Student Loan Refinancing Savings Survey

We listened to our customers about their experience working with ELFI and how student loan refinancing has impacted their financial well-being. Explore our findings about the average savings for borrowers every month and over the life of their loan when they refinanced their student loans with ELFI.

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Are financial goals more achievable when you refinance student loans?

Student loans can create a significant financial burden for borrowers, presenting obstacles to reaching financial milestones. We asked ELFI customers how refinancing their student loans helped relieve that burden, bringing them closer to achieving their long-term goals⁽¹⁾.

37.44% reported being able to save more for retirement, setting themselves up for long-term financial stability.

18.97% said refinancing helped them buy a home, overcoming financial hurdles that previously delayed homeownership for 62% of respondents.

15.38% were making plans to get married and 11.28% to start a family with more peace of mind.

14.87% stated that refinancing allowed them to improve their quality of life by buying a new car or truck.

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How much can you really save by refinancing your student loans?

In our most recent refinancing customer survey, respondents stated saving an average of $334 per month. Some respondents project they will save an average of $21,921 over the life of their loans. Nearly 90% of borrowers surveyed reported feeling better about their financial situation after refinancing⁽¹⁾.

How much could you save?

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Is your well-being impacted when you refinance student loans?

For many, prioritizing student loan repayment can prevent borrowers from investing in their mental and/or physical health. We asked ELFI customers how student loan refinancing helped them take meaningful steps toward their wellness goals⁽¹⁾.

15.37% reported that the burden of student loan debt caused them to delay a medical procedure, which 4.62% were able to pursue after refinancing.

Health insurance and related costs were less of a hindrance for 4.62% of respondents.

24.62% were planning to go on a vacation with the savings unlocked through refinancing student loans.

Nearly half of respondents (45.13%) reported being able to spend more on their well-being in ways that were meaningful to them.

Calculate Your Potential Savings

Explore ELFI’s Student Loan Refinancing Calculator to estimate your monthly payment options and long-term savings.

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Ready to Explore Refinancing Student Loans?

Don’t go it alone! When you apply to refinance student loans with ELFI, you’ll be connected one-to-one with a Student Loan Advisor to support you through the process, start to finish.

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