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A Company with Value


We know as a young professional time is of the utmost value to you. Our process is quick, simple and transparent. Our applicants receive a personal loan advisor to assist them through their entire application. Personal loan advisors mean less time explaining where you’re at and more time with your friends and family reaching your goals. We even provide flexible payment options so that you can spend more time doing what you need to do.

Education Loan Finance
borrowers never pay

  • Application fees
  • Origination fees
  • Prepayment penalties

Simple and Transparent Student Loan Refinancing

See what this Doctor of Physical Therapy had to say regarding his experience refinancing student loan with Education Loan Finance.

Student Loan Refinancing with a Personal Loan Advisor

See how a New York entrepreneur was able to get significant savings by 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.

Hospital CEO Talks Student Loan Refinancing

Ben couldn’t believe has easy and quick it was to consolidate his student loans. Let us help you make your life easier.

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.
Variable Rate Loans
5 Year

$447.00

TO

$471.67

MONTHLY PAYMENTS

2.8% - 4.99% APR
60 Payments
Total Payments
$26,820 - $28,300
7 Year

$338.28

TO

$354.99

MONTHLY PAYMENTS

3.7% - 5.14% APR
84 Payments
Total Payments
$28,416 - $29,819
10 Year

$255.62

TO

$269.96

MONTHLY PAYMENTS

4.21% - 5.39% APR
120 Payments
Total Payments
$30,674 - $32,395
15 Year

$191.38

TO

$207.60

MONTHLY PAYMENTS

4.51% - 5.75% APR
180 Payments
Total Payments
$34,448 - $37,368
20 Year

$162.38

TO

$179.25

MONTHLY PAYMENTS

4.81% - 6.01% APR
240 Payments
Total Payments
$38,971 - $43,020
Fixed Rate Loans
5 Year

$453.56

TO

$483.20

MONTHLY PAYMENTS

3.39% - 5.99% APR
60 Payments
Total Payments
$27,214 - $28,992
7 Year

$341.61

TO

$370.99

MONTHLY PAYMENTS

3.99% - 6.48% APR
84 Payments
Total Payments
$28,695 - $31,163
10 Year

$257.77

TO

$286.29

MONTHLY PAYMENTS

4.39% - 6.69% APR
120 Payments
Total Payments
$30,932 - $34,355
15 Year

$194.46

TO

$220.40

MONTHLY PAYMENTS

4.75% - 6.69% APR
180 Payments
Total Payments
$35,003 - $39,672
20 Year

$166.23

TO

$189.20

MONTHLY PAYMENTS

5.09% - 6.69% APR
240 Payments
Total Payments
$39,895 - $45,408

Refinancing Student Loans is Simple

Want a smarter way to manage your student loans? We have many student loan repayment plans to select from. We offer plans that allow you to achieve your goals. It only takes a few minutes plus you’ll have a personal loan advisor dedicated to you every step of the way.

Pre-qualification does not affect your credit score.

1

PRE-QUALIFICATION

See personalized savings in about two minutes.

2

APPLY

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

3

UPLOAD & SIGN

Upload screenshots or smartphone photos of your documents, then sign your paperwork electronically!

Want to Earn $400?

If a new customer refinances with Education Loan Finance using your referral link, you’ll get $400 and you friend will get $100.

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.
2019-01-17
Marriage and Student Loan Debt

Ever been on a date where the other person doesn’t stop talking about their ex? If you’ve had this experience, you can likely relate it to discussing your student loan debt in your relationship. Talking about finances is a necessary evil in a marriage. It can be difficult to discuss finances in a marriage because many people handle finances different based on their personal experiences and how their parents handled them. You might be great at adulting, but if your parents were never open about managing money, you’re probably unsure of how to bring it up. You might even be unsure as to where to start when it comes to managing finances together. Student loans are a big part of many couples’ financial reality. Figuring out how marriage will affect your student loans is an important part of managing your money together.  Here are some main points that we think you should know about marriage and student loan debt.  

Honesty

The fastest way to create a rift and cause problems in your relationship is to hide information about your finances. According to CreditCards.com, 6% of Americans in a relationship have hidden credit cards or checking/savings accounts from their partner. That total adds up to about 7 million, for perspective, that’s the size of the state of Massachusetts.  It’s not uncommon especially in younger people ages 18-29 to withhold some financial information. It’s when a partner begins to lie about large purchases that a partner should become concerned.   People might think that love solves everything, but it’s better to be on the same page and realistic about the situation. If you are mature enough to get married and really want to work together to succeed, you need to face your finances.  As a couple, you need to get over any fears about assessing the financial situation and air everything out. It doesn’t have to be painful but it needs to be an honest outlook. For some couples, this can seem really overwhelming but it doesn’t have to be.  

