Education Loan Finance Surpasses $1 Billion in Student Loan RefinancingJanuary 9, 2020
Update 03-17-2021: As of March 2021, Education Loan Finance has funded over $1.6 billion in refinanced or consolidated student loans.
KNOXVILLE, Tenn., — Education Loan Finance (ELFI), a division of SouthEast Bank, announced today the successful funding of over $1 billion in student loan refinancing and consolidation loans. This funding has positively impacted over 14,500 graduates, parents and cosigners. ELFI customers have reported that they are saving an average of $272 every month and should see an average of $13,940 in total savings over the life of their loan. 1
Barbara Thomas, Executive Vice President and Head of the Education Loan Finance Division, is passionate about helping college graduates achieve financial wellness and the role ELFI plays in making that happen.
“ELFI recognizes the challenges in navigating student loan debt that every college graduate with student loans faces. This milestone, both in terms of the amount we’ve been able to refinance and the savings to our customers, is evidence that consumers who work with ELFI are taking a critical step toward financial wellness and have turned to ELFI to assist them through the refinancing process. ”
The ELFI program began offering student loan refinance products in December 2015. “From the beginning, we felt our student loan borrowers deserved transparent information, a smooth digital experience, and to work with a company that has been committed to higher education for decades.” continued Thomas. “I’m proud that we’ve helped over 14,500 student loan borrowers with competitive products, rates and our unique Personal Loan Advisor (PLA) customer service program to guide them through the process.”
This achievement is also a significant technology milestone for the ELFI Loan Origination Platform, which has simplified the loan application process as it is 100% digital and online. “We continue to make significant investments in our technology platform and our PLA customer service model to ensure that we stay at the forefront of the student loan landscape and offer what student borrowers need in a way that is easy for them to navigate,” said Thomas.
In closing, Thomas added “Our Company’s dedication to serving student loan borrowers is unwavering. We are highly committed to empowering a brighter future for our borrowers and ensure that we are meeting each and every ELFI customer’s needs and student loan refinancing goals by providing a dedicated Personal Loan Advisor to guide them through the loan process. This unique dedication to personalized customer service with student loan expertise can make all the difference to people who are looking for answers and a better way to manage their student loan debt. Our customers have attested to this top rated customer service delivery model time and time again.” As a reflection of this commitment, ELFI maintains an industry leading an “Excellent” 4.8/5 rating as reported by our customers on Trustpilot.com. These ratings can be found on www.trustpilot.com/review/elfi.com
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About Education Loan Finance
Education Loan Finance, a division of SouthEast Bank, is a leading online lender designed to assist borrowers by consolidating and refinancing private and federal student loans into one simple, low-cost loan. Education Loan Finance believes that providing consumers comprehensive refinancing and consolidation options empowers the consumers on their financial journey. To learn more, visit www.elfi.com.
About SouthEast Bank
Headquartered in Farragut, Tennessee, SouthEast Bank operates branches throughout East and Middle Tennessee, blending modern amenities with hometown service and decision-making. Our customers enjoy convenient electronic and mobile platforms such as online banking, remote deposit, automatic fraud monitoring, and a worldwide ATM network. In the last decade, SouthEast Bank, along with its holding company, has donated over $20 million to support secondary and post-secondary education in our local communities and universities throughout the state of Tennessee. To learn more about SouthEast Bank, please visit southeastbank.com.
1Average savings calculations are based on information provided by SouthEast Bank/ Education Loan Finance customers who refinanced their student loans between 2/7/2020 and 2/21/2020. While these amounts represent reported average amounts saved, actual amounts saved will vary depending upon a number of factors.