INvestEd or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in INvestEd. Bank of Lake Mills is Member FDIC.

 

¹These rates are expressed as APR.

 

Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement.

 

The Fixed rate will not change during the term.

 

The variable rate is subject to increase after consummation. The maximum variable interest rate is 18.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC).

Brazos:

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. Not all borrowers receive the lowest rate. The lowest APR calculations assume the highest creditworthy borrower with a 60-month repayment term. The highest APR calculation assumes the lowest creditworthy borrower with a 240-month repayment term.Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 4.86% plus a 0.25% margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term. The Variable Rate product is only available to Texas Residents.AutoPay Discount. 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 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. Certain other terms and conditions apply.

Citizens:

ELIGIBILITY DISCLOSURES

Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school.

Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan.

Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application.

Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.

Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.

Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school.

RATE DISCLOSURES

Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Nov 01, 2024, the 30-day average SOFR index is 4.86%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Education Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 13.34% (6.53% - 13.34% APR). Fixed interest rates range from 5.89% - 11.84% (5.89% - 11.84% APR).

Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 12.47% (6.53% - 12.42% APR). Fixed interest rates range from 5.89% - 10.97% (5.89%- 10.97% APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 7.88% - 12.54% (7.88% - 12.54% APR). Fixed interest rates range from 6.59% - 11.03% (6.59% - 11.03% APR).

Student Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Undergraduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Graduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Business/Law Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Medical/Dental Loan Rate Disclosure: Variable interest rates range from 5.50% - 13.30% (5.50% - 12.93% APR). Fixed interest rates range from 4.24% - 12.39% (4.24% - 12.32% APR).

Parent Loan Rate Disclosure: Variable interest rates range from 6.52% - 10.13% (6.52% - 10.14% APR). Fixed interest rates range from 5.99% - 10.60% (5.99% - 10.61% APR).

STUDENT LENDING PROGRAM DISCLOSURES

Wireless Charges: Wireless carrier, text, and/or data charges may apply.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.

Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. 82% of borrowers take advantage of our Multi-Year feature. The percentage of borrowers is based on all applicants who received a Multi-Year Student Loan from Citizens between October 1, 2022 and October 1, 2023. The percentage represents only borrowers who accepted the Multi-Year Approval offer. It does not include borrowers that qualified for the Multi-Year feature, but did not accept the offer. Please Note: International students are not eligible for Multi-Year Approval.

Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 99% of Citizens Undergrad Booked Loans from 6/1/23 through 9/30/23 were cosigned.

Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $225,000, Graduate Degrees: $225,000, MBA and Law: $300,000, Healthcare: $250,000 or $400,000 depending on your degree (Aggregate limits up to $400,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $250,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree).

Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications.

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2023 and September 30, 2024 the origination fee is 4.228%.

Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods).

Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 7.26% APR results in 53 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $150.27. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period.

Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students, or prospective students, or parents or legal guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Building the Workforce of the Future Scholarship entrants must be from an underrepresented or a low-income community as described in the Official Rules. Sweepstakes begins at 12:00 AM ET on 7/1/24 and ends at 11:59 PM ET on 3/31/25. Sponsored by Citizens. See Official Rules for details.

Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option.

SAVINGS DISCLOSURES

Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 2,276 Citizens Education Refinance Loan customers who refinanced their loans between September 1, 2023 and September 1, 2024 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower.

Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 1,992 Citizens Education Refinance Loan customers who lowered their interest rate on loans between September 1, 2023 and September 1, 2024. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 15.11% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower.

Parent Loan Savings: Origination fee savings of $753 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $17,825 as compared to the Citizens Student Loan for Parents, which has no origination fees.

Graduate Loan Savings: Origination fee savings of $811 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $19,202 as compared to the Citizens Student Loan, which has no origination fees.

APPLICATION & SOLICITATION DISCLOSURES

Citizens Student Loan™ for Parents 10 Year Application Solicitation & Disclosure

Additional Application Solicitation Disclosures may be obtained by calling the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST.

RISLA:1. THE ANNUAL PERCENTAGE RATE (APR) IMMEDIATE REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest ($0). Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for the full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 6.34% – 8.29% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), if you are a Rhode Island resident (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 5-year term. The first payment will be due approximately 30 days after the loan is completely disbursed. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms. 

