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Top-Earning Majors in the US

Do you know what you want to do for the rest of your life? If you’re like many students, your answer will change as you progress through your college years. Will your career pay well out of the gate, or will it take some time to reach financial success? Some top-earning majors on this list start out with high-earning salaries, while others, such as a business analysis, start out on the lower scale before eventually offering a higher salary as experience grows.  

 

Sometimes your passion is profitable, but if it’s not, knowing what college major to pursue can be hard. This purpose of this blog isn’t to steer you toward a certain top-earning major, but rather to help you make an educated decision based on data. So without further ado, let’s take a look at what careers earn top-dollar in the US.

Highest Starting Salaries

If you’re looking to earn a high salary right out of college, engineering may be the major for you. U.S. News reported that according to PayScale data, these top-earning majors had the highest median starting salaries for workers with a bachelor’s degree:

  1. Electrical engineering. Median starting salary: $71,659

 

  1. Nuclear engineering. Median starting salary: $73,175

 

  1. Chemical engineering. Median starting salary: $73,627

 

  1. Computer engineering. Median starting salary: $74,026

 

  1. Petroleum engineering. Median starting salary: $96,544

PayScale’s Highest Paying Majors of 2019

Data from PayScale’s research confirms US News’s report on engineers’ earnings. Analyzing the overall top-earning majors and not just the highest starting salaries shows engineering jobs are still at the top of the list. The salaries below reflect the median salary for each group described.

  1. Aeronautics & Astronautics

      Salary with 0-5 years work experience + Bachelor’s degree: $73,100 

      Salary with 5-10 years work experience + Bachelor’s degree: $131,600

 

  1. Pharmacy

     Salary with 0-5 years work experience + Bachelor’s degree: $79,600

     Salary with 5-10 years work experience + Bachelor’s degree: $132,500

 

  1. Business Analysis

     Salary with 0-5 years work experience + Bachelor’s degree: $57,200

     Salary with 5-10 years work experience + Bachelor’s degree: $133,200

 

  1. Electrical Power Engineering

    Salary with 0-5 years work experience + Bachelor’s degree: $72,400

    Salary with 5-10 years work experience + Bachelor’s degree: $134,700

 

  1. Actuarial Mathematics

    Salary with 0-5 years work experience + Bachelor’s degree: $63,300

    Salary with 5-10 years work experience + Bachelor’s degree: $135,100

 

  1. Political Economy

     Salary with 0-5 years work experience + Bachelor’s degree: $57,600

     Salary with 5-10 years work experience + Bachelor’s degree: $136,200

 

  1. Operations Research

     Salary with 0-5 years work experience + Bachelor’s degree: $77,900

     Salary with 5-10 years work experience + Bachelor’s degree: $137,100

 

  1. Applied Economics and Management

     Salary with 0-5 years work experience + Bachelor’s degree: $58,900

     Salary with 5-10 years work experience + Bachelor’s degree: $140,000

 

  1. Electrical Engineering & Computer Science (EECS)

     Salary with 0-5 years work experience + Bachelor’s degree: $88,000

     Salary with 5-10 years work experience + Bachelor’s degree: $142,200

 

  1. Petroleum Engineering

    Salary with 0-5 years work experience + Bachelor’s degree: $94,500

    Salary with 5-10 years work experience + Bachelor’s degree: $176,900

 

You can see a full list of top-earning majors according to Payscale here.

 

Even if you’re not studying one of these top-earning majors, your degree will likely earn you more in the workforce. According to Forbes, the average college graduate will earn around $900,000 more than the average high school graduate throughout their lifetime. Over time, you’ll likely earn the money to pay back your student loans and earn financial independence. In the meantime, focus on your studies and know that in the end, it’ll all be worth it.

 

If you’re interested in a private student loan to help pay for college, our Personal Loan Advisors are available and would love to speak with you and answer any other questions you may have. Let’s connect.*

 

*Subject to credit approval. Terms and conditions apply.

 

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.

Executive VP Barbara Thomas Speaks on ELFI’s Private Student Loan Offerings

ELFI has grown to be a leader in student loan refinancing due to our award winning customer service and focus on helping people save money on their student loans by offering flexible payments and some of the lowest rates in the industry. Not to mention we offer no origination or pre-payment fees.*

 

So how do we continue to up our game? 

