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.

"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."

"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."