MEFA:

The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects the loan's interest rate, timing of payments, and fees. MEFA's lowest rates are only available to the most creditworthy applicants.

The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR) or its replacement index or reference rate, fluctuates.

ELFI:Loan Interest Rates & FeesYour 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 LoansYour 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 -3.14% to 0.49% 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 6% APR would have 120 monthly payments of $11.10 per $1,000 borrowed. Rates are subject to change.

---

Federal Loan Alternatives and Disclosure Regarding BenefitsYou 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 ELFI, the education loan refinance program offered by SouthEast Bank, to pay off your federal loans. If you refinance your federal loans through ELFI, 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 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

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.

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 NotesDisclosure Regarding Federal LoansSee your loan agreement for important disclosures about the consequences of refinancing federal student loans with ELFI.Interest Rate

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

Repayment OptionsELFI 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.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 ELFI approved post-secondary institution and program of study.
• Must reside in a state in which ELFI is authorized to lend.

Participating SchoolsNeither ELFI nor SouthEast Bank is affiliated with the schools included on the ELFI Approved Post-Secondary Institution list, nor does inclusion on this list constitute any endorsement or partnership between either party.Co-SignersMust be at the age of majority or older at the time of loan application.Bankruptcy LimitationsIf 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 Student Loan Refinance: Subject to credit approval. See Terms & Conditions. Interest rates are current as of 11/15/24. Variable interest rates may increase after closing. 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. 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.

ISL Education Lending:

ISL Education Lending Disclosures

Subject to credit approval. Loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation. Bank of Lake Mills is Member FDIC.

Annual percentage rate (APR) shown is dependent on if you are viewing this page with or without the auto-debit discount applied. If viewing with auto-debit discount applied, the APR rate will range from 6.94% APR to 11.58% APR and assumes you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 7.19% APR to 11.83% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile, the term you select, your state of residence or your current lender and will be within the ranges shown above.

EdvestinU:

EdvestinU Refinance Loan

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principal due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Once the repayment period commences, the borrower may enroll in automatic debit. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

 

Granite Edvance In-School Loan Products

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

The Granite Edvance Student Loan requires the borrower to be a resident of NH or attending college in New Hampshire.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principle due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Private Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic debit benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic debit. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit once the initial disbursement on the loan has been made.

 

APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

Nelnet Bank:

Credit Score

Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Auto Debit

Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Cosigner Release

A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.
• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

  NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.

• The loan must be current at the time of request.
• The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
• The loan must not have been permanently modified from its original terms in the credit agreement.
• The primary borrower must be a U.S. citizen or have permanent residency in the United States.
• The primary borrower must meet the age of majority requirement in their permanent state of residency.
• Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at [email protected] or 800.446.4190.

Payment Assistance Programs

Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at [email protected] or 800.446.4190 to get more information.

Loan Eligibility

Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You, or your cosigner, must meet Nelnet Bank’s annual income criteria. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Limits:

• Minimum loan amount: $5,000
• Maximum student loan limits:
  • $125,000 for borrowers with an undergraduate degree.
  • $175,000 for borrowers with a graduate or doctorate degree.
  • $175,000 for borrowers with an MBA or graduate law degree.
  • $500,000 for borrowers with a graduate health professions degree.

Loan Refinancing Risks: Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. Learn more about what to take into consideration when refinancing federal student loans with private education loans.

School Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your permanent state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.

Undergraduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student loan limits: $125,000

Graduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student Loan limits:
• Graduate or doctorate degree: $175,000
• MBA or graduate law degree: $175,000
• Graduate health professions degree: $500,000

Interest Rates

Selecting ‘Apply Now’ results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Refinance Loan

Fixed interest rates range from 7.12% APR (with auto debit discount) to 11.19% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 7.62% APR (with auto debit discount) to 14.52% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Student Loan

Fixed interest rates range from 4.49% APR (with auto debit discount) to 15.47% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 6.31% APR (with auto debit discount) to 15.53% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate., The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.

INvestEd:

INvestEd Refinance Loan Disclosures

 

Subject to credit approval, loans are made by INvestEd or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in INvestEd. Bank of Lake Mills is Member FDIC.

 

¹These rates are expressed as APR.

 

Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement.

 

The Fixed rate will not change during the term.

 

The variable rate is subject to increase after consummation. The maximum variable interest rate is 18.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC).

