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What is FAFSA? And Why You Should Care

What does FAFSA stand for? FAFSA stands for Free Application for Federal Student Aid. You must submit the FAFSA to apply for federal and state financial aid to see you through college, and it must be submitted every year that you want financial assistance. Even if you don’t need federal financial aid, college admissions officers recommend that you complete the FAFSA process. Also, some private scholarships require the submission of the FAFSA. In both instances, this is because the application indicates your interest in the school and can boost your chances of getting in. Each school that you have listed on the FAFSA will receive your financial information after you’ve completed the form.

 

How do I Get a FAFSA?

The FAFSA paperwork is available in both a printed and online format. Most families find it more convenient to complete the FAFSA online these days – to do so, go to www.fafsa.ed.gov. Here you will find pre-application worksheets and step-by-step instructions for filling out the FAFSA. You can sign your completed form electronically with a Federal Student Aid (FSA) ID that can be obtained by going to this link. You can even opt to file your FAFSA from your mobile device.

There are the following advantages to completing the FAFSA process online:

  • You’ll likely receive your Student Aid Report (SAR) quicker than if you had used the paper or PDF forms.
  • Your FAFSA will be less prone to mistakes because the online process comes with built-in error checks.
  • The expenses of the federal government will be lowered as its processing costs are reduced.
  • With the online FAFSA, you can list up to ten colleges; the paper version only has space for four. You should list all of the schools you’re interested in whether or not you’ve applied or been accepted yet. 

 

School Codes

Each school has a six-character Federal School Code (also known as a Title IV Institution Code) that you need to enter into your FAFSA. Be aware that some institutions have several codes to designate different campuses or programs. You can obtain a code by using this search form or calling the school’s financial aid office. 

 

Paper FAFSAs

Paper versions are no longer distributed in bulk to high schools, libraries, and colleges, except in areas where students may not have access to the Internet. However, if you want a paper version, you can order up to three copies by calling 1-800-4-FED-AID (1-800-433-3242) or 1-391-337-5665. (Those with hearing impairments should call 1-800-730-8913.)

 

Expected Family Contribution (EFC)

Your Expected Family Contribution (EFC) is a number that colleges use to calculate the amount of financial aid you’re eligible to receive. The EFC takes into account various factors such as your family’s income, assets, size, and any other family members who are attending college at the same time as yourself. Usually, a lower EFC increases your eligibility for more financial aid. Use a handy EFC Calculator, such as the one from FinAid to calculate your EFC and receive an estimate of your eligibility for financial assistance. You can also run “what-if” tests to find out how much assistance you’ll receive under various scenarios.

 

When Should I Submit my FAFSA?

The FAFSA is available on October 1 of the year before you plan to attend school. Applications are considered on a rolling basis up until a summer deadline (which varies). Earlier dates may apply to state and school-specific aid programs. Don’t wait until the deadline; the earlier you submit your application, the more aid programs you’ll be in line for.

 

So What Does This All Mean?

If you’re planning on enrolling in higher education, you’re probably giving some thought to financial aid. Completing the FAFSA will help you earn the federal financial assistance you need and deserve. For a very detailed guide to filling out your FAFSA, click here. And, don’t forget that help may be available from an advisor at your school. 

 

After college, if you want help and advice on managing your student loan debt, talk to ELFI. Give us a call at 1.844.601.ELFI to speak with a dedicated Personal Loan Advisor.

 

 

Terms and conditions apply. Subject to credit approval.

 

NOTICE: Third Party Web Sites

Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

The Importance of a Good Debt to Income (DTI) Ratio

It is evident to most people that having more income and less debt is good for their finances. If you have too much debt compared to income, any shock to your income level could mean you end up with unsustainable levels of debt. Every month you have money coming in (your salary plus additional income) and money going out (your expenses). Your expenses include your recurring bills for electricity, your cell phone, the internet, etc. There are also regular amounts that you spend on necessities, such as groceries or transportation. On top of all of this, there’s the money you spend to service any debts that you may have. These debts could include your mortgage, rent, car loan, and any student loans, personal loans, or credit card debt.

 

What is the Debt-to-Income Ratio (DTI)?

