Student Loan Funding Surpasses $2 Billion in Student Loan Refinances
Knoxville, Tenn., February 16, 2022 /PRNewswire/ — Education Loan Finance (ELFI), a division of SouthEast Bank, today announced the successful financing of over $2 billion in student loan refinancing and consolidation loans. This funding has had a positive impact on more than 25,000 graduates, parents and co-signers. ELFI customers reported saving on average $214 per month or they will save $18,699 in total interest over the term of their loan.1
“Forty-three million borrowers in United States owe more than $1.7 trillion on their student loans, and we are dedicated to our mission of helping these borrowers reduce debt and/or pay off debt sooner,” said Barbara Thomas, SouthEast Bank’s Chief Operating Officer and Division Head. ELFI. “The ELFI team is extremely passionate about helping college graduates settle their student loan debt, especially during these unprecedented times. We’re proud to have helped over 25,000 borrowers refinance over $2 billion in student loan debt. Guiding our borrowers step-by-step through our student loan refinance program, with knowledgeable and experienced Student Loan Advisors (SLAs), sets us apart in the industry in terms of customer service. We have received many accolades from our customers time and time again, as evidenced by our 4.9/5 ‘Excellent’ rating on TrustPilot.”
ELFI was launched in December 2015 with a management team that has over 30 years of experience in the student loan industry to deliver student loan refinance products to borrowers nationwide through a highly automated online loan origination system and the cutting edge of technology. With a leadership team dedicated to higher education, ELFI places great importance on financial well-being and financial awareness. ELFI’s early investment in technology and customer service has resulted in a seamless and seamless user experience from start to finish.
ELFI’s mission to “empower a better future” for its borrowers is supported by its Student Loan Counselor Program. SLAs are individually matched to borrowers once they sign up, providing a single point of contact throughout the process. This personalized approach to customer service helps borrowers understand the process and ultimately make informed decisions about their student loan refinance options.
ELFI has also reached another milestone over the past year with their $316.23 million Financing of the securitization ELFI 2021-A. With this fourth operation, ELFI has financed more than $1.14 billion in the securitization markets and have obtained AAA ratings for their Class A notes from S&P and DBRS.
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About student loan financing
Education Loan Finance, a division of SouthEast Bank, is a leading online lender designed to help borrowers by consolidating and refinancing private and federal student loans into one simple, low-cost loan. Education Loan Finance believes that providing consumers with comprehensive refinancing and consolidation options allows consumers to follow their financial journey. For more information, visit www.elfi.com.
About SouthEast Bank
Headquartered in Farragut, Tennessee, SouthEast Bank operates branches in East and Central Tennessee, combining modern amenities with local service and decision-making. Our customers benefit from convenient electronic and mobile platforms such as online banking, remote deposit, automatic fraud monitoring and a global network of ATMs. Over the past decade, SouthEast Bank and its holding company have donated more than $20 million to support secondary and post-secondary education in our local communities and universities across the state of Tennessee. To learn more about SouthEast Bank, visit southeastbank.com.
1: Average savings calculations are based on information provided by SouthEast Bank/Education Loan Finance customers who have refinanced their student loans between 25/12/2020 and 31/01/2021. While these amounts represent the average reported amounts saved, the actual amounts saved will vary based on a number of factors.
SOURCE Student Loan Funding