Brazos:

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. Not all borrowers receive the lowest rate. The lowest APR calculations assume the highest creditworthy borrower with a 60-month repayment term. The highest APR calculation assumes the lowest creditworthy borrower with a 240-month repayment term.Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 4.86% plus a 0.25% margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term. The Variable Rate product is only available to Texas Residents.AutoPay Discount. 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 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. Certain other terms and conditions apply.

Citizens:

ELIGIBILITY DISCLOSURES

Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school.

Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan.

Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application.

Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.

Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.

Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school.

RATE DISCLOSURES

Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Nov 01, 2024, the 30-day average SOFR index is 4.86%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Education Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 13.34% (6.53% - 13.34% APR). Fixed interest rates range from 5.89% - 11.84% (5.89% - 11.84% APR).

Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 12.47% (6.53% - 12.42% APR). Fixed interest rates range from 5.89% - 10.97% (5.89%- 10.97% APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 7.88% - 12.54% (7.88% - 12.54% APR). Fixed interest rates range from 6.59% - 11.03% (6.59% - 11.03% APR).

Student Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Undergraduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Graduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Business/Law Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Medical/Dental Loan Rate Disclosure: Variable interest rates range from 5.50% - 13.30% (5.50% - 12.93% APR). Fixed interest rates range from 4.24% - 12.39% (4.24% - 12.32% APR).

Parent Loan Rate Disclosure: Variable interest rates range from 6.52% - 10.13% (6.52% - 10.14% APR). Fixed interest rates range from 5.99% - 10.60% (5.99% - 10.61% APR).

STUDENT LENDING PROGRAM DISCLOSURES

Wireless Charges: Wireless carrier, text, and/or data charges may apply.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.

Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. 82% of borrowers take advantage of our Multi-Year feature. The percentage of borrowers is based on all applicants who received a Multi-Year Student Loan from Citizens between October 1, 2022 and October 1, 2023. The percentage represents only borrowers who accepted the Multi-Year Approval offer. It does not include borrowers that qualified for the Multi-Year feature, but did not accept the offer. Please Note: International students are not eligible for Multi-Year Approval.

Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 99% of Citizens Undergrad Booked Loans from 6/1/23 through 9/30/23 were cosigned.

Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $225,000, Graduate Degrees: $225,000, MBA and Law: $300,000, Healthcare: $250,000 or $400,000 depending on your degree (Aggregate limits up to $400,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $250,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree).

Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications.

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2023 and September 30, 2024 the origination fee is 4.228%.

Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods).

Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 7.26% APR results in 53 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $150.27. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period.

Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students, or prospective students, or parents or legal guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Building the Workforce of the Future Scholarship entrants must be from an underrepresented or a low-income community as described in the Official Rules. Sweepstakes begins at 12:00 AM ET on 7/1/24 and ends at 11:59 PM ET on 3/31/25. Sponsored by Citizens. See Official Rules for details.

Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option.

SAVINGS DISCLOSURES

Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 2,276 Citizens Education Refinance Loan customers who refinanced their loans between September 1, 2023 and September 1, 2024 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower.

Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 1,992 Citizens Education Refinance Loan customers who lowered their interest rate on loans between September 1, 2023 and September 1, 2024. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 15.11% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower.

Parent Loan Savings: Origination fee savings of $753 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $17,825 as compared to the Citizens Student Loan for Parents, which has no origination fees.

Graduate Loan Savings: Origination fee savings of $811 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $19,202 as compared to the Citizens Student Loan, which has no origination fees.

APPLICATION & SOLICITATION DISCLOSURES

Citizens Student Loan™ for Parents 10 Year Application Solicitation & Disclosure

Additional Application Solicitation Disclosures may be obtained by calling the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST.

RISLA:1. THE ANNUAL PERCENTAGE RATE (APR) IMMEDIATE REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest ($0). Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for the full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 6.34% – 8.29% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), if you are a Rhode Island resident (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 5-year term. The first payment will be due approximately 30 days after the loan is completely disbursed. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms. 

MEFA:

The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects the loan's interest rate, timing of payments, and fees. MEFA's lowest rates are only available to the most creditworthy applicants.

The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR) or its replacement index or reference rate, fluctuates.

