ELFI Student Loan Refinancing Review

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

Learn More

at ELFI’s secure website

Editorial Rating

Editorial Rating

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

See how ELFI’s student loan refinancing product stacks up with other options

Student Loan Refinancing Options

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

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 $15,000 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.

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:

• LendEDU’s Best Student Loan Refinance Companies
• Refinance Parent PLUS Loans

Bottom Line

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.