ELFI Student Loan Refinancing Review
ELFI offers competitive student loan refinancing rates and a variety of benefits that make the lender an attractive option for those looking to save on their student loans.
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Key Points
- You can refinance your total outstanding loan balance
- You can refinance your loans to remove a cosigner if you qualify on your own
- Parent PLUS loans can be transferred from a parent to a student through refinancing with ELFI
- Offers a referral program where you can earn $400 by referring family and friends
What we like:
Tremendous referral program
| Fixed APR | 3.29% – 6.69% |
| Variable APR | 2.80% – 6.01% |
| Loan Terms | 5, 7, 10, 15, 20 year |
| Loan Amounts | $15,000 – up to your total outstanding loan balance |
Education Loan Finance, known as ELFI, is one of the newer companies to hit the student loan refinance industry. As a division of Tennessee-based SouthEast Bank, it focuses on helping borrowers restructure and potentially save on their monthly student loan payments.
This refinance lender focuses on college graduates who have a good credit history and a stable job. It lends in all 50 states and doesn’t charge application fees or origination fees.
To help you determine if it’s the right fit for you, let’s look more closely at what it takes to refinance your loans with ELFI.
In this review:
- ELFI Student Loan Refinancing Details
- Pros and Cons of Refinancing With ELFI
- ELFI Eligibility Requirements
- Alternatives to ELFI Student Loan Refinancing
ELFI Student Loan Refinancing Details
| Information | Refinancing for Students | Refinancing for Parents |
| Fixed Rate | 3.29% – 6.69% | 3.39% – 6.69% |
| Variable Rate | 2.80% – 6.01% | 2.80% – 5.39% |
| Loan Amounts | $15,000 – Total outstanding loan balance | $15,000 – Total outstanding loan balance |
| Term Lengths | 5, 7, 10, 15, or 20 years | 5, 7, or 10 years |
| Fees | None | None |
Pros and Cons of Refinancing With ELFI
Pros
- ELFI offers some of the most competitive interest rates currently on the market.
- ELFI has gotten high marks on consumer review websites for customer service.
- ELFI also offers 12 months of student loan forbearance but does not offer academic deferment.
- You can refinance your loans to remove a cosigner if you qualify on your own.
- Referral bonus of $400 to customers who refer friends.
Cons
- There is a minimum loan amount of elfi-refi-6-amountlow required to refinance.
- ELFI does not offer cosigner release on the refinanced loan.
ELFI Eligibility Requirements
ELFI is transparent about disclosing its main requirements, which can help would-be borrowers determine whether it’s a good fit.
| ELFI Student Loan Refinance | |
| Minimum Credit Score | 680 |
| Minimum Annual Income | $35,000 |
| Minimum Loan Amount | $15,000 |
| Minimum Degree | Bachelors |
If you meet the requirements above, and are interested in refinancing with ELFI, you can click the button below to apply on their website.
Alternatives to ELFI Student Loan Refinancing
ELFI might be a good option for borrowers with a stable income and good credit score.
However, you should always do your research before committing to taking out any new loans. Make sure to receive quotes from multiple lenders so you can see who is offering the best terms and interest rates.
Check out these resources if you are interested in comparing additional options:
Bottom Line: Is an ELFI student loan refinance right for you?
ELFI is a modern company that offers reasonable student loan refinancing options. It focuses on lending to college graduates who have a stable income and at least $15,000 in student loan debt.
If you meet the criteria, ELFI can be worth considering. Its interest rates are competitive, it has a history of providing good customer service, and it even offers Parent PLUS refinancing.
However, it’s still important to compare your options and make sure you’re finding the plan that is best for you—including the one that offers you the lowest interest rates. When you refinance your loans, you’re taking on a new lender, so you want to be sure you’re making the right choice.
Consider getting quotes from a few other lenders, such as Figure or Earnest, to make sure you’re getting a good deal.
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