ELFI:Loan Interest Rates & FeesYour 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 LoansYour 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 -3.14% to 0.49% 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 6% APR would have 120 monthly payments of $11.10 per $1,000 borrowed. Rates are subject to change.

---

Federal Loan Alternatives and Disclosure Regarding BenefitsYou 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 ELFI, the education loan refinance program offered by SouthEast Bank, to pay off your federal loans. If you refinance your federal loans through ELFI, 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 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

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.

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 NotesDisclosure Regarding Federal LoansSee your loan agreement for important disclosures about the consequences of refinancing federal student loans with ELFI.Interest Rate

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

Repayment OptionsELFI 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.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 ELFI approved post-secondary institution and program of study.
• Must reside in a state in which ELFI is authorized to lend.

Participating SchoolsNeither ELFI nor SouthEast Bank is affiliated with the schools included on the ELFI Approved Post-Secondary Institution list, nor does inclusion on this list constitute any endorsement or partnership between either party.Co-SignersMust be at the age of majority or older at the time of loan application.Bankruptcy LimitationsIf 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 Student Loan Refinance: Subject to credit approval. See Terms & Conditions. Interest rates are current as of 11/15/24. Variable interest rates may increase after closing. 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. 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.

ISL Education Lending:

ISL Education Lending Disclosures

Subject to credit approval. Loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation. Bank of Lake Mills is Member FDIC.

Annual percentage rate (APR) shown is dependent on if you are viewing this page with or without the auto-debit discount applied. If viewing with auto-debit discount applied, the APR rate will range from 6.94% APR to 11.58% APR and assumes you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 7.19% APR to 11.83% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile, the term you select, your state of residence or your current lender and will be within the ranges shown above.

EdvestinU:

EdvestinU Refinance Loan

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principal due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Once the repayment period commences, the borrower may enroll in automatic debit. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

 

Granite Edvance In-School Loan Products

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

The Granite Edvance Student Loan requires the borrower to be a resident of NH or attending college in New Hampshire.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principle due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Private Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic debit benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic debit. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit once the initial disbursement on the loan has been made.

 

APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

Nelnet Bank:

Credit Score

Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Auto Debit

Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Cosigner Release

A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.
• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

  NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.

• The loan must be current at the time of request.
• The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
• The loan must not have been permanently modified from its original terms in the credit agreement.
• The primary borrower must be a U.S. citizen or have permanent residency in the United States.
• The primary borrower must meet the age of majority requirement in their permanent state of residency.
• Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at [email protected] or 800.446.4190.

Payment Assistance Programs

Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at [email protected] or 800.446.4190 to get more information.

Loan Eligibility

Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You, or your cosigner, must meet Nelnet Bank’s annual income criteria. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Limits:

• Minimum loan amount: $5,000
• Maximum student loan limits:
  • $125,000 for borrowers with an undergraduate degree.
  • $175,000 for borrowers with a graduate or doctorate degree.
  • $175,000 for borrowers with an MBA or graduate law degree.
  • $500,000 for borrowers with a graduate health professions degree.

Loan Refinancing Risks: Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. Learn more about what to take into consideration when refinancing federal student loans with private education loans.

School Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your permanent state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.

Undergraduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student loan limits: $125,000

Graduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student Loan limits:
• Graduate or doctorate degree: $175,000
• MBA or graduate law degree: $175,000
• Graduate health professions degree: $500,000

Interest Rates

Selecting ‘Apply Now’ results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Refinance Loan

Fixed interest rates range from 7.12% APR (with auto debit discount) to 11.19% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 7.62% APR (with auto debit discount) to 14.52% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Student Loan

Fixed interest rates range from 4.49% APR (with auto debit discount) to 15.47% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 6.31% APR (with auto debit discount) to 15.53% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate., The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.

INvestEd:

INvestEd Refinance Loan Disclosures

 

Subject to credit approval, loans are made by INvestEd or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in INvestEd. Bank of Lake Mills is Member FDIC.

 

¹These rates are expressed as APR.

 

Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement.

 

The Fixed rate will not change during the term.

 

The variable rate is subject to increase after consummation. The maximum variable interest rate is 18.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC).

Brazos:

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. Not all borrowers receive the lowest rate. The lowest APR calculations assume the highest creditworthy borrower with a 60-month repayment term. The highest APR calculation assumes the lowest creditworthy borrower with a 240-month repayment term.Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 4.86% plus a 0.25% margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term. The Variable Rate product is only available to Texas Residents.AutoPay Discount. 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 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. Certain other terms and conditions apply.