The Debt-to-Income Ratio (DTI) lets you see how your total monthly debt relates to your gross monthly income. Your gross monthly income is your total income from all sources before taxes and other deductions are taken out. Below is the formula for calculating your DTI:

DTI = (Total of your monthly debt payments/your gross monthly income) x 100

 

Example: Let’s suppose the following. Your gross monthly income is $5,000, and you pay $1,500 a month to cover your mortgage, plus $350 a month for your student loans, and you have no other debt. Your total monthly payments to cover your debts amounts to $1,850.

 

Your DTI is (1,850/5,000) x 100 = 37%

Here’s a handy calculator to work out your DTI.

 

Why is Your DTI Important?

Your DTI is an important number to keep an eye on because it tells you whether your financial situation is good or if it is precarious. If your DTI is high, 60% for example, any blow to your income will leave you struggling to pay down your debt. If you are hit with some unexpected expenses (e.g., medical bills or your car needs expensive repairs), it will be harder for you to keep on top of your debt payments than if your DTI was only 25%.

 

DTI and Your Credit Risk

DTI is typically used within the lending industry. If you apply for a loan, a lender will look at your DTI as an important measure of risk. If you have a high DTI, you will be regarded as more likely to default on a loan. If you apply for a mortgage, your DTI will be calculated as part of the underwriting process. Usually, 43% is the highest DTI you can have and likely receive a Qualified Mortgage. (A Qualified Mortgage is a preferred type of mortgage because it comes with more protections for the borrower, e.g., limits on fees.)

 

So, What is a Good DTI?

If 43% is the top level DTI necessary to obtain a Qualified Mortgage, what is a “good” DTI? According to NerdWallet, a DTI of 20% or below is low. A DTI of 40% or more is an indication of financial stress. So, a good rule of thumb is that a good DTI should be between these two figures, and the lower, the better. 

 

The DTI Bottom Line

Your DTI is an essential measure of your financial security. The higher the number, the less likely it is that you’ll be unable to pay down your debt. If there are months when it seems that all your money is going toward debt payments, then your DTI is probably too high. With a low DTI, you will be able to weather any financial storms and maybe even take some risks. For example, if you want to take a job in a field you’ve always dreamed about but are hesitating because it pays less, it will be easier to adjust to a lower income. Plus, debt equals stress. The higher your DTI, the more you can begin to feel that you’re working just to pay off your creditors, and no one wants that.

 

DTI and Student Loan Refinancing

Your DTI is one of several factors that lenders look at if you apply to refinance your student loans. They may also assess your credit history, employment record, and savings. Refinancing your student loans may actually decrease your DTI by lowering your monthly student loan payment. This may help you, for example, if you want to apply for a mortgage. ELFI can help you figure out what your DTI is and if you are a good candidate for student loan refinancing. Give us a call today at 1.844.601.ELFI.

 

Learn More About Student Loan Refinancing

 

Terms and conditions apply. Subject to credit approval.

 

NOTICE: Third Party Web Sites

Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

How to Retain Millennial Talent

The Pew Research Center informs us that millennials (ages 22 to 37) make up the largest share of today’s workforce. Millennials offer a lot of value to a company because they tend to be highly educated, comfortable with technology, and willing to learn new things. However, the average millennial worker remains with a job for only three years or so. With that in mind, it’s important for your company culture to appeal to your millennial hires so they’ll decide to stick around for the long haul. The question for companies then is: How can we make our company attractive to millennial employees? And how can we keep them? Here are some insights into what millennials are looking for in the workplace.

 

Above All, Millennials Want Opportunity

Millennials regard jobs as opportunities to learn and grow, and they have a strong desire for career development. A Gallup survey found that an impressive 87% of millennials rated career growth and opportunities for professional development as the essential aspect of a job. This contrasts with 69% of non-millennials who say the same thing. So, if you want to retain millennials, you need to take their desire for career progression seriously. Here are some ways to accomplish this.

