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Student Loan Refinancing
Student Loans

Meet the Personal Loan Advisors of ELFI: Part 2

November 26, 2019

This Thanksgiving, we’re thankful for the individuals who help Education Loan Finance continue to serve those with student debt with top-notch customer service – our Personal Loan Advisors! Navigating student loans can be tricky, but our PLAs are ready to answer any question you can think of when it comes to refinancing student loans. Here’s a look at a few of our dedicated Personal Loan Advisors who make ELFI great.

 


 

Colene Helveston

Meet Colene, an ELFI Personal Loan Advisor and major Florida Gators fan. With three children and three grandchildren, Colene has a deep concern for people working hard to pay off student debt. Her favorite part of working for ELFI is helping borrowers who have difficulty getting approved for refinancing – she is patient with them throughout the process and keeps them updated on all documents they need. She says it feels great when the borrower finally gets approved, is happy with their rate, and immediately leaves a good review.

Her latest review from a customer:

“Colene was wonderful in guiding me through the entire process. She was always quick to respond and explain what was needed and why.”

Thanks for all you do, Colene!

 


Drew Johnson

Meet Drew, an ELFI Personal Loan Advisor that assists customers through each stage of the refinancing process, from the application phase to the funding of their loan. His favorite part of working for ELFI is interacting with his customers and finding commonality.

Drew’s most recent review from a customer:

“Communication was top notch. Drew answered my questions quickly and clearly. I felt like I could trust him and the whole process moved along very smoothly.”

We appreciate you, Drew!

 

 


Amanda Scott

While Amanda is no longer a PLA, we are thankful for her taking on the role of Customer Service Lead! She enjoys to crotchet keepsakes for her friends and family, as well as for herself. Besides the snacks, her favorite part about working at ELFI is being able to help people navigate the student loan space.

 

Her favorite story with a customer involved dealing with a father and son – the son was applying to have his student loans refinanced, but didn’t quite meet the criteria. Amanda kept them in mind for some time and let them know when the criteria changed (which wasn’t required of her). Not only did the son qualify to have his student loans refinanced, but the father went on to refer his two daughters to Education Loan Finance, all because of the work Amanda put into helping them! Now that’s a good example of how helping others truly comes around!

 

Here’s a testimonial from one of Amanda’s former customers:

 

Great work, Amanda!

 


 

Leaders in Customer Service

These dedicated individuals and the rest of ELFI’s Personal Loan Advisors are to credit for our 4.8 out of 5.0 TrustPilot Rating and #1 Best Refi for Customer Service award from NerdWallet. As a team, they strive to provide elite service to everyone who inquires about refinancing their student loans.

 

Why Does ELFI Use Personal Loan Advisors?

There’s no one-size-fits-all solution for student loan refinancing. Personal loans often come with a fixed amount of time to pay them back – which means that if you’re in your twenties and just starting out on your career path, you want to be sure that your monthly loan payments are affordable. You also need to be aware that missing a payment could seriously damage your credit rating. Weighing all the refinancing options available to you can be difficult on your own, which is why we provide every customer with a dedicated Personal Loan Advisor to help them navigate the process from start to finish.

 

The appointment of a PLA is a unique feature of ELFI’s services. If you’re interested in refinancing your student loans, our PLAs are always available by phone, text, or email. One of our PLAs will be dedicated to you from the moment you apply and will work with you each step of the way to ensure your ELFI refinanced loan is the optimal fit for you. Contact us to get started!*

 

*Subject to credit approval. Terms and conditions apply.

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2020-07-02
Should You Keep Paying Federal Student Loans During CARES Act Suspensions?

You probably already know that the CARES Act has suspended Federal student loan payments for the time being. Until September 30th, you aren’t required to make payments, and the interest rate of your loans is set to 0%. This is primarily to help those with student loans who are struggling during these uncertain times. If your student loans are in forbearance due to the CARES Act suspensions, you have several repayment options based on your financial goals.