Citizens:

ELIGIBILITY DISCLOSURES

Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school.

Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan.

Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application.

Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.

Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.

Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school.

RATE DISCLOSURES

Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Nov 01, 2024, the 30-day average SOFR index is 4.86%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Education Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 13.34% (6.53% - 13.34% APR). Fixed interest rates range from 5.89% - 11.84% (5.89% - 11.84% APR).

Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 12.47% (6.53% - 12.42% APR). Fixed interest rates range from 5.89% - 10.97% (5.89%- 10.97% APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 7.88% - 12.54% (7.88% - 12.54% APR). Fixed interest rates range from 6.59% - 11.03% (6.59% - 11.03% APR).

Student Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Undergraduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Graduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Business/Law Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Medical/Dental Loan Rate Disclosure: Variable interest rates range from 5.50% - 13.30% (5.50% - 12.93% APR). Fixed interest rates range from 4.24% - 12.39% (4.24% - 12.32% APR).

Parent Loan Rate Disclosure: Variable interest rates range from 6.52% - 10.13% (6.52% - 10.14% APR). Fixed interest rates range from 5.99% - 10.60% (5.99% - 10.61% APR).

STUDENT LENDING PROGRAM DISCLOSURES

Wireless Charges: Wireless carrier, text, and/or data charges may apply.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.

Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. 82% of borrowers take advantage of our Multi-Year feature. The percentage of borrowers is based on all applicants who received a Multi-Year Student Loan from Citizens between October 1, 2022 and October 1, 2023. The percentage represents only borrowers who accepted the Multi-Year Approval offer. It does not include borrowers that qualified for the Multi-Year feature, but did not accept the offer. Please Note: International students are not eligible for Multi-Year Approval.

Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 99% of Citizens Undergrad Booked Loans from 6/1/23 through 9/30/23 were cosigned.

Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $225,000, Graduate Degrees: $225,000, MBA and Law: $300,000, Healthcare: $250,000 or $400,000 depending on your degree (Aggregate limits up to $400,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $250,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree).

Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications.

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2023 and September 30, 2024 the origination fee is 4.228%.

Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods).

Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 7.26% APR results in 53 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $150.27. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period.

Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students, or prospective students, or parents or legal guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Building the Workforce of the Future Scholarship entrants must be from an underrepresented or a low-income community as described in the Official Rules. Sweepstakes begins at 12:00 AM ET on 7/1/24 and ends at 11:59 PM ET on 3/31/25. Sponsored by Citizens. See Official Rules for details.

Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option.

SAVINGS DISCLOSURES

Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 2,276 Citizens Education Refinance Loan customers who refinanced their loans between September 1, 2023 and September 1, 2024 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower.

Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 1,992 Citizens Education Refinance Loan customers who lowered their interest rate on loans between September 1, 2023 and September 1, 2024. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 15.11% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower.

Parent Loan Savings: Origination fee savings of $753 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $17,825 as compared to the Citizens Student Loan for Parents, which has no origination fees.

Graduate Loan Savings: Origination fee savings of $811 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $19,202 as compared to the Citizens Student Loan, which has no origination fees.

APPLICATION & SOLICITATION DISCLOSURES

Citizens Student Loan™ for Parents 10 Year Application Solicitation & Disclosure

Additional Application Solicitation Disclosures may be obtained by calling the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST.

RISLA:1. THE ANNUAL PERCENTAGE RATE (APR) IMMEDIATE REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest ($0). Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for the full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 6.34% – 8.29% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), if you are a Rhode Island resident (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 5-year term. The first payment will be due approximately 30 days after the loan is completely disbursed. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms. 

MEFA:

The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects the loan's interest rate, timing of payments, and fees. MEFA's lowest rates are only available to the most creditworthy applicants.

The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR) or its replacement index or reference rate, fluctuates.

ELFI:Loan Interest Rates & FeesYour 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 LoansYour 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 -3.14% to 0.49% 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 6% APR would have 120 monthly payments of $11.10 per $1,000 borrowed. Rates are subject to change.

