Education Loan Finance Surpasses $2 Billion in Student Loan RefinancingFebruary 17, 2022
KNOXVILLE, Tenn., Feb. 16, 2022 /PRNewswire/ — Education Loan Finance (ELFI), a division of SouthEast Bank, announced today the successful funding of over $2 billion in student loan refinancing and consolidation loans. This funding has positively impacted over 25,000 graduates, parents and cosigners. ELFI customers have reported they are saving an average of $286 per month or that they will save $22,500 in total interest over the life of their loan.1
“Forty-three million borrowers in the United States owe in excess of $1.7 trillion on their student loans, and we are dedicated to our mission of helping these borrowers reduce their debt load and/or pay off their debt sooner,” said Barbara Thomas, SouthEast Bank’s Chief Operating Officer and Head of the ELFI Division. “The ELFI team is extremely passionate about helping college graduates address their student loan debt, especially during these unprecedented times. We are proud to have assisted over 25,000 borrowers in refinancing $2+ Billion of student loan debt. Guiding our borrowers step-by-step through our student loan refinancing program, with knowledgeable and experienced Student Loan Advisors (SLAs), sets us apart in the industry in terms of customer service. We have received numerous accolades from our customers time and time again as evidenced by our “Excellent” 4.9/5 rating on TrustPilot.”
ELFI was launched in December 2015 with a senior management team that has over 30 years of experience in the student loan industry to offer student loan refinance products to borrowers nationwide through a highly-automated, state-of-the-art online loan origination system. With an executive team devoted to higher education, ELFI places a heavy emphasis on financial wellness and financial awareness. ELFI’s early investment into technology and customer care has translated to a transparent and seamless user experience from start to finish.
ELFI’s mission of “Empowering a Brighter Future” for their borrowers is supported by their Student Loan Advisor program. SLAs are individually paired to borrowers once they sign up, allowing for a single point of contact throughout the entire process. This personalized approach to customer care helps borrowers understand the process and ultimately make well-informed decisions regarding their student loan refinancing options.
ELFI also achieved another major milestone this past year with their $316.23 million ELFI 2021-A securitization financing. With this fourth transaction, ELFI has financed over $1.14 billion in the securitization markets and attained AAA ratings on their class A notes from S&P and DBRS.
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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 11/01/2021 and 12/15/2021. While these amounts represent reported average amounts saved, actual amounts saved will vary depending upon a number of factors.