 

Barbara Thomas, SouthEast Bank’s Executive Vice President and Head of the Education Loan Finance Division, is thrilled to announce the addition of ELFI’s private student loan offerings for undergraduates, graduate students and parents looking for ways to affordably finance educational expenses.

 

We got the opportunity to meet up with Barbara and talk about what this change means for ELFI and most importantly for our customers as ELFI expands its online lending platform to support in-school student loans in addition to our student loan refinancing.

 

“ELFI’s mission is to support higher education by making low-cost student loans available to students and families. ELFI recognizes the challenges in navigating financing options to pay for college and has made significant investments in our lending platform to ensure all applicants have a seamless customer experience. We’re delighted to offer this new private student loan option with the same award-winning customer service our student loan refinancing customers have come to expect from us.”

 

See what else Barbara Thomas has to say about ELFI’s private student loan offerings:

 

 

For more information about this exciting change at ELFI, check out the press release.

 


 

*Subject to credit approval. Terms and conditions apply.

Down to Business: 5 Perks That Today’s Employees Demand

Perks have generally been regarded as nice-to-have additions to an employee’s basic salary and benefits package. Offerings such as flexible schedules, tuition reimbursements, employee discounts, and gym memberships have been seen as the icing on the cake that may sway a prospective hire to choose one employer over another. However, younger employees are regarding some desirable offerings by employers not as perks, but rather as essentials. Here are five perks that fall into this category.

1. Flex Time

Today’s employees don’t see the world in black or white or nine to five. Studies show the following:

One way to make the workplace more appealing to today’s workers is to do away with the rigid procedure of tracking work hours and vacation days. The only metrics that should matter are the productivity of staff members, how well they accomplish tasks, and team member morale. As long as employees do their work, a company shouldn’t care when or for how long they’re in the office.

  • Flex Time for Family – Employees should be encouraged to take time off when necessary. This includes providing the opportunity for new parents to stay out of the office for four to eight months following the birth or adoption of a baby, or to care for a close family member with a serious health condition. Another good idea is to offer reimbursement of expenses related to adoption or surrogacy.

2. Telecommuting

Today’s employees are rebelling over being forced to make a long commute every day, pay tolls, or cope with overcrowded and inefficient public transportation. One survey on telecommuting preferences found that nearly 90 percent of the US workforce would like to “telework.” Telecommuting two to three days a week was regarded as the sweet spot for a balance of working alone at home and collaborative work in the office.

3. Help with Student Loan Payments

Most young people starting out on their career paths are burdened with student loan payments. With that in mind, one perk that should not be overlooked is the potential to help your employees pay down their student loans. Student loan payments can eat into a worker’s paycheck for years and years, and worrying about them may affect their job performance. However, ELFI for Business can introduce you to several ways your company can help your employees pay off their student loan debt. Call us at 1.844.601.ELFI for more information on this innovative new program.

4. More Autonomy

Today’s workers don’t want to be micromanaged. Companies should recognize that autonomy is a basic psychological need, and the more autonomous their employees feel, the more likely they are to be engaged. Many studies show that more job independence leads to a workforce that is more content, healthier, and more productive.

5. More Time Off

The notion that you have to work at a company for five years in order to earn an extra week’s vacation time is regarded as outdated by today’s workforce. Millennials care more about having some adventure in their lives and less about money. Companies should consider offering non-monetary lifestyle bonuses such as:

  • Three weeks of vacation time from day one.
  • A day off on an employee’s birthday.
  • An earned bonus vacation week around an appropriate holiday.
  • A fourth week of vacation after someone has been there for three years.
  • After five years, eligibility for Summer Fridays off.

The Perks to Companies

There are very tangible benefits to companies that offer their employees flexible work options, telecommuting, assistance with student loan debt, more time off, and greater autonomy. These include the following:

  • Longevity – A study found that 86% of workers would commit to a company for five years if that company helped pay off their student loans. Moreover, millennials are likely to stay in a job for more than five years if their employers provide some flexibility about when and where they work.
  • Job satisfaction – One survey revealed that 90 percent of participants felt that more flexible work arrangements would boost their morale and increase their job satisfaction.
  • More productivity – It’s a simple equation: Happier employees leads to more engaged and productive employees.
  • Recruit more easily and quickly – A flexible work policy will improve a company’s recruitment metrics. One survey discovered that 77 percent of job seekers put flexible work schedules at the very top of their list of perks when evaluating job opportunities.

