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Release a Co-Signer


By refinancing or consolidating your student loans, you may be eligible to release your co-signer, such as a parent. This could allow co-signers to improve their credit scores and gain access to new lines of credit for the purchase of a new home, car, etc.

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Personalized Service


If you are unhappy with the level of student loan servicing you are currently provided, refinancing or consolidation gives you the opportunity to switch to a company that has an excellent customer service record. Education Loan Finance has account specialists who are experts in the student loan industry and will take the time to answer your questions.

Lower Interest Rates


Depending on your credit score and financial situation, you may be able to obtain a lower interest rate with student loan refinancing or consolidation. This reduces the amount of your monthly payments and saves you money over the repayment term of your loan.

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Simplify Loan Payments


When you consolidate multiple student loans, you only have to make one loan payment each month to one company. This would be beneficial if you currently make payments on multiple student loans each month to federal and private lenders. For some people, the convenience of having one loan payment is worth it.

Shorten Your Loan Term


If you’re comfortable with your current payment amount or can even afford to contribute a little more, you may want to consider shortening the term of your loan. Shorter loan terms often generate lower interest rates, allowing you to save more money in interest over the life of the loan.

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Lower Monthly Payments


If you have student loan debt, refinancing or consolidating your student loans may allow you to extend the repayment period, and/or lower your interest rate, thereby allowing you to lower the amount of your monthly payment.

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Practical advice for achieving balance in life, business, and finances.
2019-03-26
What you Need to Know About College Scholarships: Part I

Paying for College? Here’s Where to Find College Scholarships   So you’re going to college. That’s great! But now you need to find a way to pay for it. Lots of people have a successful college career by borrowing student loans for college, but scholarships for college can help lessen the amount you need to borrow. Here are some things you need to know about college scholarships and how to find them.  

When should I search for college scholarships?

  One of the most important things to know about searching for scholarships for college is that you should start early to make sure you’re meeting deadlines. The sooner you start looking for aid, the better. You want to be top of the pile when it comes time to apply, and you don’t want to miss out because you were late on a deadline. If you are late to apply to a scholarship deadline, chances are they won’t accept your submission.   If you know what degree you want and where you’ll be going to school, it cuts out the guesswork. Your degree and school will heavily impact how much you’ll pay for college.  Any amount of schooling that can be paid for by a scholarship will be the best option. If you’re earlier in the process, here are some helpful figures on the average cost:  

What does it cost to go to school?

  School costs vary widely depending on multiple factors. Factors that impact schools costs include your degree, choice of school, and the type of field you’re going into. You may also be able to work while going to school, which can lower the cost.  

Degree Type

Average Cost - Public Average Cost - Private
Associate’s Degree - Two Year[1] $3,570 $14,587
Bachelor’s Degree - Four Year[2] $102,352 $250,576–$341,184 (For-profit vs. Not-for-profit)
Master’s Degree[3] From $30,000 to $120,000, depending on the program and school
Doctorate[4] From $15,000 to $50,000, depending on the program and school
   

What should I look for in a college scholarship?

  Scholarship qualifications can vary significantly based on the person or organization that created it. You might have to keep up a religious commitment or affiliation, meet performance requirements, or prove you are completing projects or work. Most commonly scholarships require that you need to maintain a certain grade point average and enrollment status. Don’t be surprised if other stipulations apply to a scholarship. It’s important to know the details when considering if you should apply or accept scholarships for college. Secondly, you also need to look into how you are allowed to use the funds. Some scholarships cover strictly academic fees. Others scholarships may be used for room and board or general living expenses. Know the restrictions on funds before you accept any financial aid. The last thing you want to do is risk losing the money or having to pay it back. Finally, be sure to find out what the worst case scenario might be. If you change programs or don’t achieve the grade you needed, what happens? It’s nothing that should scare you away from scholarships, but you need to know. Knowing if you’ll be on the hook later if something goes wrong is important.  

Federal Scholarships

The U.S. Department of Education has lots of tips on finding federal student aid and federal scholarships. Be sure you start your scholarship search for college at studentaid.ed.gov. In order to avoid taking out student loans for college, checking with government programs is a must. An added bonus is that the details and requirements are pretty clearly laid out. Using the U.S. Department of Education website is usually a quick search that’s easier to do, so we’d recommend starting your scholarship search there.  