  • Keep your employees updated on education and promotion opportunities. Institute a tier system based on knowledge with the ability to advance by getting new certifications.
  • Provide weekly training sessions to build teamwork and advance knowledge on a topic. Incentivize your team for a job well-done by providing rewards such as a surprise gourmet lunch at the office.
  • Notice and appreciate your staff when they’ve done an excellent job. Don’t wait until the six-month or yearly review to provide feedback. Create a process that allows for the consideration and implementation of your employees’ ideas and complaints, e.g., via monthly one-on-one meetings.
  • Talk to your employees face to face. Millennials want to communicate about their work and possible career advancement in person. When they question management decisions, they are not being disrespectful but rather seeking information. Engage with them in a conversational style rather than shutting them down or issuing an order.
  • Provide the necessary structure for a work project – meeting times, deadlines, etc. – but then let your millennials work things out without micromanaging. They want to be provided with work that they can “own” and run with.
  • Make sure they know the “why” of what you want them to do. Millennials need to understand why their work matters in the larger scheme of things.
  • Instead of losing your talented millennial employees to another company, allow them to switch roles within your company. It provides them with the opportunity to get new experiences and learn new skills. Plus, you’ll be building a pool of potential future managers who understand the inner workings of several aspects of your company.

 

Millennials Want a Company that Invests in its Employees

Depending on the job, this could mean providing the latest and greatest technological tools available in the industry. For others, it could mean offering a stipend or an allotted expense for travel to conferences or other events to further education. Often times this includes shares or stock options in the company. In other words, provide more than just a salary. 

 

Millennials Like Perks

Although perks may not be the main reason why millennials might choose to work for a company, they do like perks. Young married millennials are much more likely to stay with your company if, for example, you provide flexible work schedules or an on-site child care facility. Other attractive perks might be:

  • Free training or learning allowances
  • Sabbaticals
  • Mentorships
  • Mid-career internships
  • Flexible vacations
  • An allotment of days for remote work
  • Summer Fridays
  • Free gym memberships
  • Bring your dog to work 

The Hiring Process

Millennials appreciate transparency during the hiring process and throughout their employment. A job candidate wants to see if they are a good fit for the position and what their future with the company is likely to be. Once a millennial is hired, transparency should continue through regular assessments or check-ins with their supervisor. Nothing should be shrouded in mystery or corporate-speak that obscures or confuses.

 

Retain Your Millennial Team Members Longer

Millennials tend to leave jobs when they feel they aren’t appreciated or that their employers are not willing to be flexible. The cost of having your millennial talent leave is high. Your company has poured time and resources into training and development, so retention is an issue for your bottom line. Millennials don’t just want a job; they want to be highly engaged in what they are doing. Smart companies should find ways to harness this sense of mission or risk losing their brightest millennial talent to more purpose-driven companies. For an excellent overview of how to treat your millennial employees, read the free Epic Guide To Managing Millennials In The Workplace by Rob Wormley.

 

Learn More About ELFI for Business

 

NOTICE: Third Party Web Sites

Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

How Does Student Loan Refinancing Work?

When you agree to take out a student loan, you also sign on to a specific set of terms and conditions that cover things such as your payment schedule and the interest you’ll pay on your loan. These terms represent the obligations of the borrower and cosigner until the loan is completely paid off. Interest rates for federal student loans are determined by the government, whereas private lenders will set their terms according to your credit score (or that of a cosigner).

Can I Change my Loan Terms?

Before graduating, you probably didn’t give much thought to student loan repayment terms. That being said, student loan terms that fit your needs and goals before starting school aren’t always ideal for you following graduation. For this reason, it is possible to change your loan terms after you graduate, and if you’re approved for a new loan, the new loan servicer pays the old loan servicer for the cost of the loan. The student loan debt is then transferred to the new loan servicer. With the new loan typically comes new and better student loan terms.

 

Why Should I Refinance my Student Loan?

Simply put, student loan refinancing works when you can take out a new loan in order to pay off the first loan with better terms. Here are four reasons why you might want to refinance your student loan:

Your Credit Score Has Improved Since College

Student loans provided by the federal government don’t take credit scores into account – every borrower is given the same interest rate regardless of credit history. If you have taken out a private loan, your interest rate could have been impacted by your or your cosigner’s credit score. After a few years in the workforce, your credit score usually improves. An ideal time to refinance your student loans is when your credit score exceeds 650. This should enable you to refinance your loan at a lower interest rate. Most student loan refinance companies will require a minimum credit score for refinancing approval, so be sure to seek that information out before applying.