Join the Workplace of the Future

Job satisfaction is essential to a company’s overall success, which is why it’s crucial to offer perks that top talent are looking for. To learn more about how to make your workplace attractive to today’s employees, read The Best Place to Work: The Art and Science of Creating an Extraordinary Workplace, by Ron Friedman, an award-winning social psychologist and author. Then, contact ELFI to see how ELFI for Business can help your team attract and retain top talent!


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.

Private Student Loans vs. Government Student Loans: What’s the Difference?

If you are looking forward to going to college and you know you need financial help, you may not give much thought to whether you should take out private student loans or federal student loans. Either way, you will end up with debt, right? The truth is, deciding between private and federal government student loans is not as simple as comparing apples to apples. Your financial future could be affected by your understanding of how these loans differ.

 

Government Student Loans

Federal loans for students are made by the Federal Government’s Department of Education. When you apply for this type of loan, you must submit a Free Application for Federal Student Aid (FAFSA) form. The information on this form will be used to determine i) how much federal student aid and what types of federal loans you qualify for and ii) your family’s contribution toward the cost of your education. 

 

Private Student Loans

Any loans that are not issued by the federal government are defined as private student loans. Private loans are made by various types of lenders, including banks, credit unions, and lenders that specialize in loans to students. If you don’t meet the criteria set by the lender, you can still get a private loan, but you will need a co-signer who meets the lender’s requirements. In the event that you miss payments or default on the loan, your co-signer will be responsible for your debt.

 

The Difference in Interest Rates

  • Government Student Loans – Interest rates on federal loans do not depend on financial factors such as your or your co-signer’s credit rating and are therefore the same for each borrower. Also, the rate on newly originated Federal Direct Loans does not change throughout the repayment period. Currently, interest rates on federal student loans are based on the 10-year Treasury Note plus a fixed percentage increase depending on the loan type, with a cap set depending on the loan type. For example, direct undergraduate loans are based on the 10-year Treasury Note + 2.05% and are capped at 9.50%, according to the Congressional Budget Office. Student loan rates are set in the spring for each new school year, and they are effective from July 1 to June 30 of the following year. 

 

  • Private Student Loans – Interest rates on these loans are set by the lenders and are based on various underwriting criteria including the credit history of you or your co-signer. This means that you may be able to qualify for private student loan interest rates that are lower than government loan interest rates. Additionally, you could be offered a private loan with a variable interest rate rather than a fixed interest rate. Although a variable rate means your rate may go up when you are repaying your loan, the rate could still beat what you would be paying if you had federal loans.

 

The Difference in Repayment Terms

  • Government Student Loans – The repayment terms for federal student loans depend on whether they are subsidized or unsubsidized. Subsidized loans are ideal because the federal government will cover the interest while you are finishing school or in deferment, whereas unsubsidized loans begin accruing interest as soon as they are taken out. Federal student loans also offer options of deferment and forbearance as well as income-driven repayment plans, making these types of loans slightly more accommodating if you may have trouble paying your student loans.   

 

  • Private Student Loans – Private student loans come with different repayment plans depending on the lender. A private student loan from ELFI gives you a choice of several attractive repayment options including deferring repayment until six months after graduation. With terms ranging from 5-15 years, you can choose between having lower monthly payments or paying off your loans quicker.*

 

The Difference in How Much You Can Borrow

  • Government Student Loans – The government sets a cap on how much you are allowed to borrow both for each year of college and cumulatively.

 

  • Private Student Loans – At ELFI, we encourage all individuals to explore all scholarship and grant options available. We always advise potential students to go after the “free money” first, as there are thousands of scholarships and grants you can take advantage of each year.

