Update 1/21/2021: President Biden has issued an executive order to extend the federal student loan payment suspension through Sept 30, 2021. We will continue to monitor these changes and post them as they occur.
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Consolidate with us. Our customers have reported that they are saving an average of $309 every month and should see an average of $20,936 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 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.

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.

1

Pre-qualification

Find out what you might qualify for in as little as two minutes.

2

Apply

Explore your options and choose which plan has the best rates, terms and payments to fit your needs.

3

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

First place ribbon icon
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.

 

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.
Variable Rate Loans
5 Year

$442.47

TO

$471.67

MONTHLY PAYMENTS

2.39% - 4.99% APR
60 Payments
Total Payments
$26,548 - $28,300
7 Year

$341.03

TO

$354.99

MONTHLY PAYMENTS

3.94% - 5.14% APR
84 Payments
Total Payments
$28,647 - $29,819
10 Year

$253.71

TO

$269.96

MONTHLY PAYMENTS

4.05% - 5.39% APR
120 Payments
Total Payments
$30,445 - $32,395
15 Year

$188.70

TO

$207.60

MONTHLY PAYMENTS

4.30% - 5.75% APR
180 Payments
Total Payments
$33,966 - $37,368
20 Year

$160.06

TO

$179.25

MONTHLY PAYMENTS

4.64% - 6.01% APR
240 Payments
Total Payments
$38,414 - $43,020
Fixed Rate Loans
5 Year

$446.89

TO

$483.20

MONTHLY PAYMENTS

2.79% - 5.99% APR
60 Payments
Total Payments
$26,813 - $28,992
7 Year

$330.11

TO

$365.09

MONTHLY PAYMENTS

2.98% - 5.99% APR
84 Payments
Total Payments
$27,729 - $30,668
10 Year

$242.44

TO

$277.43

MONTHLY PAYMENTS

3.09% - 5.99% APR
120 Payments
Total Payments
$29,093 - $33,292
15 Year

$176.88

TO

$210.83

MONTHLY PAYMENTS

3.35% - 5.99% APR
180 Payments
Total Payments
$31,838 - $37,949
20 Year

$144.73

TO

$178.96

MONTHLY PAYMENTS

3.48% - 5.99% APR
240 Payments
Total Payments
$34,735 - $42,950

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

Consolidate Private Student Loans

If you want to consolidate private student loans or a combination of private and federal student loans with a private lender, this is called student loan refinancing. When you refinance, you combine the loans you choose into a new, single loan that typically has a new interest rate and loan term. One of the benefits of refinancing student loans is that it allows you to potentially save money in interest costs by lowering your rate. Refinancing can help lower your monthly payment or pay off your student loans faster.
The interest rate that you qualify for when refinancing depends on a number of factors like your credit score, credit history, and debt-to-income ratio. You must also meet certain criteria in order to qualify. Learn more about ELFI’s student loan refinancing eligibility requirements.

Should I Consolidate My Student Loans?

As mentioned above, there are a number of factors to consider when deciding whether federal student loan consolidation or student loan refinancing is right for you.
In short, federal student loan consolidation is a good option to combine multiple federal student loans into one loan with a single monthly payment. A benefit is that you keep access to federal student loan benefits like loan forgiveness and income-based repayment options. Student loan refinancing, on the other hand, allows you to combine both federal, private or a combination of the two types of loans into a single loan with one monthly payment. The main benefit of refinancing is that you may be able to lower your interest rate, saving you money over the life of your loan, and you can adjust repayment terms to fit your specific goals. The main drawback is that you lose access to benefits offered by the federal student loan program.

Make the right financial choice by consolidating your student loans with Education Loan Finance. You’ll like having choices when it comes to managing your education loans.