Get Tips on How to Talk Finances With Your Partner

 

Get a Plan

Have a conversation about how to best review everything. Discuss each of your finances and then surmise a plan to tackle them. Now in some cases, it may not be this simple depending on your income level, occupation, and level of debt. You may want to meet with a financial counselor first and go over everything together, or sit down as a couple at home and discuss the basics before moving any further. It’s totally up to you both, as a team.   Don’t be shy or embarrassed by your financial situation as a couple. There are people who make a living on making sure couples are financially confident and ready to tackle financial goals together. Don’t overlook this benefit of consulting with an outside source about finances—especially if you feel like you don’t know what you’re doing. If you can’t afford an outside counselor check online, you may be surprised at the educational resources available for free. When it comes to self-learning about finances just be careful how you select your resources. As the old saying goes not everything you see online is true!  

Loan Responsibility

When the person you’ve chosen to marry has student loan debt you can face some challenges. If you haven’t co-signed for a spouse and it’s just their name on the loan, this won’t be something that shows up on your credit report. Beware that even if you did not co-sign your partner’s loan there are instances when you might be responsible for paying the loan. Student loans aren’t that different from other types of loans.   For example, if someone passes away, the rest of their loan will likely be forgiven and the spouse would not have to continue making those payments. There are some cases where death will not discharge the remaining debt and the loan company may contact the estate for payment. If your spouse ever lost their income and went into default, the loan companies will look for someone to pay. If your spouse doesn’t have an income, your wages could be garnished. It’s a pretty extreme scenario, but it also happens and is something you should be aware of.   If you are choosing to marry someone with student loan debt, it’s important to talk about this. You’ll want to have a plan set up for each of these scenarios. Though they are extreme if you have savings and you pay down your debt responsibly you shouldn’t have any problems.  

Repayment Plan Adjustments

IBR and other types of repayment plans are often used when paying back student loans. We would caution against using these programs. In some cases, your monthly student loan payment may not be covering the interest accrued that month and therefore your balance will continue to increase.   Repayment plans can be based on your household income and family size. When you get married your income and family size may change. If your spouse makes a considerable amount of money, your minimum payments could go up even with your family size going up. If your spouse makes less than you or is not working, your loan payment could go down. It all depends on the details of your financial situation and your loan servicer, but it’s worth noting that this is a possibility.  

Refinancing

Fairly often we receive request to refinance couple’s student debt together. Many see this as creating a lot less hassle for themselves by creating only one bill.  That’s not always possible, and many experts suggest keeping your loans separate in case your relationship status or financial situation changes in the future. You are not always able to refinance together, either.  Whether or not you can refinance your student loan with your spouse will depend on the loan type and servicer you have. If you’re looking into refinancing, talk to each other about goals. Do you want a lower payment so you can save for a house or do you want to pay loans off sooner so you can live abroad or go to grad school? Again, it’s up to the two of you, but you can’t be on the same page if you don’t talk about it.  

Don’t stress.

Take a deep breath and know that it’s normal for people to get stressed out talking about money, but it doesn’t have to be that way. No matter how much money you make, you will have to work together as a team to set priorities. This isn’t a blame game. Just talking about finances doesn’t mean that you’re secretly harboring any resentment or grudges. No one is being attacked and no questions are stupid. You both have to agree to create an open dialogue where you both feel good about discussing money and plans. Know that sometimes there are compromises, or one of you might change your personal plans to advance the other. That’s what it means to be a team.  

Tips for Finding the Perfect Lender to Refinance Your Student Loans

  NOTICE: Third Party Web Sites 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.
2019-01-08
DIY Investing – Do you Need a Financial Advisor to Start Investing?

Are you thinking about investing to turn your dollars into even more wealth? If you are looking into ways to invest your funds, there are a few ways to do it. One way is to hire a financial advisor to provide financial services, but some people like to try investing on their own with some DIY investing strategies. Either way, here are some things you should know.  