    After taking advantage of scholarships and grants, the full cost of your education may not be entirely covered. The next step is to look into Private Student Loan options to cover the remaining amount you need for your education expenses. If you have reached your limit with respect to federal loans, you can also make up the difference with private loans. Private student loans from ELFI can help to bridge the gap.*

 

Choosing Between Government Student Loans and Private Student Loans

It’s important that you consider all of the differences when deciding which types of loans are best for you. If you need assistance in working through your options, contact ELFI. We have years of experience devoted to helping students realize their college dreams, so don’t wait – give us a call today.*

 


*Subject to credit approval. Terms and conditions apply.

 

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.

What You Could Afford With an Extra $309/Month By Refinancing Your Student Loans

One of the best ways to lower your monthly student loan payments is by refinancing your existing loans at a lower interest rate, a longer term, or a combination of both. You can refinance just one loan or consolidate a bunch of loans into one single payment plan. Here’s an important statistic you should know: ELFI student loan refinance customers have reported that they save an average of $309 per month1. Just imagine what you could do with an extra $309 every month. 

 

The Fun Stuff

While refinancing your student loans is normally a decision you make to propel yourself toward financial freedom, you might want to use your extra cash on the little things that make life fun. Here are some ideas:

 

  • Indulge your coffee fix – A Grande Latte before work every day will run you around $76 each month. If you absolutely need to have a Caramel Macchiato, you can splurge to about $93 per month. 
  • Take your significant other to a movie every weekend – Movies are expensive, especially if you live in a big city. Movies for two will cost you upwards of $100 per month, not including dinner before or after the show.

 

Upgrade Your Lifestyle

An extra $309 per month saved by refinancing your student loans is a nice chunk of change, so maybe you should use it more wisely to really improve your lifestyle. Here are some suggestions:

 

  • New Apartment – Are you fed up with living in a tiny studio apartment where you have to maneuver your Murphy bed into the wall to free up space when you have friends over? An extra $300+ every month could go towards a nice one-bedroom apartment with plenty of room for a dog. 
  • Transportation – Are you still driving around in that used car your parents bought for you when you went to college? Is it on its last leg? Are you wondering what on earth you’re going to do when it finally gives out? You could use this extra cash on car payments for that new vehicle you’ve had your eye on. 

 

Empower Your Financial Future

Let’s suppose you choose not to spend the money you saved by refinancing your student loans, but instead use it to enhance your financial future. What might this involve? Here are three ideas.

 

  • An Emergency Fund – No one is immune to financial emergencies. You never know when your company might have layoffs, and you suddenly find yourself out of a job. Knowing that you have some cash laid aside for such a possibility will make you feel more secure. A good rule of thumb is to have enough money put aside in a savings account to cover anywhere from three to six months of living expenses. An emergency fund can also come in handy when you find yourself with an unplanned burden, such as your car breaking down or your beloved pet needing to see the vet. If you don’t have savings to tap into, you’ll likely have no choice but to ask friends and family for cash or resort to credit card debt.

 

  • Invest for Your Retirement – Ok, this doesn’t sound very exciting, and you’re only in your twenties, so you may ask, “Why should I be thinking about retirement?” However, the earlier you begin to save for retirement, the more your money will grow thanks to the magic of compounding interest. Here’s an example demonstrating how someone who begins to set aside funds at age twenty-five has more money at retirement compared to someone starting at age thirty-five who contributes three times as much. Think about setting up automatic contributions so that a portion of every paycheck goes into your 401(K) or similar retirement account.

 

  • Pay Off Your Student Loans Quicker Many college graduates expect to be paying off their student loans well into their 40s. If you find this prospect alarming, you should consider putting the $309 you save every month with ELFI toward paying off your loans. Paying off your student loans early can save you a significant amount of money, as you will be cutting your interest costs. You’ll also avoid the stress that often comes with being in debt.

 

 

How to Have an Extra $309 in Your Pocket Every Month

Having read this far, you are probably intrigued and excited at the prospect of refinancing your student loans and saving money on your monthly student loan payments. You probably also have your own ideas of how you might choose to spend the extra cash. However, the first step is to get in touch with ELFI to explore the various refinancing options available to you.* Talk to us today and start saving!

 


 

*Subject to credit approval. Terms and conditions apply.

