ELFI Student Loan and Refinance Review 2026: Excellent Loan Advisors and Personalized Service

Best Student Loan Advisors

4.5 _/5

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Private Student Loans

• Student loans for undergraduates, graduates, and parents
• Choose between in-school repayment and deferred payments
• Speak with a dedicated student loan advisor
• Check your rates without affecting your credit score

• Must be enrolled at least half-time
• Doesn’t disclose how long it’ll take before a cosigner can be released

Fixed rates (APR)	3.69% – 14.22%
Variable rates (APR)	5.00% – 14.22%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	5 – 15 years
Min. credit score	680

Refinance Student Loans

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• Refinancing solutions for students and parents
• Speak with a dedicated student loan advisor
• Check your rate without affecting your credit score

• Must have earned a bachelor’s degree or higher
• High minimum loan amount compared to other lenders
• Cosigners can’t be released from the loan

Fixed Rates (APR)	4.88%+
Variable Rates (APR)	4.86%+
Loan amounts	$10,000 – 100% of outstanding balance
Repayment terms	5, 7, 10, 15, or 20 years
Min. credit score	680

ELFI offers private student loans and student loan refinancing options. It stands out to us because of the personalized service it provides. ELFI assigns a student loan advisor to each applicant to ensure they have the knowledge they need to manage their student loans.

This dedicated service is what earns ELFI our best student loans advisors designation. Here’s why we recommend ELFI, particularly if personalized service is important to you.

ELFI student loans

We’re impressed with ELFI’s level of customer service and the variety of loans available, but its stringent eligibility criteria and lack of a cosigner release policy keep it from being our top choice. (That’s College Ave.)

Here’s a closer look at the details.

Rates, terms, and more

ELFI’s private student loan terms, features, and rates are similar across its undergraduate, graduate, and parent loans.

Feature	Details
Fixed rates (APR)	From 4.48
Variable rates (APR)	4.98 – 18.00
Rate discounts	Autopay discount integrated into rate
Loan amounts	$1,000 – 100% of school-certified costs
In-school repayment plans	Immediate principal + interest, interest-only, $25 fixed, or deferred
Repayment terms	5, 7, 10, or 15 years
Grace period	6 months
Repayment assistance	Forbearance up to 12 months for financial hardship or medical difficulty
Cosigner release	None
Fees	No application or origination fees, and no prepayment penalty. Fees for late or returned payments.
Unique features	When you apply, you’ll get a student loan advisor, an expert who walks you through the application process and answers questions.

Healthcare, law school, and MBA student loans

ELFI also offers specialized graduate loans for healthcare, law school, and MBA students. 

They share most of the common features we mentioned above, but their minimum loan amount is $10,000. That’s higher than many lenders’ minimums for their specialized loans (College Ave, for example, has a $1,000 minimum).

Term	Detail
Loan amounts	$10,000 – 100% school certified costs

Parent loan

ELFI’s parent loans have fewer repayment terms than its other loan types:

Term	Detail
Repayment terms	5, 7, or 10 years

Tennessee Lending Program for Teachers and Nurses 

As a Tennessee-based program, ELFI offers a specialized product for those studying in a nursing or teaching undergraduate or graduate program in the state, called the Tennessee Lending Program for Teachers and Nurses. 

These loans have terms and features distinct from ELFI’s standard private student loans, including fixed rates only and a single 10-year repayment term. 

Term	Details
Undergrad loan amounts	$1,000 – $10,000
Grad loan amounts	$1,000 – $15,000
Repayment terms	10 years

Who’s eligible for an ELFI loan?

ELFI advises borrowers to consider cosigners for their loans. ELFI doesn’t offer specifics on how many borrowers have a cosigner, but a creditworthy cosigner can increase your chances of loan approval and help you secure a lower interest rate.

Undergraduate eligibility requirements

Requirement	Details
Citizenship	Borrower and cosigner must be U.S. citizen or permanent resident without conditions and with proper evidence of eligibility
State of residence	All 50 states and Puerto Rico
Minimum age	The borrower and cosigner must be at least the age of majority at the time of loan application
Enrolled school	Must be enrolled at an eligible school. Check the list here.
Min. credit score	680; minimum credit history of 36 months; additional factors, such as financial history, credit history and debt-to-income ratio, factor into approval
Min. income	$35,000

Graduate, healthcare, law school, and MBA student loan eligibility requirements

These loans share the same eligibility requirements as the undergraduate loans, except students must be enrolled in the specific degree program at an eligible school. 

For example, you must be pursuing a master’s or doctorate degree to obtain a graduate loan or a law degree for a law school loan.

Parent loan eligibility requirements

Parent loan eligibility also follows the general undergraduate loan requirements, but you must meet additional qualifying dependent requirements. 