A Longer Credit History Could Improve Your Interest Rate

Interest rates for private student loans are usually affected by your or your cosigner’s demonstrated credit history, and most student loan refinance companies will provide a minimum credit score to apply for refinancing. A refinancing company will also usually provide favorable terms to a borrower who has illustrated a financially responsible credit history – for example, by paying bills on time. An individual who has multiple defaults on their credit history is likely to receive less favorable terms or be turned down for refinancing.

Overall Interest Rates May Be Lower

Interest rates for student loans are tied to certain economic indicators at the time you applied for the loan. So, you may have a student loan with an above-average interest rate because you went to college when interest rates were high. When interest rates decrease because of changing economic conditions, you will almost certainly be able to refinance and get a better deal on your new loan.

Consolidation

Refinancing gives you the option of consolidating several loans with different interest rates into a single loan with a more favorable interest rate. One loan with one interest rate is much easier to manage.

 

Fixed and Variable Interest Rates

When you apply to refinance your student loan, you can choose between a fixed or a variable interest rate. A fixed rate doesn’t change unless you are refinancing again. A variable rate will fluctuate over time based on certain economic indicators. Variable rates coincide with low-interest rates across the economy, and they can sometimes fall to below 3%. If you find yourself with a high income and interest rates are declining, then it may be possible to get a great refinancing deal. This works by choosing a variable interest rate and paying off your loan entirely before interest rates start rising again, or by taking advantage of a low fixed interest rate and sticking with it.

 

Avoiding the Risks of Refinancing Student Loans

Refinancing your student loan can be a great choice, but there are some risks you want to watch out for:

  • High-interest rates. If interest rates are high, you might end up paying more over time than if you had stayed with your original loan.
  • Too many fees. Make sure that refinancing fees don’t outweigh the savings from your lower interest rate. Look for student loan refinancing that comes with no fees.
  • Unrealistic repayment schedules. Federal student loans provide you with access to repayment plans based on a low yearly income. Make sure that you can meet the monthly payments on your refinanced loan.

 

When Should I Refinance my Student Loan?

The primary reason to refinance your student loan is to shift into a much more favorable loan. That loan could have a lower interest rate and save you money. Additionally, if you qualify, you’ll have the flexibility to adjust the repayment terms. This means that you could pay the loan off with a shorter term or extend the term so it costs you less every month or is easier to manage.

Use ELFI to Refinance Your Student Loans

You may be pleasantly surprised at how easy it can be to repay your loan faster and more effectively. Doing so can help you avoid the stress of too much student loan debt and enjoy a more prosperous financial life. It can be hard to tell when the best time to refinance your student loan is, so click here for a handy student loan refinancing calculator to determine how much you might save. For a no-obligation consultation, call ELFI at 1.844.601.ELFI.

 

Learn More About Student Loan Refinancing

 

Terms and conditions apply. Subject to credit approval.

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

Top 10 SAT Resource Publications for Students

Preparing to head off to college in the next year or two? If so, are you stressing out about the SAT? Colleges use SAT scores for admissions and merit-based scholarships. The SAT has three parts: reading, writing, and math. Studying for the SAT can help familiarize you with what the test looks like, develop relevant strategies and skills, and prepare you to achieve a high score. Here’s a list of self-guided prep books that can help you prepare for the SATs.

