Student Loan Consolidation: Know Your Options
Variable Rates from 5.28% APR* and Fixed Rates from 5.48% APR*
Our customers have reported that they are saving an average of $278 every month or will see an average of $20,774 in total savings after refinancing their student loans with Education Loan Finance.*
*Average savings calculations are based on information provided by SouthEast Bank/ Education Loan Finance customers who refinanced their student loans between 01/03/23 and 03/01/23. While these amounts represent reported average amounts saved, actual amounts saved will vary depending upon a number of factors.
How to Consolidate Student Loans with ELFI
Consolidating student loans means combining multiple loans into one new loan. When you consolidate with a lender like ELFI, you might also be able to lower your interest rate or adjust your loan term – this is known as refinancing. With ELFI, you can consolidate and refinance private student loans, federal student loans, or a combination of the two.
You may want to consider consolidation or refinancing with ELFI if you have:
- Multiple student loans that are difficult to manage
- High-interest rate loans
- A credit score above 680 with a stable income
- Access to a cosigner who meets the refinancing requirements, if you don’t meet them
Pre-qualification does not affect your credit score.
Pre-qualification
Find out what you might qualify for in as little as two minutes.
Apply
Explore your options and choose which plan has the best rates, terms and payments to fit your needs.
Upload & Sign
Upload screenshots or smartphone photos of your documents, then sign your paperwork electronically!
Why Choose Education Loan Finance?
Some of the Lowest
Rates Available
We offer some of the lowest rates because we believe in rewarding financially responsible borrowers
Expertise That’s Second
to None
Our team has over 30 years of expertise in student lending
Fast and
Easy Process
In just a few minutes, you’ll find personalized options available only to you
Personal Loan Advisors
Personalized service to guide you every step of the way
Service Coast to Coast
We lend across the entire US and Puerto Rico
Loans to fit your budget
Below are sample payments for a $25,000 loan using each of Education Loan Finance’s student loan refinance options. The interest rate and monthly payment for variable rate loans may increase after closing. Your actual interest rate may be different than the rates in these examples and will be based on the term of the loan, your financial history, and other factors, including your cosigner’s (if any) financial history.
To qualify for refinancing or student loans consolidation through Education Loan Finance, you must have at least $15,000 in student loan debt and must have earned a bachelor’s degree or higher from an approved post-secondary Education Loan Finance institution. All rates are subject to change without notice. All loans are subject to credit approval. Additional terms and conditions apply.
Compare Student Loan Refinancing Interest Rates
When looking to refinance your student loans, it is important to consider the multiple lending vendors available to you. With that in mind, ELFI has the ability to offer some of the lowest rates in the student loan refinancing industry. Reference the graph below to compare student loan refinancing interest rates amongst industry leaders!
Current Student Loan Refinancing Interest Rates
 | Sofi | Earnest | Laurel Road | |
|---|---|---|---|---|
| Fixed Rates APR | 5.48% - 8.69% | 5.24% - 9.99% | 5.19% - 9.74% | 5.44% - 10.39% |
| Variable Rates APR | 5.28% - 8.99% | 6.24% - 9.99% | 5.99% - 9.74% | 5.49% - 10.59% |
| Loan Terms | 5, 7, 10, 15, or 20 years | 5, 7, 10, 15, or 20 years | 5 to 20 years | 5, 7, 10, 15, or 20 years |
| TrustPilot Score | 4.8 | 4.6 | 4.7 | 3.0 |
| NerdWallet Rating | 4.5 | 5.0 | 5.0 | 5.0 |
| US News Rating | 4.7 | 4.5 | 4.8 | 4.3 |
Student Loan Consolidation Options: Consolidation vs Refinancing
If you want to combine multiple student loans, there are two options: Federal student loan consolidation through the government or consolidation with a private lender (also known as refinancing).
When you consolidate your federal student loans through the Federal Loan Consolidation program, you’ll receive a new interest rate based on the weighted average of your existing rates rounded up to the nearest eighth of a percent. The benefit of federal student loan consolidation is that it makes your payment schedule easier to track, especially if you’re paying down several different student loans.
If you’re looking to save money on interest costs, however, student loan refinancing is a better choice. Instead of averaging your interest rates, you’ll receive a new rate based on your credit score, debt-to-income ratio, and other factors.
$474.99
TO
$506.19
MONTHLY PAYMENTS
$28,499 - $30,371
$375.85
TO
$393.28
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TO
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TO
$250.45
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$40,901 - $45,081
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TO
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$278.68
TO
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$33,442 - $36,859
$216.27
TO
$246.04
MONTHLY PAYMENTS
$38,929 - $44,287
$188.46
TO
$219.97
MONTHLY PAYMENTS
$45,230 - $52,793
Student Loan Consolidation Options: Consolidation vs Refinancing
If you want to combine multiple student loans, there are two options: Federal student loan consolidation through the government or consolidation with a private lender, also known as student loan refinancing.
When you consolidate your federal student loans through the Federal Loan Consolidation program, you’ll receive a new interest rate based on the weighted average of your existing rates rounded up to the nearest eighth of a percent. If you’re looking to save money on interest costs, however, student loan refinancing may be a better choice. Instead of averaging your interest rates, you’ll receive a new rate based on your credit score, debt-to-income ratio, and other factors. You can also adjust your loan term to extend repayment or shorten it.
| Federal Loan Consolidation | Student Loan Refinancing | |
| Are federal loans eligible? | Yes | Yes |
| Are private loans eligible? | No | Yes |
| Can I lower my interest rate? | No | Yes |
| Will I save money? | No | Yes |
| Will I lose access to federal loan benefits? | No | Yes |
| Will I get one monthly bill? | Yes | Yes |