Benefits of Refinancing with ELFI
Whether you are looking to save money or trying to get out of debt faster, our program allows the convenience of making one payment for one student loan instead of multiple payments to a variety of federal and private lenders.
lower monthly payments
If you have student loan debt, refinancing or consolidating your student loans may allow you to extend the repayment period, and/or lower your interest rate, thereby allowing you to lower the amount of your monthly payment.
shorten your loan term
If you’re comfortable with your current payment amount or can even afford to contribute a little more, you may want to consider shortening the term of your loan. Shorter loan terms often generate lower interest rates, allowing you to save more money in interest over the life of the loan.
simplify loan payments
When you consolidate multiple student loans, you only have to make one loan payment each month to one company. This would be beneficial if you currently make payments on multiple student loans each month to federal and private lenders. For some people, the convenience of having one loan payment is worth it.
lower interest rates
Depending on your credit score and financial situation, you may be able to obtain a lower interest rate with student loan refinancing or consolidation. This reduces the amount of your monthly payments and saves you money over the repayment term of your loan.
If you are unhappy with the level of student loan servicing you are currently provided, refinancing or consolidation gives you the opportunity to switch to a company that has an excellent customer service record. ELFI has account specialists who are experts in the student loan industry and will take the time to answer your questions.
release a co-signer
By refinancing or consolidating your student loans, you may be eligible to release your co-signer, such as a parent. This could allow co-signers to improve their credit scores and gain access to new lines of credit for the purchase of a new home, car, etc.