  1. The Official SAT Study Guide – The College Board. Pages: 1,145; Price: $19.01-$19.36The Official SAT Study Guide is a publication of The College Board, the organization that creates and administers the SAT. It includes eight practice tests that are similar to the exam. Each of these tests is available as a free, downloadable PDF on The College Board’s website. In addition to the tests, the book has an additional 250 pages of instruction, guidance, and test information. This volume should form the basis of your self-guided SAT studying program.
  2. SAT Prep Black Book: The Most Effective SAT Strategies Ever Published – Mike Barrett and Patrick Barrett. Pages: 575; Price: $24.50-$28.49SAT Prep Black Book deserves a place on your bookshelf right next to The Official SAT Study Guide. The book is authored by an SAT tutor who has guided many students in preparation for the test. Readers will learn how to use the ins and outs of the SAT to their advantage. It includes a walkthrough of more than 600 official SAT questions. The publication is written in a conversational style and is full of understandable advice for doing well on the SAT.
  3. The Complete Guide to SAT Reading – Erica Meltzer. Pages: 349; Price: $29.19-$33.20The Complete Guide to SAT Reading is a comprehensive review of the reading skills required to achieve high scores on the reading section of the SAT. The author is an experienced SAT tutor who provides breakdowns of SAT Reading types of questions. She gives in-depth explanations and numerous examples of how to effectively work through every kind of problem. This book offers helpful guidance for your SAT prep, no matter your level of reading skills.
  4. SAT Vocabulary: A New Approach – Erica Meltzer and Larry Krieger. Pages: 133; Price: $17.99-$18.95SAT Vocabulary covers critical vocabulary for the reading, writing and language, and essay sections of the SAT. Rather than just providing long lists of words and their meanings to memorize, the book teaches you to understand the various contexts in which vocabulary is tested. You can then test yourself by applying what you have learned with practice exercises.
  5. The College Panda’s SAT Essay: The Battle-tested Guide for the New 2016 Essay – Nielson Phu. Pages: 64; Price: $18.99-$21.52Nielson Phu is a teacher who achieved a perfect SAT score when he took the new SAT in 2016. A copy of his high-scoring essay is included in The College Panda’s SAT Essay. And, amazingly, Phu states that he’s not a naturally gifted writer. In this book, you’ll find Phu’s tips, strategies, and resources to enable you to score well on the SAT essay, even if you don’t think you’re a “good” writer. This short book is worth reading cover-to-cover.
  6. The College Panda’s SAT Writing: Advanced Guide and Workbook for the New SAT – Nielson Phu. Pages: 270; Price: $10.29-$28.49Nielson Phu loves to write books to help students achieve a perfect SAT score. Don’t be intimidated, though – The College Panda’s SAT Writing provides comprehensive coverage of what you need to know to do well in the SAT writing and language section. It gives clear explanations of every grammar rule tested on the SAT, from the most basic to the most obscure. It also includes hundreds of examples, drills, and practice questions. To make the study of grammar less boring, Phu has even added in some fun illustrations.
  7. The College Panda’s SAT Math: Advanced Guide and Workbook for the New SAT – Nielson Phu. Pages: 254; Price: $22-$28.49The College Panda’s SAT Math is a comprehensive guide to the SAT Math section. This publication is aimed at the student reaching for a perfect score, and, in pursuit of this goal, it leaves no stone unturned. The book has clear explanations of the math concepts tested on the SAT, ranging from the simplest to the most complex. It also provides hundreds of examples, over 500 practice questions, and lists of the most common mistakes students make. Even if you don’t think you can achieve that perfect score, this book is an excellent way to brush up on your math skills.
  8. Bring Home the Score: A Private Tutor’s Guide to Scoring in the Highest Echelons of the SAT, ACT, SHSAT, GRE, GMAT, LSAT, NCLEX, MCAT, or Any Other Standardized Test – Walter Tinsley. Pages: 86; Price: $9.96-$9.97Don’t be put off by the lengthy subtitle of Bring Home the Score even if you have to look up what “echelon” means. This volume is jam-packed with tips, tricks, and strategies to land you among the top scorers on any standardized test – including the SAT. You will learn mental strategies to improve your motivation and avoid burnout from an overly aggressive study regimen. Bring Home the Score can help you create a schedule that’s intense but manageable.
  9. Solve. Create: The Insider’s Guide to the ACT and SAT –
    Scott Moser. Pages: 523; Price: $19.68-$29.95People don’t usually think that standardized tests and creativity go together. The author of this book, a private test prep tutor, bases his strategy of success in the SAT on individualization and process rather than focusing on rote memorization. Reason. Solve. Create. aims to help the reader become a better thinker. For example, the same reasoning skills that are used in writing a poem can also be applied to solving a math problem or correcting a mistake in grammar. Information pertaining only to the SAT is clearly marked.
  10. The Perfect Score Project: One Mother’s Journey to Uncover the Secrets of the SAT – Debbie Stier. Pages: 288; Price: $6.45-$16.45The Perfect Score Project is not a traditional SAT prep book but provides an interesting and insightful read for both students and parents. Debbie Stier, a single mother and an author, wanted to help her son prepare for the SAT. To this end, she took the test seven times in one year. She also studied every way possible to prep for the test. The result is a book with tried-and-tested answers to every SAT question a student might be asking themselves: When do I begin? Do I really need test prep with a big name? Do I need a tutor, a class, or can I self-study? What’s the one thing I need to know? Stier’s son did well on the SAT, and so can you.