1Average savings calculations are based on information provided by SouthEast Bank/ Education Loan Finance customers who refinanced their student loans between 8/16/2016 and 10/25/2018. While these amounts represent reported average amounts saved, actual amounts saved will vary depending upon a number of factors.

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 Best Financial Websites & Podcasts

Navigating the world of personal finance is no easy task. Learning how to manage your money can be difficult, especially as a recent college graduate or young professional. You’re going through so many changes, and the whole world is at your feet, but you also sometimes feel the weight of the world on your shoulders. So don’t let your money become a guessing game. To help you out, we’ve gathered some of our favorite websites and podcasts you can turn to for financial advice. 

 

NerdWallet

Founded by Tim Chen in 2009, NerdWallet’s mission is to provide clarity for all of life’s financial decisions. NerdWallet has grown from a credit cards comparison spreadsheet in 2009 to a go-to source for millions of people when it comes to making financial decisions. NerdWallet’s tailored advice, content and tools ensure you’re getting more from your money, covering the topics of credit cards, banking, investing, mortgages, loans, insurance, money and even travel. 

 

The Simple Dollar

Originally founded by a man on a journey to get out of debt, this website has flourished over the past eleven years and become a well-respected source of financial advice. The site provides practical tips for money management. The Simple Dollar’s mission is “providing well-researched, useful content that empowers our readers to make smart financial decisions.” Staying true to that mission, it serves millions of readers and has been featured in major publications, including Forbes, Business Insider, and TIME. 

 

Suze Orman

New York Times bestselling author & financial expert, Suze Orman, offers advice through a variety of channels, including books, live events, blogs, and podcasts. Her website includes a wide range of resources, from student loans to family and estate planning, and everything in between. More than 1 million followers glean knowledge from her every week on Twitter, where she shares financial tips and links to other work, such as her podcasts and blogs.

 

Kiplinger

This Washington, D.C.-based publisher releases more than just personal finance tips. The company creates print and online publications featuring business and economic forecasts, as well. The monthly personal finance magazine shares advice for money management, investment, retirement, taxes, insurance, real estate, auto purchases, health care, travel, and paying for college. According to its website, Kiplinger Magazine was the first magazine that offered money management advice for Americans, so this organization has a long and proud history as a financial resource.

 

Your Business, Your Wealth

This podcast is led and hosted by financial advisors with nearly two decades of experience.

Its episodes cover a wide range of topics, from insurance, to taxes, to entrepreneurship, to debt, and beyond. In reviews, listeners rave about the way the hosts explain financial concepts that people can apply to their lives. Here’s just one review from an Apple Podcast Listener:

The hosts also share inspiration on Twitter

 

Radical Personal Finance

Radical Personal Finance aims to not just provide general financial information but to encourage listeners to take actionable steps to improve their finances and lifestyles. The show also strives to equip its listeners with enough information to be able to think critically and make sound decisions for themselves. According to its reviews, listeners enjoy the unique perspectives this podcast brings to the table.  

 

While you may not always agree with everything the podcast hosts say or the blog editors write, listening to a more experienced point of view is always helpful. You can take some of the tips in these blogs and podcasts and immediately apply them to your personal finance routine. Make some of these a daily part of your routine and you’ll find you’re learning more about money than you ever dreamed. 

 

We live in a time when our attention spans are being divided more and more thinly. We wanted to share our favorite podcasts and financing websites because they’re easy to consume on-the-go. There’s no need to set aside time in your busy schedule. These resources are available on the commute to work, during your lunch break or any time you want to sharpen your financial know-how.

 

If you’re interested in a private student loan or refinancing your student loans, our Personal Loan Advisors are available and would love to speak with you and answer any other questions you may have. Let’s connect.*

 


 

*Subject to credit approval. Terms and conditions apply.

 

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.

FAFSA 101: What You Need to Know About Paying for College (Video)

If you plan to enroll 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. If you’re already in college, you likely filled out the FAFSA without giving much thought about what it meant, and what it means for you each year that you apply for federal student aid. This video breaks down the process of applying for federal student aid and explains why it’s necessary to do so – so you can feel a bit better about filling it out each year!