---

Federal Loan Alternatives and Disclosure Regarding BenefitsYou 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 ELFI, the education loan refinance program offered by SouthEast Bank, to pay off your federal loans. If you refinance your federal loans through ELFI, 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 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

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.

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 NotesDisclosure Regarding Federal LoansSee your loan agreement for important disclosures about the consequences of refinancing federal student loans with ELFI.Interest Rate

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

Repayment OptionsELFI 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.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 ELFI approved post-secondary institution and program of study.
• Must reside in a state in which ELFI is authorized to lend.

Participating SchoolsNeither ELFI nor SouthEast Bank is affiliated with the schools included on the ELFI Approved Post-Secondary Institution list, nor does inclusion on this list constitute any endorsement or partnership between either party.Co-SignersMust be at the age of majority or older at the time of loan application.Bankruptcy LimitationsIf 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 Student Loan Refinance: Subject to credit approval. See Terms & Conditions. Interest rates are current as of 11/15/24. Variable interest rates may increase after closing. 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. 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.

ISL Education Lending:

ISL Education Lending Disclosures

Subject to credit approval. Loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation. Bank of Lake Mills is Member FDIC.

Annual percentage rate (APR) shown is dependent on if you are viewing this page with or without the auto-debit discount applied. If viewing with auto-debit discount applied, the APR rate will range from 6.94% APR to 11.58% APR and assumes you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 7.19% APR to 11.83% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile, the term you select, your state of residence or your current lender and will be within the ranges shown above.

EdvestinU:

EdvestinU Refinance Loan

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principal due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Once the repayment period commences, the borrower may enroll in automatic debit. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

 

Granite Edvance In-School Loan Products

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

The Granite Edvance Student Loan requires the borrower to be a resident of NH or attending college in New Hampshire.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principle due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Private Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic debit benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic debit. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit once the initial disbursement on the loan has been made.

 

APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

Nelnet Bank:

Credit Score

Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Auto Debit

Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Cosigner Release

A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.
• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

  NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.

• The loan must be current at the time of request.
• The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
• The loan must not have been permanently modified from its original terms in the credit agreement.
• The primary borrower must be a U.S. citizen or have permanent residency in the United States.
• The primary borrower must meet the age of majority requirement in their permanent state of residency.
• Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at [email protected] or 800.446.4190.

Payment Assistance Programs

Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at [email protected] or 800.446.4190 to get more information.

Loan Eligibility

Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You, or your cosigner, must meet Nelnet Bank’s annual income criteria. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Limits:

• Minimum loan amount: $5,000
• Maximum student loan limits:
  • $125,000 for borrowers with an undergraduate degree.
  • $175,000 for borrowers with a graduate or doctorate degree.
  • $175,000 for borrowers with an MBA or graduate law degree.
  • $500,000 for borrowers with a graduate health professions degree.

Loan Refinancing Risks: Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. Learn more about what to take into consideration when refinancing federal student loans with private education loans.

School Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your permanent state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.

Undergraduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student loan limits: $125,000

Graduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student Loan limits:
• Graduate or doctorate degree: $175,000
• MBA or graduate law degree: $175,000
• Graduate health professions degree: $500,000

Interest Rates

Selecting ‘Apply Now’ results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Refinance Loan

Fixed interest rates range from 7.12% APR (with auto debit discount) to 11.19% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 7.62% APR (with auto debit discount) to 14.52% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Student Loan

Fixed interest rates range from 4.49% APR (with auto debit discount) to 15.47% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 6.31% APR (with auto debit discount) to 15.53% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate., The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.

INvestEd:

INvestEd Refinance Loan Disclosures

 

Subject to credit approval, loans are made by INvestEd or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in INvestEd. Bank of Lake Mills is Member FDIC.

 

¹These rates are expressed as APR.

 

Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement.

 

The Fixed rate will not change during the term.

 

The variable rate is subject to increase after consummation. The maximum variable interest rate is 18.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC).

Brazos:

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. Not all borrowers receive the lowest rate. The lowest APR calculations assume the highest creditworthy borrower with a 60-month repayment term. The highest APR calculation assumes the lowest creditworthy borrower with a 240-month repayment term.Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 4.86% plus a 0.25% margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term. The Variable Rate product is only available to Texas Residents.AutoPay Discount. 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 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. Certain other terms and conditions apply.

Citizens:

ELIGIBILITY DISCLOSURES

Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school.

Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan.

Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application.

Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.

Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.

Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school.

RATE DISCLOSURES

Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Nov 01, 2024, the 30-day average SOFR index is 4.86%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Education Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 13.34% (6.53% - 13.34% APR). Fixed interest rates range from 5.89% - 11.84% (5.89% - 11.84% APR).

Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 6.53% - 12.47% (6.53% - 12.42% APR). Fixed interest rates range from 5.89% - 10.97% (5.89%- 10.97% APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 7.88% - 12.54% (7.88% - 12.54% APR). Fixed interest rates range from 6.59% - 11.03% (6.59% - 11.03% APR).

Student Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Undergraduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 16.11% (5.50% - 16.12% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

Graduate Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Business/Law Loan Rate Disclosure: Variable interest rates range from 5.50% - 14.61% (5.50% - 14.62% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.11% APR).

Medical/Dental Loan Rate Disclosure: Variable interest rates range from 5.50% - 13.30% (5.50% - 12.93% APR). Fixed interest rates range from 4.24% - 12.39% (4.24% - 12.32% APR).

Parent Loan Rate Disclosure: Variable interest rates range from 6.52% - 10.13% (6.52% - 10.14% APR). Fixed interest rates range from 5.99% - 10.60% (5.99% - 10.61% APR).

STUDENT LENDING PROGRAM DISCLOSURES

Wireless Charges: Wireless carrier, text, and/or data charges may apply.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.

Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. 82% of borrowers take advantage of our Multi-Year feature. The percentage of borrowers is based on all applicants who received a Multi-Year Student Loan from Citizens between October 1, 2022 and October 1, 2023. The percentage represents only borrowers who accepted the Multi-Year Approval offer. It does not include borrowers that qualified for the Multi-Year feature, but did not accept the offer. Please Note: International students are not eligible for Multi-Year Approval.

Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 99% of Citizens Undergrad Booked Loans from 6/1/23 through 9/30/23 were cosigned.

Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $225,000, Graduate Degrees: $225,000, MBA and Law: $300,000, Healthcare: $250,000 or $400,000 depending on your degree (Aggregate limits up to $400,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $250,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree).

Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications.

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2023 and September 30, 2024 the origination fee is 4.228%.

Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods).

Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 7.26% APR results in 53 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $150.27. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period.

Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students, or prospective students, or parents or legal guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Building the Workforce of the Future Scholarship entrants must be from an underrepresented or a low-income community as described in the Official Rules. Sweepstakes begins at 12:00 AM ET on 7/1/24 and ends at 11:59 PM ET on 3/31/25. Sponsored by Citizens. See Official Rules for details.

Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option.

SAVINGS DISCLOSURES

Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 2,276 Citizens Education Refinance Loan customers who refinanced their loans between September 1, 2023 and September 1, 2024 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower.

Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 1,992 Citizens Education Refinance Loan customers who lowered their interest rate on loans between September 1, 2023 and September 1, 2024. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 15.11% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower.

Parent Loan Savings: Origination fee savings of $753 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $17,825 as compared to the Citizens Student Loan for Parents, which has no origination fees.

Graduate Loan Savings: Origination fee savings of $811 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $19,202 as compared to the Citizens Student Loan, which has no origination fees.

APPLICATION & SOLICITATION DISCLOSURES

Citizens Student Loan™ for Parents 10 Year Application Solicitation & Disclosure

Additional Application Solicitation Disclosures may be obtained by calling the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST.

RISLA:1. THE ANNUAL PERCENTAGE RATE (APR) IMMEDIATE REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest ($0). Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for the full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 6.34% – 8.29% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), if you are a Rhode Island resident (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 5-year term. The first payment will be due approximately 30 days after the loan is completely disbursed. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms. 

MEFA:

The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects the loan's interest rate, timing of payments, and fees. MEFA's lowest rates are only available to the most creditworthy applicants.

The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR) or its replacement index or reference rate, fluctuates.

ELFI:Loan Interest Rates & FeesYour 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 LoansYour 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 -3.14% to 0.49% 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 6% APR would have 120 monthly payments of $11.10 per $1,000 borrowed. Rates are subject to change.

---

Federal Loan Alternatives and Disclosure Regarding BenefitsYou 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 ELFI, the education loan refinance program offered by SouthEast Bank, to pay off your federal loans. If you refinance your federal loans through ELFI, 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 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

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.

