ELFI Launches Student Loan Refinance Program for Parents
ELFI has officially launched its student loan refinancing and consolidation loan for parents - the Parent Loan - which will allow parents to refinance both their Parent Plus loans and private student loans. Parents who have financially helped their children throughout their college years deserve to get the same great loan refinancing options at competitive interest rates. ELFI offers refinance options for Parent PLUS and private education loans, either fixed or variable rate, with terms ranging from 5-10 years.
Parent PLUS loans are federal loans that can be used by parents of dependent undergraduate students to help pay for college tuition and expenses. All loans to be included in a SouthEast Bank Refi Loan must be “qualified student loans” as defined by the U.S. Internal Revenue Service.
“Parents who have funded their children’s education deserve better financial options to refinance the student loans they took on for their children. We believe that parents should benefit from ELFI’s low refinancing rates and to be able to generate savings for their retirement and reduce their monthly payments,” according to Barbara Thomas, Executive Vice President of SouthEastBank.
To qualify for refinancing or student loan consolidation through ELFI, you must have at least $15,000 in student loan debt with a maximum amount of $250,000 and must have earned a bachelor’s degree or higher from an approved post-secondary institution. ELFI Parent Loans are limited to a maximum of the 10-year term, but offer the same low rates as the ELFI student loan refinance products. To learn more, visit https://www.elfi.com/parents.
ELFI is a student loan refinance program, offered by SouthEast Bank, designed to assist borrowers by consolidating private and federal student loans into one simple, low-cost loan.