FAFSA 101 Video

 

For more information on the FAFSA, check out our blog, “What is FAFSA? And Why You Should Care“. Subscribe to our YouTube channel or follow us on Facebook, Instagram, Twitter, or LinkedIn for more videos about student loans, refinancing, and achieving financial freedom.

 

 

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 Reality of Dental School Debt and How to Manage it

Choosing to become a dentist is an admirable decision, no matter how you look at it – from helping improve patients’ appearance and self-confidence to teaching patients how to achieve oral health and prevent disease, a dentist’s work goes beyond the chair and impacts lives.

 

With this being said, the burden undertaken by dental professionals is often overlooked when considering the seemingly hefty salaries associated with the career path. By “burden”, of course, we mean the hefty amounts of student loan debt. According to the American Dental Education Association, the average debt per graduating dental school senior was $285,184 in 2018, with over 80% of dental school graduates facing over $100,000 of student debt. This average debt is over 4x higher than it was in 1990. 

 

This staggering level of debt may seem overwhelming at first, but rest assured that with a little research, planning, and use of resources, dental school debt can be tackled – but first, let’s look at how this debt impacts individuals pursuing a career in dentistry. 

 

Difficulty Choosing Career Path

Massive debt often makes it difficult for aspiring dentists to choose the career path they truly want. To begin with, the majority of dental schools require a bachelor’s degree to attend. Already carrying undergrad debt, full-time dental students can then expect to finish their dental degree within four years and become licensed. However, if they want to pursue one of the nine recognized specialties, they’ll have to undergo more schooling in addition to their general practice or specialty dental residency. Each of these decisions can be heavily affected by the anxiety of accumulating more debt, often leading students to settle in their career choice. 

 

Accumulating Interest

If you decided to take the route mentioned above and end up with the average amount of dental school debt (about $285,000), you’ll be facing monthly payments of $3,800 on a standard 10-year repayment plan, assuming a 6% interest rate (the rate for federal graduate unsubsidized student loans disbursed between July 2017 to July 2018). And it gets worse – if you paid your loans over this 10-year term, you would pay $171,000 in interest alone – making the total cost settle somewhere around $456,000. 

 

Difficulty Starting Career

Because of the overwhelming amount of debt new dentists face, starting their career isn’t a stress-free experience. New dentists often have to work through lunch, take more patients and take less time off to accelerate the repayment of their loans. This can lead to exhausting patterns that cause burnout. Not to mention, a large portion of dentists begin dental school with the end-goal of starting their own practice, and this cost can easily surpass $250,000. Recouping this cost while trying to pay off debt can be extremely burdensome. However, choosing the route of starting a private practice is the fastest way to start paying down debt. Private practitioners typically earn higher incomes and have more earning potential than dentists working for another organization. 

 

How Long Does it Take for Dental School to Pay Off?

When taking into consideration missed earnings, a dentist who graduated with the average amount of debt ($285,000) will have invested about $570,000 into dental school. This is assuming they would have made $55,000 per year that they were in dental school (the average pay for a Bachelor of Science degree in chemistry, which is common for pre-dental graduates). 

 

This table from Student Loan Hero shows that with a typical entry-level dentist salary of $118,800 and a five percent yearly increase in earnings, it would take about eight years for a dentist’s earning potential to offset the cost of dental school:

 

chart explaining the amount of time it would take for dental school to payoff vs. not attending dental school

Source: https://studentloanhero.com/featured/dental-school-debt-worth-it/

 

The bright side? That dental school investment is generating an extra $90,000 in income by that 8-year mark, and that differential will likely continue to increase.

 

Pay Off Dental School Debt Sooner

Despite the quantity of debt associated with dental school, the consensus is that paying it off is achievable. Depending on your situation, there are specific actions you can take to make paying off your dental school debt more manageable. If you can’t afford monthly payments and don’t mind paying for an extended period, you can apply for federal income-driven repayment. This will likely extend your payment term from 10 years to 20 or 25 years, but your remaining balance will be forgiven at the end of your repayment period. For dentists working in the public sector, specific underserved areas or non-profits, you may qualify for Public Service Loan Forgiveness. This program offers tax-free loan forgiveness to borrowers who pay on their loans for 10 years while working in one of these areas. Keep in mind that less than 1 percent of student loan borrowers who applied for the PSLF program have qualified, so it may not be as simple as it sounds.

