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MOHELA is committed to providing ELFI customers a first-rate customer experience.

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News & Announcements

  • Thanks for Serving!

    Thank you to our Veterans for their service in the United States Armed Forces.  Our offices will be closed on Wednesday, November 11.  

  • LIBOR/SOFR Rate

    The 3 Month LIBOR Rate will no longer be published starting on June 30th, 2023.  Pursuant to the LIBOR Act as implemented by Congress and signed by the President on March 15, 2022, SouthEast Bank will be replacing 3M LIBOR with 3M Term SOFR as of the determination date plus a spread.  The spread shall be the lower of the spread published by Refinitiv or the 3-month tenor spread adjustment as stated in the LIBOR Act of 0.26161%.

    For variable rate loans issued on the 3 Month Average SOFR rate, the SOFR is 4.160% effective Oct. 1, 2026 - Dec. 31, 2026.

  • PRIME Rate

    For borrowers who started an application with ELFI after 7:00pm EST, 1/7/2022, your loan is based on the PRIME rate, which is currently 7.000%, effective Nov. 2026.  With any change to the PRIME rate, variable rate loans will re-amortize, and a repayment schedule will be provided that will include your new monthly payment amount, interest rate (PRIME plus or minus a margin) and the effective date of your new monthly payment amount.


  • Public Service Loan Forgiveness

    Public Service Loan Forgiveness is not available on private student loans.  

    Please note, private student loans are not eligible for a refund of payments made during the Covid-19 Forbearance.

Repayment Assistance

A short-term forbearance may be available if you are experiencing unexpected financial hardship, which may include but is not limited to: illness, unplanned job loss or reduction in monthly income, or if your residential or place of business ZIP code is declared as an Individual Assistance zone by FEMA due to a natural disaster. Additional eligibility criteria and requirements may apply. To determine if you qualify, please call.

Important Information: All Repayment Options are approved at the discretion of the lender. An approval or denial notification will be provided by MOHELA. For approved Repayment Options, unpaid accrued interest may be capitalized at the end of any Repayment Option.

Cosigner Release

The Bank does not offer a cosigner release program. You may apply for a new ReFi loan without a cosigner at elfi.com.