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 NotesDisclosure Regarding Federal LoansSee your loan agreement for important disclosures about the consequences of refinancing federal student loans with ELFI.Interest Rate

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

Repayment OptionsELFI 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.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 ELFI approved post-secondary institution and program of study.
• Must reside in a state in which ELFI is authorized to lend.

Participating SchoolsNeither ELFI nor SouthEast Bank is affiliated with the schools included on the ELFI Approved Post-Secondary Institution list, nor does inclusion on this list constitute any endorsement or partnership between either party.Co-SignersMust be at the age of majority or older at the time of loan application.Bankruptcy LimitationsIf 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 Student Loan Refinance: Subject to credit approval. See Terms & Conditions. Interest rates are current as of 11/15/24. Variable interest rates may increase after closing. 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. 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.

ISL Education Lending:

ISL Education Lending Disclosures

Subject to credit approval. Loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation. Bank of Lake Mills is Member FDIC.

Annual percentage rate (APR) shown is dependent on if you are viewing this page with or without the auto-debit discount applied. If viewing with auto-debit discount applied, the APR rate will range from 6.94% APR to 11.58% APR and assumes you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 7.19% APR to 11.83% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile, the term you select, your state of residence or your current lender and will be within the ranges shown above.

EdvestinU:

EdvestinU Refinance Loan

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principal due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Once the repayment period commences, the borrower may enroll in automatic debit. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

 

Granite Edvance In-School Loan Products

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

The Granite Edvance Student Loan requires the borrower to be a resident of NH or attending college in New Hampshire.

 

APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principle due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Private Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic debit benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic debit. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit once the initial disbursement on the loan has been made.

 

APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

Nelnet Bank:

Credit Score

Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Auto Debit

Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Cosigner Release

A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.
• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

  NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.

• The loan must be current at the time of request.
• The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
• The loan must not have been permanently modified from its original terms in the credit agreement.
• The primary borrower must be a U.S. citizen or have permanent residency in the United States.
• The primary borrower must meet the age of majority requirement in their permanent state of residency.
• Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at [email protected] or 800.446.4190.

Payment Assistance Programs

Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at [email protected] or 800.446.4190 to get more information.

Loan Eligibility

Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You, or your cosigner, must meet Nelnet Bank’s annual income criteria. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Limits:

• Minimum loan amount: $5,000
• Maximum student loan limits:
  • $125,000 for borrowers with an undergraduate degree.
  • $175,000 for borrowers with a graduate or doctorate degree.
  • $175,000 for borrowers with an MBA or graduate law degree.
  • $500,000 for borrowers with a graduate health professions degree.

Loan Refinancing Risks: Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. Learn more about what to take into consideration when refinancing federal student loans with private education loans.

School Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your permanent state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.

Undergraduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student loan limits: $125,000

Graduate Loan Limits:

• Minimum loan amount: $1,000
• Maximum student Loan limits:
• Graduate or doctorate degree: $175,000
• MBA or graduate law degree: $175,000
• Graduate health professions degree: $500,000

Interest Rates

Selecting ‘Apply Now’ results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Refinance Loan

Fixed interest rates range from 7.12% APR (with auto debit discount) to 11.19% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 7.62% APR (with auto debit discount) to 14.52% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Student Loan

Fixed interest rates range from 4.49% APR (with auto debit discount) to 15.47% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 6.31% APR (with auto debit discount) to 15.53% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.34% as of January 1, 2024.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate., The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.

INvestEd:

INvestEd Refinance Loan Disclosures

 

Subject to credit approval, loans are made by INvestEd or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in INvestEd. Bank of Lake Mills is Member FDIC.

 

¹These rates are expressed as APR.

 

Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement.

 

The Fixed rate will not change during the term.

 

The variable rate is subject to increase after consummation. The maximum variable interest rate is 18.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC).

Brazos:

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. Not all borrowers receive the lowest rate. The lowest APR calculations assume the highest creditworthy borrower with a 60-month repayment term. The highest APR calculation assumes the lowest creditworthy borrower with a 240-month repayment term.Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 4.86% plus a 0.25% margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term. The Variable Rate product is only available to Texas Residents.AutoPay Discount. 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 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. Certain other terms and conditions apply.