 

Option 1: Take Advantage of That 0% Interest

Normally, when making extra payments on student loans, your money is first attributed to any collections charges or late fees, then to accrued interest, then to the principal itself.

 

With the current 0% interest rates, however, if your account doesn’t have any fees or charges, you’ll save some money at that step. The more you can reduce your principal balance, the more money you’ll save over time in interest.

 

For example, let’s say you have $25,000 in student loans at a 4% interest rate and you want to pay it off in the next 10 years. Over that period, you accrue $5,373.54 in interest. However, if you take advantage of the CARES Act 0% interest, you can change the course of your repayment.

 

For instance, if you continue to pay your student loans during this period, the payments will be attributed straight to principal and will save you about $300 in accrued interest over the course of your repayment.

 

Option 2: Wait Until September And Resume Payments

If the coronavirus has affected your finances, don’t worry about paying down your student loans too quickly. Instead, use this time to get your other debts under control. Focus on paying back higher interest rate debt, like credit card debt, which will impact your long-term financial health.

 

Option 3: Refinance and Take Advantage of Low Interest Rates

During this time, many student loan refinancing companies are offering low interest rates. If you’re locked into an unfavorable rate, this would be a great time to consider refinancing student loans to save on interest costs.

 

This is an especially great option for borrowers with private loans, as these types of loans aren’t currently receiving any type of federal forbearance benefit. For a personalized look at how refinancing could improve your financial health, check out the ELFI Student Loan Refinancing Calculator.*

 

So, should you keep paying federal student loans during the CARES Act suspensions? The answer depends on your unique goals. Whether you choose to pay your federal loans, take care of other expenses, or refinance your student loans, this is a great opportunity to eliminate some additional debt before the September 30 deadline. Happy saving!

 
 

*Subject to credit approval. Terms and conditions apply.

 

Notice About Third Party Websites: 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.

Coronavirus (COVID-19)
2020-06-26
Looking Back on How COVID-19 Has Impacted Student Loans

The COVID-19 pandemic has affected everyone’s life in one way or another. For many Americans, this included their student loans. Whether you are unable to make payments or benefiting from a lower interest rate, it can be confusing to know how all of the ways the pandemic may be affecting your situation.    By Caroline Farhat   The impact on student loans is different depending on whether you have federal or private student loans. If you do not know what type of loans you have, you can log in to your account on the StudentAid.gov site that will show you any federal loans you have borrowed. If you think you have any private loans, be sure to request your free credit report to see the information on them.  

COVID-19 Impact on Federal Student Loans

On March 27, 2020,
the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. The CARES Act impacts most federal student loans, but not all. Perkins Loans and FFELP loans that are not owned by the U.S. Department of Education are not included in the benefits provided by the Act. Most federal student loans are covered. Here’s how the CARES Act affects all other federal student loans:   

Administrative Forbearance

The covered student loans were automatically placed on administrative forbearance from March 13, 2020, through September 30, 2020. This means no payments are required during that period and no action was required to receive this benefit. If you decide to make payments during this time the amount will go towards the principal of the loan after the interest accrued as of March 13 is paid. Any payments made after March 13 through September 30 can be requested for a refund.    

Interest Rate

The interest rate on the covered federal loans is temporarily set at 0% from March 13 through September 30. You do not have to do anything to receive the reduced interest rate. This reduced interest rate is beneficial because your loans will not be increasing during the paused period.    

Student Loan Forgiveness

The non-payments during the March 13 to September 30 timeframe count towards payments made for student loan forgiveness. This is especially beneficial if you are in the Public Service Loan Forgiveness (PSLF) program. As long as you are employed at a qualifying employer, you do not have to make any payments during the period and the months will still qualify towards your required number of payments. 
  • For example: if you have 48 payments remaining until you are eligible for loan forgiveness under the PSLF and you do not make any payments from March 13 to September 30, your required number of payments until forgiveness will be reduced to 42 payments.
 

