Student Loan Refinance Review: Education Loan Finance
Education Loan Finance is a refinancing program offered through SouthEast Bank. The program was first offered in 2015, to “offer flexible, money-saving options to refinance or consolidate student loan debt.” Education Loan Finance hopes to provide manageable payments, affordable rates, and flexible terms for students looking to refinance their student loans.
|A Quick Look at Education Loan Finance|
|Fixed APR||3.19% – 6.69%|
|Variable APR||2.49% – 6.01%|
|Loan terms offered (years)||5, 7, 10, 15, 20|
|Balance range||$15k and up|
Interest Rates & Terms
Education Loan Finance offers competitive fixed rate loans from 3.19% to 6.69% APR and variable rate loans from 2.49% to 6.01% APR. You may choose to repay your loans over a 5, 7, 10, 15, or 20 year term.
How Much Can You Borrow?
The minimum amount you can refinance with Education Loan Finance is $15,000.
To qualify for refinancing or student loan consolidation through Education Loan Finance, you must:
- Be a U.S. citizen or permanent resident.
- Be 18 years or older.
- Have a debt-to-income ratio that indicates you have the capacity to repay the loan.
- Have $15,000 or more in student loan debt.
- Have earned a bachelor’s degree or higher from an approved post-secondary institution.
- Have a minimum credit score of 680.
Where do they stand out?
Low interest rates. Education Loan Finance is known to have some of the most competitive interest rates when it comes to student loan refinancing. Whether considering variable or fixed interest rates, they often offer some of the lowest rates within the student refinance space.
FastTrack Bonus. Receive $100 when you apply and accept a loan offer within 30 days of being approved.
Refer a friend. If you send a friend to get his or her loan refinanced, you’ll receive $400 and your friend will receive $100.
The drawbacks of refinancing with Education Loan Finance
New to student loan refinance. Although SouthEast Bank has an established reputation in Tennessee, they are relatively new to student loan refinancing, having started offering loans in December 2015.
No cosigner release. Unlike many other banks, Education Loan Finance does not offer to release co-signers from the loan after a certain period of time. In order to remove the cosigner, you’ll have to pay off the loan or refinance.
Southeast Bank and Trust has an A+ rating with the Better Business Bureau. Because they are relatively new to the student loan refinance scene, there are not many reviews available about their service. However, SouthEast Bank has a strong history and reputation for lower fees and personalized service.
Is Education Loan Finance Right for You?
Education Loan Finance offers students the ability to refinance their student loans at a competitive rate, as well as consolidate multiple student loans into one easy payment. With no application or origination fees, you won’t pay a lot to get this done.
Although Education Loan Finance does not offer discount programs, it does have two rewards program: one for signing up for your loan within 30 days, and the other for referring a friend.
If you are a resident of Arizona or Wisconsin, or you have less than $15,000 in student loans, you won’t be able to refinance with Education Loan Finance.
If you want to see how they stack up to other lenders in the refinance space, head on over to LendingTree’s student loan refinance center and compare a variety of lenders to find your best option.
Ready to Apply?
If Education Loan Finance student loan refinancing seems like the right fit and you’re ready to apply, here are ten steps to securing a student loan refinance from Education Loan Finance:
- Gather your documents. This includes your pay stubs, monthly housing costs, school information, loan amount, and loan billing statements.
- Create a profile. Go to the Education Loan Finance website and create a profile, including username and password. This will allow you to save and pick up the application process at any point. Enter your personal information, such as address, email, and Social Security number.
- Get prequalified. Complete the prequalification application to make sure you qualify before you complete the full application.
- Complete full application. Sign into your account and complete the full application.
- Submit documents online. Upload your documents electronically to the Education Loan Finance website.
- Review. They will review your loan application and will submit a firm loan offer.
- Accept a loan offer. Sign into your account to review your loan offer.
- Sign loan documents. Once you’ve reviewed all your loan information, electronically sign the loan documents to agree to the loan terms.
- Disbursement. Once your loan gets funded, Education Loan Finance will pay off your existing student loan.
- Set up payments. Education Loan Finance has you set up auto-debit payments once your loan is funded.
What You’ll Need
- Proof-of-income, including recent pay stubs, tax returns, and W-2s.
- Driver’s license number.
- Monthly housing cost (rent, mortgage, other).
- School Information.
- Billing statements from your current loan(s), including total loan amount(s) to refinance.
- Account information for auto-debit.