Are you looking to make your student loans more manageable? If so, then Elfi may be able to help! Student loans are on the rise these days, and that means that there is a big market for lenders that will offer refinancing options to student debtors and help them cut their costs when it comes to paying back their loans. Elfi is just one of the popular lenders that offers financial solutions for student debtors. Let’s take a closer look at everything that they have to offer.
What Elfi Offers
First, understand that Elfi is not your typical financial establishment. Elfi stands for education loan finance and is a service that is offered through Southeast Bank. They put 100% of their focus into helping student debtors come out on the other side of their debt. They will take your particular needs into account and help you to come up with a consolidation and refinancing plan that will work for you. They have been able to help many people save hundreds of dollars every month when it comes to repaying student loans.
Parent PLUS Refinancing Options
There aren’t a whole lot of refinancing companies out there that will offer refinancing services for parents as well as students. Elfi is one of them. They recently announced that they will be starting a new refinancing service that is tailored for parents that have helped their children make their way through college. With Elfi, parents are able to refinance their Parent PLUS loans with a lower interest rate and better terms. Along with being able to refinance the Parent PLUS loans, parents can also combine other private loans into this consolidation and refinancing plan. That makes things a lot easier when it comes to simplifying loans and being able to make one monthly payment.
Parents are even able to refinance their parent loans into the student’s name, so long as the student is willing to accept the responsibility for the debt. It does, however, require both the parent and the student’s willingness to transfer the loan. If you don’t want to do this, you can always just refinance the loan and keep it in the parent’s name.
The Benefits of Refinancing Student Loans
So, what exactly are the benefits that come along with refinancing your student loans? It seems that one of the biggest benefits is the fact that you can save a great deal of money. Most people know that with federal consolidation, you take the weighted average of the current interest rates. What they may not know is that with refinancing, you are often able to get a lower interest rate. This is especially true when the market rates are low. That means if interest rates are low nationally, chances are you will get a better rate. A better interest rate means you pay less in the long run when paying off your loan.
It may also pay to refinance because it will allow you to get a better loan term. The loan terms for federal consolidation loans can be anywhere up to 30 years, which seems a little bit much if you think about it. It takes that long to pay off an entire house! Typically, the term for refinancing through Elfi will range anywhere from five to ten years, with some longer terms available if you need it. The shorter the term, the better the interest rate. That also means, however, that you will likely have a higher monthly payment if you want to have the loans paid off faster.
Another great reason to consolidate and refinance is that you will be able to simplify your loan repayment terms. If you have student loans through the federal government, chances are you have quite a few individual loans. With refinancing, you put all of them together and then you just have one monthly payment to make each month. It is a lot easier to keep up with.
Qualifications for Refinancing Through Elfi
In order to have your student loans refinanced through Elfi, you will need to have at least $15,000 but no more than $250,000 in student loan debt. You will also need to have already earned a degree (bachelors or higher). In order to be approved for refinancing, they will need to do a credit check. If you don’t have the best credit, or if you can’t prove that you can repay the loan, then you may require a cosigner. If you don't have a
To get started, you will simply need to apply at Elfi. They will work with you to come up with a plan that will work best for you, offering you an affordable monthly payment based on your income and terms that are conducive to a bright financial future. It really is worth checking out.