 

All of these books can be purchased online, and the prices are for new and used books as advertised at the time (June 1, 2019) of this writing. The number of pages is approximate and is based on the table of contents for each book.

What You Need to Know About College Scholarships

 

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

Measuring the Costs of Employee Turnover

Best-selling business management author Jim Collins was asked during a 2001 interview if he had identified a good business response to the economic slowdown that had gripped the nation. His widely quoted answer is as relevant today as it was at the time:

 

“If I were running a company today, I would have one priority above all others: to acquire as many of the best people as I could [because] the single biggest constraint on the success of my organization is the ability to get and to hang on to enough of the right people.”

 

Nearly 20 years later and in a highly improved economic climate, Collins’ words still encapsulate the biggest challenge facing HR departments of corporate giants and small start-ups alike: finding and retaining quality team members. In an era of competitive recruitment and job-hopping staff, your company risks losing monetary and human capital each time a valued employee chooses to leave. Employee turnover impacts your bottom line and your company’s culture. To set wise employee retention policies, you first need to assess the costs of staff turnover accurately and measure the full impact of employee loss.

 

Direct Costs of Replacing Employees

A talented employee exiting your company costs you money. Estimates of how much employee turnover costs can vary by industry and employee salary. A study by Employee Benefit News estimates the direct cost to hire and train a replacement employee equal or exceed 33% of a worker’s annual salary ($15,000 for a worker earning a median salary of $45,000). Cost estimates are based on calculatable expenses like these:

  • HR exit interview & paperwork
  • Benefit payouts owed to the employee
  • Job advertising, new candidate screening & interviewing
  • Employee onboarding costs
  • On-the-job training & supervision

You can track the expenses of your company’s employee turnover using this online calculator, or create a spreadsheet to determine how actual costs add up to affect your bottom line.

 

Full Impact of Employee Loss

Josh Bersin, a human resource researcher, writing for LinkedIn, refers to employees as a business’s “appreciating assets.” Good employees grow in value as they learn systems, understand products and integrate into their teams. When one of these valuable employees leaves, the business loses more than just the cost of hiring and training a replacement. Bersin cites these additional factors contributing to the total cost of losing a productive employee:

  • Lost investment: A company typically spends 10 to 20% of an employee’s salary for training over two to three years.
  • Lost productivity: A new employee takes one to two years to reach the level of an exiting employee. Supervision by other team members also distracts those supervisors from their work—and lowers the team’s collective productivity.
  • Lost engagement: Other team members take note of employee turnover, ask “why?” and may disengage.
  • Less responsive, less effective customer service: New employees are less adept at solving customer problems satisfactorily.

 

According to Bersin, studies show the total cost of an employee’s loss may range from tens of thousands of dollars to 1.5 to 2 times that employee’s annual salary.

 

Strategies to Slow Employee Turnover Rates

An effective exit interview helps you and your HR team pinpoint the drivers of your company’s employee turnover. You may find that hiring practices need to be refined or employee engagement should be enhanced. Changes to the break room space, such as fresh fruit or games, will allow your employees to relax and come back to work with fresh eyes and a better attitude. This will keep up the workplace morale, shaping your company culture to include perks appealing to younger workers and will lead to increased job satisfaction. Today’s employees are career-oriented and highly motivated. Keep them on your team with other opportunities such as:

 

  • Pathway for advancement within the company
  • Professional development & advanced education
  • Flex-time & work-from-anywhere options
  • Management support & recognition
  • Lifestyle rewards or amenities like catering & concierge services
  • Culture of shared values & volunteerism

 

Add Student Loan Benefits Through ELFI

Student loan repayment tops the financial-worries checklist of many recent graduates. Older team members question their ability to pay for educating their children. New, highly desirable HR benefits like student loan contributions and financial literacy education are emerging from these employee concerns—and ELFI for Business is leading the way for employers to incorporate them into hiring packages. You can connect with ELFI directly from your HR portal and access multiple ways to contribute to employees’ student loan debt. We offer new-hire onboarding booklets, educational newsletters and onsite consultations filled with information for you and your employees. Reach out to us at 1.844.601.ELFI to add cutting-edge benefits to your HR employee package!

 

Learn More About ELFI for Business

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.