College Scholarship Categories

There are lots of different categories of scholarships. Here are some of the main ones you might qualify for. Narrowing down your search to a category can really help you focus on what applies to you and make your search more effective.   Scholarships for Academic Excellence (or even average performance) As you can imagine, the top academic scholarships are highly competitive and only apply to the tip-top of high-performing students. Very few of us fall into that category. The good news is that whether you’re an ace or have more typical grades, you can still search for scholarships based on the level you’ve achieved in school and see if you qualify.   Athletic Scholarships Are you good at a sport or activity? Search for those scholarships! From chess to volleyball to football and soccer, there are scholarships for lots of different types of athletes.   Legacy Scholarships Your parents might have a connection to a university or organization that offers scholarships. Ask around the family and see if you can make that connection.   Military Scholarships Most people are aware that the military offers money for college. There are lots of options from military reserves up to enlisting for a few years of full-time military membership. Check out this list of military scholarships and aid for active duty service members and veterans.   Scholarships for Parents Single parents, working parents, and young parents are just some of the people who might qualify for this type of scholarship. Lots of organizations and schools want to promote education for all members of the community, and sending parents to school (or back to school) might make you their prime applicant.   Scholarships for Minorities Scholarships for minorities often come from community organizations, colleges, and institutions, or even national and global groups that want to promote education for your ethnic or cultural group. Search this type of scholarships for college to learn more.   Scholarships for Women Similarly to scholarships for minorities and parents, women often face barriers to attending school at higher rates than men. Scholarships for women offer extra help to make sure educating women is a priority.   Creative or Writing Scholarships Essay contests, portfolio reviews, and performance arts-based scholarships exist for students in the arts. They often vary based on the school and focus of study, but there are many available. Don’t pass up searching for scholarships if you’re going into the arts or humanities, or even if you are a good essay writer and want to search for writing opportunities that might help you get a scholarship for college.   Community Service Scholarships Community service covers a huge array of possibilities. If you’re passionate about helping your community, see if you can get involved with some projects, start one of your own, or search community service scholarships now to see what you could be doing that would make you eligible.   Unusual Scholarships From scholarships for tall women to people with red hair to fans of HAM radio, there are all kinds of unusual scholarships for college out there. Check out lists like this one at Scholarships.com to see what you might qualify for that you never would have thought of!  

Look for Upcoming Parts to This Guide

If you’re looking for scholarships for college because you want to save on your student loans for college, we’ll be posting more information soon to help guide you!  

Jobs to Reduce Student Loans for College

  NOTICE: Third Party Web Sites Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.     [1] https://www.studentdebtrelief.us/news/average-cost-of-college-2018/ [2] https://www.campusexplorer.com/college-advice-tips/E66537B4/Costs-Of-A-Bachelor-s-Degree-Program/ [3] https://www.bestmastersdegrees.com/best-masters-degrees-faq/how-much-does-a-masters-degree-cost [4] https://study.com/articles/How_Much_Does_a_Doctorate_Degree_Cost.html
2019-03-21
What College Major is Right for You?

When going to college, one of the most asked questions is, “What’s your major?” For a college student, a major can feel like it defines your career path and your future endeavors. A major can put a lot of pressure on a college student, to pick something fast and stick with it. On the other hand, many college students come into their first year not knowing what they want to study, or where they see themselves. The good news is that is OKAY. There are many things you can do to find a major that suits you and your values. Here is a list of things you can do to help find a college major that is tailored to you:
  1. Get to know yourself

This decision requires you to learn a little about yourself. Maybe start with a personality test. The Myers-Brigg personality test will help you determine what characteristics you have, what you like and dislike, and even suggest work environments that may fit your persona. The Myers-Brigg gives examples of what other people with your personality type succeed in. Another way to learn about yourself is by evaluating yourself in a S.W.O.T. analysis. The S.W.O.T. stands for strengths, weaknesses, opportunities, and threats. List a few things relating to yourself under each column to help you match your abilities to a major that is right for you. Examine your interest, values, and potentials for a major that fits your personality.
  1. Create Goals

After college where do you see yourself? Where do you see yourself 5 years after graduation? What about 10? These can be as detailed or as generalized as you like but setting goals and preparing for them helps when finding a major. Creating short and long term goals help to know what you would like to see in your future and what steps may be necessary to get there. Be sure when you are setting goals for yourself that they are achievable. If your goals are too unrealistic, you may feel discouraged and quit. Some people find writing their goals down on a piece of paper helps to make them more permanent.
  1. Do your Research

Look at majors offered at your college of choice and do some research. There is so much information on the internet. You can also talk with a guidance counselor too if you’re looking for further insight and assistance.  When researching a major you’ll want to take into account the type of career you’ll have with that major. Some questions you may want to ask include what jobs are out there and how sustainable are they. A four-year university can be expensive. You may find yourself borrowing student loans and receiving financial aid to afford education. Regardless of the major you choose, you need to verify the major and career path have a return on your investment. If you’re borrowing student loans when you graduate you’ll need to pay those back upon graduating. Once you receive your first career job you want to be financially responsible. You should be able to start paying down that student loan debt without having to eat Ramen® every night. Unless you really like Ramen®. When researching consider if the job has long term potential, look at the average salary, and consider location and necessities. A major can lead to many careers, but finding one that can support your future goals and lifestyle is important.
  1. Find a Mentor

Explore some of the options available for the majors you’re interested in and make a few cold calls. Your university may have a directory of alumni who graduated in your field of choice. Call them to find out about their career, day-to-day task, what to expect, and things that make them happy at their job. You can even consider shadowing or interning with alumni to find out if this career path is something you want to consider. Try paying a visit to a college advisor. Most colleges provide separate advisors depending on the major. Make an appointment where you can sit down with them and discuss course load, professors and future employers with your major of interest. College advisors can help you decide if you can tackle a major on an academic level as well as real-world experience. Before you make the investment of attending college you want to be sure that you are pursuing the right career path for yourself.
  1. Seek Advice

