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Survey Reveals Refinancing Student Loans May Lead to Lower Monthly Payments

Staff Report From Georgia CEO

Monday, June 2nd, 2025

A survey by ELFI, a division of SouthEast Bank, highlights the positive financial impact of student loan refinancing with significant savings for borrowers each month and over the life of the loan.

The survey revealed that those who refinanced between Oct. 1, 2024, and Dec. 31, 2024, are saving an average of $334.37 per month. Some respondents project they will save nearly $20,000 over the life of their loans. Nearly 90% of borrowers surveyed reported feeling better about their financial situation after refinancing.

 
ELFI, a nationwide private student loan and refinancing lender, recently surveyed customers who refinanced some or all of their student loans between 10/1/24 and 12/31/24. The survey revealed that the majority of customers experienced significant savings on either a monthly or long-term basis, and that refinancing positively impacted their financial health and circumstances.

 "Student loan payments have the potential to create a significant financial burden for many borrowers," said Barbara Thomas, chief operating officer of SouthEast Bank. "These survey results show that refinancing can provide real relief to most. Borrowers are not only paying off their loans sooner and reducing interest over the life of the loan, but they also are freeing up money each month that can be saved, invested, or used for discretionary spending that may have otherwise been put on hold."

Of the 200 refinancing customers:                                                  

  • 78.5% lowered monthly payments, freeing up cash flow for everyday expenses.

  • 32.5% saved on monthly payments while also accelerating their loan payoff.

  • 51.5% expect to pay off their student loans faster thanks to refinancing.

  • 37.44% reported being able to save more for retirement, setting themselves up for long-term financial stability.

  • 45.13% said refinancing helped them invest more in their well-being, such as healthcare, fitness or personal development.

  • 18.97% said refinancing helped them buy a home, overcoming financial hurdles that previously delayed homeownership for 62% of respondents.

"Consumer discretionary spending is a key component of a healthy economy, but the rising costs of essential goods and services can put a real pinch on individuals with student loan debt," Thomas said. "We aim to help our customers consolidate and refinance these loans, giving them the freedom to spend more on things they enjoy, which in turn stimulates the economy."

The dedicated and experienced team for ELFI, previously called Education Loan Finance, has been helping customers refinance their student loans since 2015. Borrowers are individually paired with Student Loan Advisors to allow for a single point of contact throughout the process.