Parent loan requirements	Details
Relationship to student	The borrower must be the mother, father, stepmother, stepfather, adoptive mother or father, foster mother or father, grandmother or grandfather, brother or sister, half-brother or half-sister, stepbrother or stepsister, aunt or uncle of the dependent student
Residency requirement	Dependent student (including prospective students) must have shared a “principal place of abode” (a place of residence) with the borrower for more than half of the taxable year
Age of dependent	The dependent student is younger than the borrower and (a) has not turned 19 before the end of the calendar year in which the loan is made, or (b) is a student that has not turned 24 in the same period
Financial support	The dependent student has not provided more than half of their own support during the calendar year the loan is made
Citizenship of dependent	Unless the dependent student is adopted, the dependent student is a U.S. citizen, national, or resident , or a resident of a country contiguous to the U.S.

Tennessee Lending Program for Teachers and Nurses eligibility requirements

Students must be enrolled as an undergraduate junior or senior year or graduate student in an eligible program at one of these institutions:

• Lee University – Cleveland, TN
• Tennessee Technological University – Cookeville, TN
• University of Tennessee – Chattanooga, TN
• Tennessee State University – Nashville, TN
• University of Tennessee – Knoxville, TN
• Bryan College – Dayton, TN
• Johnson University – Knoxville, TN

In addition, your income cannot exceed 80% of the Federal Financial Institutions Examination Council’s median family income for the county where you attend school for the following colleges:

• Lee University – Cleveland, TN (Bradley County)
• University of Tennessee – Chattanooga, TN (Hamilton County)
• Tennessee Technological University – Cookeville, TN (Putnam County)

How do you repay ELFI student loans?

Repaying private student loans from ELFI depends on the terms you choose and the type of loan.

When does repayment begin?

Here are the in-school repayment options ELFI offers:

In-school repayment options	Details
Immediate repayment	Full payments (principal and interest) begin shortly after the loan is disbursed
Interest-only repayment	Interest-only payments are due while in school and during the grace period
Fixed repayment	Make fixed $25 payments while in school and during the grace period
Deferred repayment	No payments are due while in school or during the grace period (interest continues to accrue)

How long does repayment last?

The length of the repayment term depends on the loan type and the term you choose. You’ll select a repayment term when you apply, and ELFI will allow you to pay off the loan early without a prepayment penalty. 

The following table shows the repayment terms for each type of ELFI student loan:

Type of loan	Repayment term
Undergraduate loans	5, 7, 10, or 15 years
Graduate loans	5, 7, 10, or 15 years
Parent loans	5, 7, or 10 years
Tennessee Lending Program	10 years

Are there repayment assistance programs?

ELFI offers one repayment assistance program to borrowers: forbearance for up to 12 months. This allows borrowers to postpone payments during financial hardship or medical difficulties.

ELFI student loan alternatives

Here’s how ELFI stacks up against three of our picks for the best private student loans:

• Best Private Student Loans
• Best Student Loans Without a Cosigner
• Best Graduate Student Loans
• Best Parent Student Loans
• Best Private Student Loans for Small Amounts ($1,000+)

ELFI student loan refinance

In our research, we found that ELFI’s student loan refinancing is best for personalized support because all borrowers are assigned a Student Loan Advisor who can help them throughout the application process.

Rates, terms, and more

With its competitive rates and unique features, ELFI stands strong in the student loan refinance market. Below are the details of the terms it offers for its student loan refinance product:

Term	Details
Fixed rates (APR)	Starting at 5.08%
Variable rates (APR)	5.28% – 9.95%
Rate discounts	Autopay discount is integrated into the approved interest rate
Loan amounts	From $10,000
Repayment terms	5, 7, 10, 15, and 20 years
Repayment assistance	Up to 12 months forbearance for financial hardship or medical difficulty
Fees	No application or origination fees, or prepayment penalty; late fee of 5% or $50 (whichever is less); $30 for returned payments
Unique features	Personal student loan advisor for application process; $400 referral program; parents can transfer Parent PLUS loans to student; students can consolidate several private student loans and parent loans into one loan with parent as cosigner

Who’s eligible for an ELFI refinance?

Here’s a rundown of the eligibility criteria:

Requirement	Details
Citizenship	Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility.
Age	Must be at least the age of majority at the time of loan application.
State of residence	All 50 states and Puerto Rico
Graduation status	Must have earned a bachelor’s degree or higher from a Title IV U.S.-domiciled not-for-profit college or university.
Minimum credit score	680 and at least 36 months of credit history
Minimum income	$35,000

How do you repay ELFI refinanced student loans?

Repayment terms can vary, depending on factors such as loan type and individual financial circumstances.

When does repayment begin?

It depends on the specific terms of the refinanced loan. The initial disbursement of the loan can influence when the first payment is due. According to ELFI, it can take 30 to 45 days for your new loan to pay off the loans you’re refinancing.

How long does repayment last?

Repayment options range from five to 20 years, and you can the term when applying.

Are there repayment assistance programs?

ELFI’s assistance program allows up to 12 months forbearance for financial hardship or medical difficulty. 