Utilize people within your network and ask them for advice and guidance. Ask friends what they are considering for a major. People in classes may be a good resource for you as well. See what they are planning to study in college and what their interests are. You could even talk to a parent or someone you trust about your values and ideas. The people who are close to you may have your best interest and connections that can help with your decision. Lastly, going into college not knowing what major to pursue is NORMAL. Do not rush into a major because you don’t want to be behind. Deciding a major a semester late or even changing majors does not always effect graduation dates. The goal of attending college is to gain the skills and education that could lead you to something you will succeed in. As you continue to learn more about college understand how you will handle it financially. It can seem overwhelming, but understanding what your finances are and what you’ll need to be making upon graduation will be helpful.  

10 Facts About Student Loans That Will Save You Money

  NOTICE: Third Party Web Sites Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.
2019-03-13
The Best Ways To Engage Millennials At Work

Just ask!

As of 2019, millennials are roughly between the ages of 23 and 37. Many millennial employees are nearing their late 30s and likely have good work experience and instincts. Even younger millennials are pretty business-savvy as they’re used to reading about their field and Googling questions to make sure they’re informed. With these traits in their favor,
millennials can be a good second set of eyes to give you another point of view on a decision or project brief. Get their opinions or help with decision-making to broaden your perspective and to help raise buy-in.  

Give regular feedback.

In the era of ghosting and impersonal communication, many professional millennials yearn for up-to-date information on where they stand. Whether this a one-on-one, review or just feedback in general, they want to know their status at work. The approval of supervisors can mean a lot to this demographic. Millennials tend to work hard to meet and even exceed their professional goals. Your job in this process is to let them know when they are on track, ahead, or behind. No hand-holding needed: just don’t let them be in the dark about progress and they will be happy for the engagement.  

Stick to a predictable review process.

Along with being available for regular feedback and check-ins, millennial employees count on a predictable review process for a few reasons. Millennials want the opportunity to shine, and that’s not possible if they don’t have face time with leadership, especially supervisors who may not be involved in their regular projects. If their job doesn’t require even semi-frequent check-ins, regular feedback likely won’t be enough to let them know how they’re performing. Plus, following a set schedule and using a standardized system for assessment takes away any chance of ambiguity or uncertainty.  

Connect with their values.

Millennials want to feel like they’re doing something to improve their community. This drive to “save the world” even in small ways is because they grew up learning to take care of the environment and people around us. Companies can drive engagement by giving millennials a way to get involved with company initiatives that fit their values. That could be coordinating off-site events and team-building for a purpose. Get millennials engaged in internal campaigns like adopting a comprehensive recycling strategy, or finding vendors who are local or minority-owned. Sustainable initiatives can be a big hit among this crowd while also saving money. Think about how you can connect things like lowering shipping costs with lighter packaging or using recycled materials.  

Give them a challenging goal.

Most millennials want to feel valued and adept at their jobs. It’s important to be proud of what you do and feel like you’re making an important contribution. The best way to attain that fulfillment is to reach your goals. The nice thing about setting challenging goals to engage your millennial employees is that you also get to see them make amazing progress. You also get to watch them develop skills that are important to their role on your team. Instead of telling someone to wing it or figure it out. Management can engage employees by working together to set up the challenge. The employee will be tasked with the dirty work of getting down to business and making it happen.  

Make them the lead on a project or initiative.

You might find that you get better engagement out of younger employees by putting them in charge of something. Many millennials want the chance to show what they’re made of. What better way to do that than to take responsibility for something? You’ll never know what your people are made of if they don’t occasionally get to prove their abilities. That doesn’t mean you have to take a big risk, but let them know what their responsibility is. Why could their performance mean a lot for their reputation or respect? You will likely be surprised.  

Offer career and personal development opportunities.

With millennials poised to make up 75% of the workforce by 2020, helping prepare them to take over is critical to your company’s success. Good news, millennials want to do the kind of professional development that will make them ready! As employees start to think about a retirement plan, you don’t want to let all of that experience and prowess walk out the door. Consider offering development for millennial employees. This can help keep them engaged and strengthen the company’s transition from one generation of leaders to another. Don’t forget about personal development opportunities, too. Plenty of organizations can partner with you to offer workshops on life management or volunteer opportunities. People will find workshops and volunteer opportunities personally valuable. These opportunities will help them be better employees even if they’re not working directly on building a career skill.  

Keep open communication.

Finally, the biggest thing you can do to keep millennials engaged is, communicate. This generation might be guilty of relying on emojis at times, but they hate guessing and value honesty. Find ways to facilitate conversations both big picture planning and everyday updates and time for open feedback.  

5 Benefits Millennials Look For

  NOTICE: Third Party Web Sites Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.