Types of financial advisors

  There are several different options for financial advisors. Each type of financial advisor has strengths and various fees for service. You’ll want to pick the right financial advisor based on what you’re looking to do
with your money, may want to pick a specific type of financial advisor. Let’s review what each type of financial advisor does.   Accountant An accountant or CPA can help with several different situations and types of knowledge. For instance, an accountant could help you hire and pay a nanny or do your taxes. They might specialize in certain things like being an entrepreneur or freelancing. Make sure you meet and vet your potential accountant to ensure they can do the type of advising or planning you need.   Investment Adviser This type of financial adviser is someone who can advise you on various types of securities either as a single consultant or as part of a larger firm. They are registered professionals through the Securities and Exchange Commission (SEC) or other applicable state agencies and have to have a securities license to actually sell securities products. This might require a licensed securities representative, like a stockbroker, to make the transaction happen.   Stockbroker A stockbroker is someone who is typically licensed by a state to sell stocks, bonds, mutual funds, and other types of securities. These financial professionals usually earn a commission on their transactions, which is how they make money. There’s quite a bit of regulation for the profession including organizations like the Financial Industry Regulatory Authority (FINRA).   Financial Planner Financial Planners or Certified Financial Planners (CFPs) are often employed or certified through larger agencies or even global companies that offer their own types of accounts and services. They can help you work toward a number of different financial goals based on a large spectrum of products. They might advise you about retirement, short or long term investing, saving for education, or managing other financial assets. They make money either based on fees or on commissions from the products you buy through them.   There are other options like Estate Planners, Attorney, and Insurance Agents, but they tend to deal with more specific financial situations and less with broad investing knowledge.   A really important factor in picking a trusted financial advisor is looking at their expertise, reputation, and how well they fit with your personality and service needs. Don’t pick an advisor who is only available 9am-5pm if you work long hours and prefer to visit in person, for instance. For example, if you’d rather talk via email or use online tools, old-school professionals with a smaller operation might not have the digital infrastructure you’re looking for. Similarly, you want to work with someone you trust, so make sure their demeanor is a good fit for you.   If you decide that a financial advisor is not for you and instead you want to do your own investing, you also have several options for how you can approach investing.  

DIY Investment Strategies

  Brokerage Accounts Brokerage accounts are a way that people can try their hand at DIY investing.  You’ll need to set up an online brokerage account first. Once your online account is set up, you can do research and look into what experts are saying about different companies. Look for advice as to what to buy or avoid, keep or sell.   Apps There are lots of different types of investing apps. You can try something simple that rounds up your debit card purchases and automatically invests very small dollar amounts called micro-investing, for instance. You might want to try your hand at an app that allows you to trade stocks. Some apps have higher fees than others or are paid apps while a few offer free trades. A different type of investing app that you can try would be one that focuses on your retirement, allowing you to move money around for your retirement funds. There are lots of options! Just be sure you look at the fine print and read reviews to see what kinds of experiences other people are having and what the legal details are.   Other Online Tools Various websites and types of software exist to both help you research investing and to facilitate online transactions. Just like apps, there are lots of options based on the type of investing you want to do and how you want to do it. Just do your homework and look for reputable tools before you get signed up.   Pros and Cons With something like an app, you avoid the fees that come with some types of financial advisors. On the other hand, you don’t get the personalized attention that financial investor can offer you. If you invest for yourself, you have a lot of control and can potentially save money on fees again, but you also run the risk of making some expensive financial mistakes if you don’t know what you’re doing. Make sure you know the pros and cons of any of these DIY investing strategies before you start so you don’t end up between a rock and a financial hard place.   Tips for How to Invest Smart Investing successfully can be really challenging, which is why people should start small. Don’t invest a bunch of money in risky stocks hoping to make a quick fortune. Instead, set aside a small fund to use for investing and start watching and learning before you do anything. If you can’t afford to lose money, go with more stable investments that will earn less but also likely won’t lose much if anything. Logic is a far better guide than emotion when it comes to investing. Sure, a hunch might make someone rich, but plenty of people have lost fortunes to their hunches. The math works out in your favor if you look at logical options and stick to a smart plan.  

Avoid These 7 Money Mistakes

Employer participation in student loan debt assistance
2019-01-02
Employer Participation in Student Loan Assistance Act H.R. 795

Nothing could be better than working for a top company that helps you pay off your student loans, right? Well, a bill was introduced by legislators on 2/1/2017 that is trying to make this a reality. This bill was introduced as the Employer Participation in Student Loan Assistance Act. In addition to the introduction of this Act, the Internal Revenue Service (IRS) also released a private letter ruling. What could these events mean for companies and employees who carry student loan debt?  

