#Knoxville #United States #Student Loan Refinancing #ELFI #SouthEast Bank

The Positive Impact of Student Loan Refinancing

A recent survey conducted by ELFI, a division of SouthEast Bank, sheds light on how refinancing student loans can positively affect borrowers’ financial situations. According to the survey, which targeted individuals who refinanced their loans between October 1, 2024, and December 31, 2024, it was discovered that borrowers experience an average monthly savings of $334.37. This significant amount not only helps in easing the burden of monthly payments but also contributes to substantial long-term savings over the life of the loans.

Nearly 90% of those who refinanced reported feeling more optimistic about their financial futures. Barbara Thomas, the chief operating officer of SouthEast Bank, explains how the burden of student loan payments can weigh heavily on many individuals. The survey results illustrate that refinancing isn't just a financial relief; it enables borrowers to channel their money toward savings, investments, or discretionary spending on personal interests that may have previously been deferred due to financial constraints.

The statistics are revealing: among the 200 respondents of the survey, a striking 78.5% noted that they successfully lowered their monthly payments, which in turn freed up extra cash flow for day-to-day expenses. Additionally, 32.5% of respondents managed to lower their monthly obligations while simultaneously accelerating the payoff of their loans. Perhaps most encouraging, 51.5% expressed that they anticipate paying off their student debt faster as a result of the refinancing.

Further financial benefits were highlighted, including:

• - 37.44% of participants indicated they could save more for retirement, establishing a path towards long-term financial security.
• - 45.13% felt more empowered to invest in their overall well-being, including expenses related to healthcare, personal development, and fitness.
• - Notably, 18.97% of respondents found that refinancing helped them move closer to home ownership, overcoming previously existing financial barriers.

Thomas emphasizes the importance of consumer discretionary spending for a thriving economy. Rising costs of essential goods can be burdensome for individuals with student loan debts. ELFI’s goal is to assist customers in consolidating and refinancing their loans, allowing them the luxury of spending on things that bring joy and satisfaction, which in turn stimulates economic engagement.

Founded in 2015, ELFI has carved out a niche as a reliable partner in the student loan refinancing space. With a dedicated team of student loan advisors, borrowers are provided with personalized assistance tailored to their unique needs throughout the refinancing process. This level of individualized support allows borrowers to navigate their financial journey more confidently.

ELFI, which positions itself as a leading online lender for refinancing both private and federal educational loans, believes in empowering consumers by offering effective refinancing solutions. The understanding that every dollar saved can significantly impact a borrower’s financial trajectory is central to their mission. By combining their excellent services with a commitment to customer satisfaction, ELFI continues to support borrowers on their journey towards financial independence.

For more detailed information regarding refinancing options and to learn more about how ELFI can assist you or your clients, visit elfi.com.

About SouthEast Bank

SouthEast Bank, based in Farragut, Tennessee, operates with assets exceeding $3.3 billion. The bank provides a comprehensive suite of financial products and services tailored for families and businesses across Middle and East Tennessee, with a focus on promoting financial wellness among its clientele. Their commitment to the communities they serve, combined with local decision-making processes, has been the cornerstone of their operational success since their establishment.