Does ELFI offer unique refinance student loans?

ELFI offers a parent loan refinance option, designed for parents who have taken out loans to finance their child’s education. This product helps streamline multiple loans into one convenient payment, potentially at a lower rate.

This refinance option comes with unique features and benefits, allowing parents to ease their financial burden and achieve their financial goals. Here are the details of this loan:

Terms	Parent refinance loan
Loan amounts	From $10,000, no maximum for well-qualified borrowers
Repayment terms	5, 7, or 10 years

Eligibility for the parent refinance loan is the same as ELFI’s student refinance loan. Note that the parent must have earned a bachelor’s degree or higher from a Title IV U.S.-domiciled not-for-profit college or university.

ELFI refinance alternatives

Here’s how ELFI compares to several of our other picks for the best refinance lenders:

Is ELFI legit? Student loan and refinance reviews

Source	Rating	Number of reviews
Trustpilot	4.9/5	2,267
BBB	A+ rating	0

Many of ELFI’s Trustpilot reviewers mention the smooth application and loan servicing process, specifically their assigned loan advisor.

How to contact ELFI

When it comes to loan management and repayment, ELFI relies on third-party loan servicers, specifically American Education Services (AES) and the Missouri Higher Education Loan Authority (MOHELA). 

After accepting a loan, you’ll set up an account with the designated loan servicer, which handles all matters related to monthly payments and loan management.

ELFI also maintains an in-house customer service team to assist with the loan application process and answer queries. Here’s how to get in touch with the ELFI customer service team:

• Call or text: 1-844-601-3534
• Email: [email protected]
• Chat on ELFI’s website
• Fax: 865-670-3701
• Hours (Eastern time):
  • Monday – Thursday: 8 a.m. – 8 p.m.
  • Friday: 8 a.m. – 5 p.m.
  • Saturday: 10 a.m. – 4 p.m.
• Mailing address: 12700 Kingston Pike, Farragut, TN 37934

How to apply for an ELFI loan

Here’s what to know about the application process.

Apply for an ELFI student loan

You can apply for an ELFI student loan completely online, minimizing paperwork, and your assigned student loan advisor assists you at every stage. 

1. Collect necessary documents: You’ll need pay stubs from the last 30 days (if employed) and a government-issued identification. If you have a cosigner, they should provide similar documents.
2. Prequalify for a loan: This initial step requires a soft credit check, which doesn’t hurt your credit score. However, remember prequalification does not guarantee the final loan offer.
3. Submit your application online: Complete the application process in minutes.
4. Wait for school certification: ELFI sends your loan information to your school for verification. The school verifies your enrollment, academic progress, and financial aid package.
5. Accept your loan terms: Once your loan amount is certified, complete your application by accepting your loan terms.
6. Funds are sent to your school: ELFI will send the funds to your school on your behalf.

A cosigner is not required, but it can enhance your chances of obtaining a loan, especially if you have limited credit history and income. We advise starting your application before the beginning of an academic year or semester.

Apply for ELFI refinancing

Refinancing your student loan with ELFI is done online, and approval can take as little as one business day. Here’s what you need to do:

1. Collect necessary documents: Gather your recent pay stub or proof of employment, government-issued identification, and account information for electronic payments. You’ll also need a current billing statement or payoff letter for each eligible loan.
2. Complete the online application: Just like its student loans, you can prequalify for an ELFI refinance loan with a soft credit check. When you complete the full application, ELFI will conduct a hard credit inquiry. You can finish the application in a few minutes.
3. Wait for approval: In some cases, you may find out whether you’re approved within one business day, provided you’ve submitted all the required documentation.
4. Wait for loan disbursement: If you’re approved, ELFI will directly pay off your current student loans with your refinance loan funds. It often takes 30 to 45 days for your loan provider to receive payment and apply it to your account. Remember to continue making payments on your current debt until you receive a disbursement notification. Then you’ll begin making payments to ELFI.

FAQ

Does ELFI offer private or federal student loans?

ELFI specializes in private student loans and student loan refinancing. ELFI does not offer federal student loans. Remember, private student loans and federal student loans come with distinct terms and conditions, so it’s wise to understand the differences before choosing the best option.

What can ELFI student loans be used for?

ELFI student loans are intended to cover education-related expenses. These include tuition, fees, room and board, textbooks, and other supplies necessary for education. 

For private student loans, the lender sends funds to the school upon loan approval and certification. The school will return any excess funds to the borrower to use for other education-related costs.

Can ELFI student loans be forgiven?

As a private lender, ELFI’s student loans are not eligible for federal forgiveness programs such as Public Service Loan Forgiveness or Teacher Loan Forgiveness. 

However, if you have federal student loans and are considering refinancing with ELFI, ensure you won’t require these forgiveness options. Refinanced loans are not eligible for such programs.

How we rated ELFI student loans

We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared ELFI to several student loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below.

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