Collection on Defaulted Loans

If you currently have federal defaulted student loans, the collection on those loans is paused from March 13 through September 30, 2020. You should not receive letters or phone calls regarding the collection of these debts. In addition, your tax refund, social security benefits and wages cannot be garnished during this time. However, keep in mind after this paused period, collections will resume on your defaulted loan.  

Rehabilitating Defaulted Loan

If you are in a rehabilitation agreement for your defaulted loan, the suspended payments will count toward your rehabilitation during the suspended payments period.  

Employer Educational Assistance Programs

The CARES Act allows employers to contribute up to $5,250 per year towards an employee’s student loans tax-free through December 31, 2020. This is a savings for the employee who can have extra money paid on their student loans with no taxes owed on the money. This provision of the Act allows employers to use student loan assistance as a benefit to offer to employees, while not having to pay payroll taxes on the money. Corporations looking to add this benefit for their employees can find out more information here.  

COVID-19 Impact on Private Student Loans

Private student loans are not covered by the CARES Act, however, you may still be eligible for some relief if you have been financially impacted by COVID-19.  

Lender Relief Measures

Many lenders are providing relief measures, such as forbearance, in which you will not be required to make payments for a certain period. Every lender is different so be sure to check with your provider if you need any assistance.  

State Relief

Some states’ attorney general offices have made agreements with private student loan lenders to provide relief to borrowers impacted by the pandemic. As of this writing, nine states plus Washington D.C. have made agreements with lenders. Some of the benefits in the agreements may include:
  • 90 days forbearance, which means no payments would be due 
  • Waiver of late fees 
  • No negative reporting to credit bureaus 
If you do not live in a state that is helping to provide relief, refinancing your student loans may be a great option for you. Refinancing can reduce your monthly payment to make it more affordable for you. Refinancing allows you to borrow a new loan to pay off your old student loan. The new loan can save you money by having a lower interest rate or obtaining a new loan with a longer term length to lower the payments, but extend the number of months you have to pay. Check out our Student Loan Refinance Calculator to see how much you may be able to save.*     During this unprecedented time, it’s helpful to have some relief from student loan payments if you are unable to make them. Explore all your options to see what works best for your financial situation.   
  *Subject to credit approval. Terms and conditions apply.   Notice About Third Party Websites: 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.
student loan news
2020-06-18
This Week in Student Loans: June 18, 2020

Please note: Education Loan Finance does not endorse or take positions on any political matters that are mentioned. Our weekly summary is for informational purposes only and is solely intended to bring relevant news to our readers.

  This week in student loans:
photo saying legislation

NAACP And 60 Other Groups Call On Congress To Cancel Student Debt

After the federal government has provided student loan relief to all federal student loan borrowers through the CARES Act, a coalition of over 60 organizations including the NAACP, American Federation of Teachers, and the National Consumer Law Center are now calling Congress to cancel student loan debt altogether in their next stimulus package.  

Source: Forbes

 

low rates on federal student loans

Student Loans: 3 Ways To Get A Lower Interest Rate

This Forbes article lays out the three ways to get a lower interest rate on your student loans, covering options such as refinancing, borrowing a new student loan, or even switching to a variable rate loan.  

Source: Forbes

 

question mark

How to Pay Off Student Loans When You’re Broke

With many individuals struggling to pay off their student loans due to lack or income or overwhelming expenses, this Fox Business article lays out options for paying down student debt when faced with difficult financial circumstances.  

Source: Fox Business

 

student debt in america

How Student Loans Became a $1.6 Trillion Problem

With the cost of college increasing almost 25% in the past decade and total student loan debt reaching $1.6 trillion, this CNBC video offers a historical view of the path the U.S. took to arrive at this state.  

Source: CNBC

    That wraps things up for this week! Follow us on FacebookInstagramTwitter, or LinkedIn for more news about student loans, refinancing, and achieving financial freedom.  
 

Notice About Third Party Websites: 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.