Employer Participation in Student Loan Assistance Act

First, this bill would amend the tax code by giving tax breaks to employers that provide educational assistance to employees. Educational assistance can be in the form of contributions to student loans through either a payment to the employee or lender. Specifically, this act would allow employers to offer a tax-free student loan benefit in addition to a salary to its employees.  

IRS Private Letter Ruling

  Recently, there was a private letter ruling released by the Internal Revenue Service (IRS). If you want to review the contents of the private letter ruling, it can be found here. The ruling allows employers to use 401(k) plans to help employees pay down their student loan debt. It is done by taking the employer 401(k) match to pay down student loans.   Any employee who is eligible for a 401(k) plan would be eligible for this plan. The ruling states that the plan is a voluntary program that employees must elect to enroll. Employees who choose to participate in this plan would be eligible for non-elective contributions made by the employer to their student loan debt. These contributions would be equal to what would have been contributed to a 401(k) plan had the employee opted out of the program.  

What Does Student Loan Debt Assistance Mean for Employers?

When managing a business, it is imperative that you stay on top of recent news. Part of staying on top of things includes understanding what challenges your employees face. Both these aspects of operating a business and understanding the needs of your employees, however, can fall hand in hand. When it comes to student loan debt assistance, it can be a huge positive for any business. Not only does student loan debt assistance help employees achieve their financial goals, but it also brings many benefits to a firm.   Offering a student loan debt assistance program does not typically cost a company extra. The employer contributions to student loans are what a company would have typically made as a 401(k) contribution. Therefore the costs of providing 401(k) contributions and student loan debt assistance are equal. Another positive that comes from offering a program like this is that it helps with finding top talent, recruiting, and retaining all-stars. With older generations of employees retiring in record numbers and the workforce shifting to younger millennials, it’s important to take some time to examine the benefits of providing student loan debt assistance.   As many millennials have student loans and report that paying them down is a priority over saving for retirement, companies should begin thinking about reevaluating their benefits package to attract millennials. Finding ways to help this generation pay off student loans could be a big boost to a company’s recruiting strategy. Offering student loan payment assistance could put a company on the cutting edge as far as millennial professionals are concerned.  

Click to Learn More About ELFI for Business

  According to a benefits report by OneDigital, nearly 80 percent of employees surveyed by American Student Assistance felt that an employer-sponsored student loan repayment benefit would be a deciding factor in accepting a job. This could be a huge differentiator for an employer aiming to recruit the best employees.   The American Student Assistance survey also showed that 86 percent of employees would feel compelled to stay with an employer for at least five years in exchange for student loan repayment assistance. Considering how much companies spend on turnover (recruiting, training, and onboarding new employees), this could mean huge potential savings on talent management costs for employers.  

What Does Student Loan Debt Assistance Mean for Employees?

Some companies already offer student loan assistance, but these funds are usually taxed. This type of assistance isn’t as attractive as pre-tax funds because taxes reduce the impact of payments on student loans. Tax-free repayment funds from an employer could be more effective in helping graduates pay down their student loans faster. Employees would avoid incurring taxes associated with this type of assistance.   Many Millennials also face the question of, “Should I save for retirement or pay down debt first?” Student loan debt assistance could be a solution that addresses both concerns. Young employees would have the ability to make substantial payments towards their student loan debt. With these large payments, they will be able to cut down their repayment time. That means young employees would have the ability to start saving for retirement earlier in their career instead of trying to pay down their debt.  

Looking to the Future of Employment and Student Loan Debt

  With the recent Employer Participation in Student Loan Assistance Act and IRS Private Letter Ruling, it seems student loan debt has become a problem for employees. Since employees are having difficulties with paying down student loan debt, it is time for employers to take action. Not only will employers benefit from offering student loan debt assistance programs, but it will most likely be at little or no cost to them.   If this act becomes a law, experts think that companies will immediately begin to rethink their benefits package and consider student loan debt assistance as a way to attract the best employees. Though it may not be easy for millennials to land a position with one of these companies, they will certainly have another factor to decide in student loan debt assistance when choosing their employer.   Interested in starting a conversation regarding your student loans? Give us a call: 1-844-601-ELFI.  

5 Benefits Millennials Look For in Employers

  NOTICE: Third Party Web Sites Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites 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.