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Student Loan Refinance Calculator

Place your student loan information into the student loan refinance calculator and check out the possible savings!

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The calculated payments are only an estimate based on the loan information you entered. Your actual payments will depend on the exact amount of your loan balance, and specific rates are subject to approval. Variable rate loans are based on the three-month LIBOR index and may change monthly. Changes in the LIBOR index may cause your monthly payment to increase. Although the interest rate will vary after you are approved, the interest rate will never exceed 9.95% APR.

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See how a New York entrepreneur was able to get significant savings, refinancing his student loan debt. He reviews the process, working with other companies, and what the future holds for his family with their new savings.

Check out our blog and learn more about
refinancing your student loan debt.

See if refinancing is right for you and review personal finance tips, career topics, and more.
2018-10-17
Entrepreneurs – The Cost of Starting Out

Starting a business can seem overwhelming, but it takes the right kind of person. For many people looking to start their own business, money can be their biggest concern. You’ve got the dream, but you don’t have the dollars. People will often look for assistance using commercial loans to gain the money needed to get started, but what if you already owed thousands of dollars? Let’s take a look at the cost of starting a business with student loans. In this example we’ll use a pizza place.  

Research and Planning

Before you begin investing your time and energy into a business, understand if and where there is a need for it. Where is there a lack of pizza places? Once you’ve determined a good area where there will be demand for the product look at your competitors. Look specifically at, prices, marketing, branding, and style. Now take a look at the median income for the neighborhood and surrounding towns that your pizza place would be located in. Is it a lower-income neighborhood or a higher-income neighborhood? Understand the area and price your product accordingly. Now that you have a better understanding of what you’ll need to start your pizza place create a business plan. If you’re in need of additional funding for your business this business plan will be of the utmost importance. There are different formats available for business plans, some more traditional while others are fairly brief. Be sure to check online for samples.  

The Cost of Business

Know what your expenses will be. Identify what those expenses are. The SBA has a list of expenses for starting businesses. These expenses include office space, equipment, supplies, utilities, licenses, permits, inventory, lawyer, salaries, marketing costs, and website costs. Once you have a list of your expenses, estimate out how much you’ll need to spend on each. Check out this handy worksheet that illustrates the starting costs for a pizza place. The SBA expense calculator provides an estimation of $18,975 as the starting costs for a business. The estimation includes one-time expenses like equipment, security deposits, and legal fees and monthly expenses like rent, insurance, and advertising. Every business is different, but typically there is some type of investment that must be made upfront. Now don’t forget that if you’re looking to start a business you can use some “startup costs’ as tax deductions. Tax deductions* per the SBA site include costs to get your business operation ready and costs of investigating the creation of a business. Once you have an idea of your expenses and what is tax deductible, you’re onto step two.  

FUN-ds

Here is the “fun” part where many young entrepreneurs get caught up - getting the funds. Not only do younger entrepreneurs not have the dollars but, they owe thousands in debt. That thousand dollar debt is likely due to student loans. According to a recent survey, nearly half of Americans considering starting a business said that student loans were a major barrier to entrepreneurship. Refinancing student loans can help. When refinancing you may get a lower rate or change the terms of the loan. It can help lower your monthly payments, sometimes significantly, giving you more cash in your pocket. Once your personal finances are in order (decreased student loan debt) figure out how much capital you can put towards your business. For this particular step we’d recommend working with a financial advisor. By self-funding your business you will take on all the risk of the business, not to mention taking funds from all your accounts resulting in penalties. Instead of self-funding the capital fully, try crowdsourcing, small business loans which you’ll want to research heavily to assure you’re receiving the best rate, or finding investors willing to provide capital. If you take money from an investor for your pizza place, it’s a venture capital investment. This type of investment is usually offered in return for a share in the company and some sort of power position within the company. Therefore, if you do take on venture capital investments understand that the business is no longer just yours.  

Naming

Once you’ve gained the funds you’re well on your way! Next you’ll setup the internal structure for your business, register the name for your pizza place, setup your Tax IDS, and get the appropriate licenses. Licenses are usually industry, location, and state specific so be sure you’re working with a legal team to meet all appropriate criteria or it could end up costing you. All decisions will have an impact on how your company functions, so be sure that you’re taking every necessary precaution and good luck in your journey. Refinancing may not be the solution to all of your money problems, but it’s a step in the right direction. When you’re starting out, all it takes is to get going on the right path to continue moving forward. Don’t forget to open up a business bank account to help organize your business funds from your personal funds. Similarly to refinancing you’ll want to choose a bank with transparency, credibility, and great service.  

Facts About Student Loans That Will Save You Money

*Please note Education Loan Finance is not a registered tax professional.
2018-10-15
9 Signs It’s Time to Refinance Student Loan Debt

When is it time to swipe right on a refinance of student loan debt? It can be a tough question because everyone’s situation is so unique, and your goals or your motivation might be totally different from someone else. That’s why we’ve put together a simple explanation of signs that refinancing might be a good option for you. Here are nine signs it might be time to refinance student loan debt:  

You have a good credit score.

If you don’t have a
good credit score, now is probably not the time to try to refinance. You will not get as favorable of interest rates and you might even be turned down outright. Check your credit score and go over your credit report asap. If there’s anything that needs to be fixed, do it. If your score could be better or if your credit history isn’t very long, look into ways to improve it. You can get your score up and clean up your report, but it takes work. That needs to be in order before you choose to refinance student loan debt.  