 

Tackle Debt Quicker and Pay Less by Refinancing

If you’re in a position where you’re not happy with your interest rate, have solid credit, and want to reduce the amount you’ll pay monthly and over the lifetime of your loan, refinancing your dental school loans is probably your best bet. This is especially true if you’re having success in the dental field and want to pay off your loans quickly. While refinanced loans aren’t eligible for income-driven repayment or Public Service Loan Forgiveness, they can significantly reduce your interest rate, in turn reducing your monthly and lifetime payment. 

 

In clearer terms, let’s say you have $200,000 of student debt from dental school and are paying 6% interest on a 10-year term. Your monthly payment would be about $2,666 and you would pay $320,000 over the lifetime of your loan. 

 

Refinancing to a 10-year loan term at a 4% interest rate would save you $40,000 in total and reduce your monthly payment by $333. Your new monthly payment would be $2,333 and you would pay $280,000 over the life of the loan.

 

Education Loan Finance offers great rates when it comes to refinancing dental student loans – Check out our student loan refinancing calculator to see how much refinancing your dental school loans with ELFI could save you. 

 

Have questions? Our Personal Loan Advisors are available to guide you through every step of the refinancing process. Give us a call at 1-844-601-ELFI and see why we’ve been voted #1 in customer service for student loan refinancing. 

 

Prequalify Here

 

 

 

*Subject to credit approval. See Terms & Conditions. Interest rates current as of 9/16/2019. The interest rate and monthly payment for a variable rate loan may increase after closing, but will never exceed 9.95% APR. 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 6% would have 120 payments of $11.00 per $1,000 borrowed. Rates are subject to change.

 

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.

5 Common Questions About Student Loan Refinancing

Deciding to refinance your student loans is a big step in your financial journey. As with any big step, there are often questions that arise. We’re sharing some of the most common questions our Personal Loan Advisors hear from borrowers looking to refinance their student loans. 

1. Will my refinanced student loan have a variable or fixed interest rate?

Either! Education Loan Finance offers both fixed and variable interest rates, giving you the freedom to choose.  Fixed interest rates will not change from year to year, but variable interest rates will fluctuate based on the LIBOR index and may increase or decrease over the life of the loan. Read our blog about variable and fixed interest rates to learn more.  

2. How long will the application process take?

You’ll be done before you know it! The application process is quick and easy. After providing some information about yourself and your student loans, you’ll upload documents and submit the application. If you refinance your student loans with ELFI, you’ll receive a Personal Loan Advisor who will be your point of contact throughout the process – one person who’ll be with you step-by-step.

3. Can I consolidate both federal and private student loans?

Yes! ELFI allows you to consolidate federal student loans as well as private student loans from multiple lenders. As long as they are student loans, ELFI can consolidate them. However, only student loan debt can be consolidated – no other consumer debt, such as credit card, auto, or mortgage can be included, even if it was used to pay education expenses. 

4. Can I consolidate my student loans with my spouse’s student loans?

While spouses are eligible to serve as a cosigner on an application, we cannot consolidate student loan debt among multiple borrowers – even if they are hitched! 

5. Will the application process affect my credit score?

We’ll run a “soft credit inquiry” during the pre-qualification phase of refinancing in order to provide you with preliminary rates that you may qualify for. A Soft credit inquiry won’t affect your credit score. However, once you choose your loan product and submit your application, we’ll need to view your full credit report – this will show up as a hard credit inquiry. These inquiries are common among student loan refinancing lenders.

 

Hopefully this short Q&A gave you some helpful insight about what to expect when refinancing your student loans. If you have questions about the student loan refinancing process, you can check out our full list of frequently asked questions or contact ELFI at 1-844-601-3534 to speak with a Personal Loan Advisor. 

 

Learn More About Student Loan Refinancing

 

 

Subject to credit approval. Terms & Conditions apply.

 

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.

