KNOXVILLE, Tenn.--(BUSINESS WIRE)--Education Loan Finance (ELFI), a division of SouthEast Bank, focusing on student loan debt refinancing and consolidation, announces the launch of a video contest where the winner will receive a $50,000 cash prize towards their student loan debt.
According to the Brookings Institute, more than 44 million Americans have student loans that total nearly $1.4 trillion. Student loan debt is now the second-largest source of household debt in the U.S. after home mortgages.
Education Loan Finance would like to reward those who have taken on student loans to obtain their college degree in order to “Empower A Brighter Future.” Entrants must submit a 20 second to two-minute video demonstrating how the entrant is Empowering A Brighter Future and why or how the prize of $50,000 toward a current student loan would enhance that empowerment. Videos are being accepted between now and June 29, 2018, at https://elfi.wishpondpages.com/EmpoweredByELFI.
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Following the video submission, entrants can then rally their friends, family, and social contacts to vote for their video during the public support phase, Tuesday, July 10, 2018, through Sunday, July 22, 2018. The top seven finalists will then go to the final judging phase where a winner will be awarded $50,000 toward their student loan.
“We are excited to be able to offer this prize in support of borrowers who have pursued higher education and all individuals who have incurred student loan debt in pursuit of their undergraduate or post-graduate degrees. Education Loan Finance offers student loan debt refinancing and consolidation for borrowers nationwide who are looking to lower their monthly payments, consolidate their loans into a single loan or to simply pay off their debt faster through our quick and easy online application system at www.elfi.com. We know that student loan debt can be challenging and our $50,000 cash prize will help someone take the next step in their future,” said Barbara Thomas, SouthEast Bank’s Executive Vice President and Head of the Education Loan Finance Division.
“We truly believe in Empowering A Brighter Future through refinancing student loans and have helped close to 4,300 borrowers throughout the U.S. and Puerto Rico to date. We save our customers, on average, $282-a-month and $26,216 over the life of the loan. So many graduates are overwhelmed with student loan debt, and Education Loan Finance is looking forward to giving someone an extra boost through this video contest and the cash prize. We are proud to be able to offer student loan borrowers a chance to empower a brighter future,” said Thomas.
Complete contest rules can be found at www.elfi.com. The winner will be announced on Tuesday, July 31, 2018.
About Education Loan Finance
Education Loan Finance, a division of SouthEast Bank, is a financial technology company and leading online lender designed to assist borrowers by consolidating and refinancing private and federal student loans into one simple, low-cost loan. Education Loan Finance believes that providing consumers comprehensive refinancing and consolidation options empowers the consumers on their financial journey. To learn more, visit www.elfi.com.
About SouthEast Bank
Headquartered in Farragut, Tennessee, SouthEast Bank operates branches throughout East and Middle Tennessee, blending modern amenities with hometown service and decision-making. Our customers enjoy free access to convenient electronic and mobile platforms such as online banking, remote deposit, automatic fraud monitoring, and a worldwide ATM network. In the last decade, SouthEast Bank, along with its holding company, has donated over $20 million to support secondary and post-secondary education in our local communities and universities throughout the state of Tennessee. To learn more about SouthEast Bank, please visit southeastbank.com.