You’re up to date on your loan payments.

Have you been making your payments no problem? Great! If not, now is probably not the time to refinance. You might need a new payment plan instead of refinancing, but you will not look like as good of a borrower if you are behind on payments or have had trouble paying. Get up to date and make your payments on time for a while before trying to refinance. If you’re having trouble coming up with the money, be sure to reach out to your servicer to see what your options are.  

You are employed with a steady income.

If you are unemployed or your income is spotty, refinancing will likely be difficult or impossible. The best time to refinance is when you land a good main gig that has a consistent paycheck. You’ll have to report your income, so you may want to postpone your refinancing now if you aren’t already making a decent income. If you are self-employed, try giving yourself a few months of solid income before proceeding.  

You have a good debt-income ratio.

This one can be kind of a bummer because a lot of millennials are saddled with a fair amount of student loan debt (and maybe other kinds of debt) along with being underemployed. To get a hold on some of this debt, you might be looking to refinance. The problem is rates may not be as favorable or you may not qualify—if your debt to income ratio is too high. Look at options for gaining more income or reducing some debts you currently have, like cutting out credit cards and paying down those other debts.  

You are not planning on student loan forgiveness for public service work.

If you’re in public service and know you’ll qualify for loan forgiveness after the ten-year mark, refinancing can interrupt that and disqualify you for loan forgiveness. If you’re counting on loan forgiveness we’d recommend you don’t refinance your loan with a private vendor, but be sure to verify that you qualify for loan forgiveness.  

You know which loans to refinance and why.

If you’re not sure about which loans you want to refinance and why check out our guide to student loan refinancing. We help explain why you might not want to refinance federal loans, and which private loans are best to be refinanced.  

Loan benefits don’t apply to your situation.

If you are not going to qualify for loan forgiveness or if you don’t need benefits like income-based repayment plan options that you’re currently taking advantage of, it might be cool to refinance. Know what special plans you’re using with your current lender before you refinance because you don’t want to lose those in the process.  

You could save a boatload on interest or loan terms.

People usually think about refinancing when they are looking at a super long-term payment plan that they want to shorten or when they realize that their interest rate is high and they might be able to do better. If you aren’t sure how good your interest rate is, ask a friend or Google current rates. Start comparing. You’ll get an idea. And that will help you understand whether you can keep the same payment and shorten the length of time you pay, too, because this is also tied to interest rates.  

You know how to find a good lender.

Even if you don’t know how to find a good lender, you can figure it out! We encourage you to reach out and get in touch. With ELFI, applicants get their own Personal Loan Advisor who will stick with you throughout the application and setup if you decide to refinance, making the process simple and straightforward.  

What To Know Before Refinancing Student Loans

2018-10-12
Women and Student Loan Debt

The cost of college has been on a slow increase since about 1976, and it’s no wonder the cost of student loan debt has too, seen a hike. According to AAUW the cost of college has increased 148% since then. Student loan debt has been estimated to total around $1.5 Trillion according to the Federal Reserve. Women prove to hold more than half of student loan debt. Let’s take a look at some factors that could be causing women to keep more student loan debt than men.

Click Here for Our Infographic

Women Less Likely to Refinance Student Loans

Refinancing student loans can help to achieve a lower interest rate and consolidate multiple loans. Refinancing also allows borrowers to change the repayment period, so they are paying less over the life of the loan. According to Student Loan Hero research, of the women who have heard about student loan refinancing, only 6% have proceeded to refinance their student loans. By not refinancing, women are subject to long payment periods that could end up costing them more over time.  

Lack of Opportunity

Women are shown to have less executive or leadership roles in companies when compared to men. Research by Pew Research Center shows that woman hold only 10% of top executive positions. That leaves 90% of the remaining leadership positions for men. With mostly men in high ranking positions, it seems reasonable to assume that men, in general, would be making larger salaries than women due to a higher percentage of men in executive positions.  

Student Loan Refinance Head Barbara Thomas' Advice to Those Caught in the Gender Gap

 

Missed Work Hours

A possible reason for women holding more student loan debt is that they may be getting paid less because of their time off. Women have traditionally held the majority of the parenting responsibility. If a child was sick or ill it was usually the female who would stay home with the child or that is what traditional gender roles would assume. Pew Research has shown that parenting can hurt your earnings. Time away from the office dealing with children could be not only a reason for less pay but a lack of ability to pay student loan debt down faster.  

Women Get Paid Less

The pay gap between men and women varies based on location, but women still make less than men. Can you believe it in 2018 women are still fighting for their right to be equal? According to information provided by the US Census Bureau, women earn 19.5% less than their male counterparts. In some states like Louisiana, the gender pay gap is a whopping 30%. In states like New York, it is only 11%.  

Lack of Financial Literacy

According to CNBC women are shown to be less financially literate than men. If women make poor choices with their money, it could end up costing them in the long run, causing women to have more substantial student loan debt than men. Women are two times more likely to see their student loan debt as “unmanageable” according to Student Loan Hero.   Refinancing student loans is a great option for those with student loan debt. If you qualify for refinancing you can change repayment dates and possibly get a lower interest rate. An added benefit for those with multiple loans is that if you choose to refinance all your loans you’ll only have to make one payment a month instead of multiple payments. Refinancing your student loans can help to eliminate student loan debt faster depending on the repayment terms you select. Let’s start lowering the number of men and women with student loan debt!  

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