Private Consolidation Rates & Terms

Interest Rate Formula

The interest rates for a private student loan consolidation offered through ELF are variable, adjusted quarterly on the first day of January, April, July, and October. The rate is based on the 1-Month LIBOR index plus a margin. To show you immediate savings, our introductory interest rate is calculated using a margin of 2.5% to 3%. Currently our introductory interest rate is 7.52% to 8.02%. After the first year, your rate would be calculated using the long term margin which is 6% to 6.5%. Currently, the long term interest rate is 11.02% to 11.52%. We also offer a .25% interest rate discount if you elect to pay by electronic debit from your checking or savings account.

Repayment Term

The repayment term is determined by the total outstanding balance of the loans being included in the consolidation. The maximum repayment term is 30 years.

Total Debt To Be Consolidated Available Repayment Term
$7,500 – $30,000 25 years
$30,001 and greater 30 years

Repayment Plans

There are two options to choose from:

Regular Repayment – This option is where you make normal payments of principal and interest over the life of your loan.

Interest-Only Repayment – This repayment plan supplies borrowers with the lowest initial monthly payment. Borrowers that select this plan have the flexibility to make interest-only payments for the first 24 months. Many borrowers right-out-of-school like this option as it affords them the flexibility of a lower initial monthly payment, giving them the cash flow they need as they enter into the workforce. After 24 months, the payments then increase and are paid on a normal principal and interest schedule.


There are zero out of pocket costs, but there is an origination fee that can range from 0% to 5% depending on your credit score. You may also qualify for a 1.5% origination fee rebate after you make 48 on-time payments. Of course, if you qualify for the 0% origination fee the rebate would not apply.