Facing Student Loan Debt? How The Right Job in School Can Land You the Right Job After School

When it comes to landing your first job after graduation and getting a strong foothold on paying back student loan debt, nothing is more important than standing out in the workforce. This doesn’t mean you should equip yourself with a gimmicky resume or a flashy outfit for going on interviews. The way to impress a prospective employer is with experience and skills suited for the position — not only will this put you on track to paying back your student loan debt, but it will also set you up for long term financial success. When it comes to hunting for a job, college graduates can be put into three categories:

● Those who have waited until after graduation to look for a job.
● Those who have waited for a couple of months (while enjoying their last summer of freedom) before searching for a job.
● Those who have been planning their job search since well before their final exams.

The latter understand that in order to give themselves an edge in the job market, they needed to start early.

Gain Work Experience While in College

There is often a catch-22 that applies to looking for a job after college: many entry-level positions require some experience, but you can’t gain experience unless you have already worked in that field. Although there are exceptions, one of the hard facts is that most employers prefer to hire a college graduate who has some work experience to put on the table. So, your best bet is to find part-time work in your chosen field while you are still in school. It might not be easy, as trying to keep up with a full course load and working at the same time can be a challenge. But the reward may be your dream job after graduation.

● Best-case scenario: You find a part-time job related to your field and then use your experience to segue into a full-time position once you have your degree.
● Worst-case scenario: You can’t find a part-time job directly related to your field, but you have demonstrated your ability to hold a job and you have some work experience to put on your resume.

Five Ways to Find the Right Part-Time Work

1. The Federal Work Study Program

All federally accredited universities and colleges offer the Work Study Program. This program matches students with job opportunities which are located both on and off campus. Counselors do their best to pick positions closest to your field of study. These jobs are paid at the minimum wage rate or a little higher and are assigned at a maximum of thirty hours per week.

2. Freelancing

If you have certain skills, such as writing or graphic design, you can make some extra cash using freelance sites such as upwork.com and contentrunner.com. The beauty of this kind of work is that you can choose your own hours. There are many internet platforms that are searching for part-time talent – just be sure to research them carefully to avoid scams. Even if you find work that isn’t in the field you are aiming for after college, you will be demonstrating initiative to any prospective employer.

3. Volunteering

Volunteering usually means that you won’t get paid, which while admirable, won’t make a big dent in your student loan debt. But getting involved with community organizations, charities, animal shelters, etc. shows initiative, a sense of responsibility, and your ability to work with others. It is often easier to find an unpaid position in the field that you want to work in after college through volunteering or an internship. Simply, if you can afford to volunteer you’ll likely refine the personal and professional skills that will last a lifetime.

4. Internships

Finding internships in your chosen field is one of the best ways to land your dream job after college. Companies love internships because it’s an easy way for them to find talent with hardly any risk or expense on their part. Internships represent the lifeblood of college work experience because nothing beats a hands-on education. The best internship is one that will help you launch your entry-level career.

5. Career Services Department

Most colleges and universities have a Career Services Department whose main goal is to help students fine-tune their professional skills in hopes of landing a great job. From resume tips to mock interviews, they’re a wealth of knowledge. Every day they’re working with students just like you who have varying amounts of student loan debt and actively want to help you get rid of it!

● Why the Big Companies Aren’t Always the Best Choice: Many academic advisors recommend choosing internships in smaller businesses where they really need hands-on help so you won’t be stuck just making printer copies and coffee runs. Research a few local small to medium-sized companies in your field, and then contact their HR departments to ask whether they have programs for interns. Don’t forget to talk to your professors – they are probably aware of a few good companies that you can contact. As an added perk to employees, many companies are also adding competitive benefits, like tuition reimbursement, helping pay of student loan debt, or providing generous time off.

● When to Start Looking for an Internship – After your freshman year, begin to contact companies that interest you. A good resource is your college’s career-planning office. You may be fortunate enough to be enrolled in a college that offers grants to enable students to accept unpaid (or poorly paid) internships. Or you can consider combining a part-time unpaid internship in the field you want with other work that pays. Fortunately, some high-paying fields also pay their interns quite well, especially if those students are close to graduating.

The Bottom Line

Carefully planning your part-time jobs or internships while you are working toward your degree will give you the best chance of achieving your career goals. And the sooner you begin to earn money out of college, the sooner you can start to pay off your student loan debt. Talk to ELFI about our private student loan offerings by giving us a call today!

Subject to credit approval. Terms and conditions apply.

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.