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Student Loans

ELFI vs. SoFi: Student Loans Comparison

Updated Jun 05, 2023   |   4 mins read

Both SoFi and ELFI offer student loan refinancing, so borrowers with existing student debt can consolidate existing student loans and reduce their interest rates. SoFi and ELFI also now offer private student loans, although ELFI is newer to the private student loan market than SoFi is.

If you’re trying to decide between ELFI and SoFi, this undergraduate student loan comparison will take a look at what each lender offers, so you can decide which one might be a better fit for you.

ELFI logoSoFi logo
Fixed Rates (APR)4.50%11.99%4.73%11.46%
Variable Rates (APR)1.50%11.54% 2.05%10.63%
Loan Terms5 – 15 years5, 10, or 15 years
Loan Amounts$10,000+$5,000+

SoFi vs. ELFI: Which is right for you?

Both ELFI and SoFi offer private student loans as well as refinance loans. You can read our full reviews of each of these loan options here:

But sometimes, even with a full review of each lender’s options, it can be hard to determine which lender is right for you. So, here are a few scenarios where one lender might be better for you than the other:

If you need to borrow less than $10,000: SoFi

ELFI requires you to borrow a minimum of $10,000, while SoFi lets you take out a loan as low as $5,000.

If you have most of your costs covered with scholarships or federal student loans and need only a small private loan, SoFi is a better option for you.

If you’re earning an associate degree: SoFi

ELFI requires you to be enrolled in a program to earn a bachelor’s, master’s, or doctoral degree. SoFi lets you borrow to finance your education in any degree-granting program, including for an associate degree, at an eligible institution.

If you need multiple financial products: SoFi

SoFi offers a variety of financial products, including personal loans, home loans, student loans, investment accounts, and banking accounts.

If you use multiple SoFi products, you can qualify for discounts. For example, if you have a student loan with SoFi and take out a new loan, such as a home loan, personal loan, or refinance loan, you can qualify for a 0.125% interest rate discount on the new product.

ELFI is focused only on student loans and doesn’t offer customer loyalty discounts.

If you want free career coaching: SoFi

SoFi offers personalized one-on-one career coaching and other career tools for members. It even offers an online tool that can help you determine what your salary should be, so you can see whether it makes sense to negotiate a raise.

ELFI doesn’t offer this type of benefit.

If you want a dedicated customer support representative: ELFI

ELFI provides you with a Student Loan Advisor who offers you guidance at each step of the application and borrowing process. SoFi doesn’t offer a similar customer experience, so you’ll get less direction and support as you take out private student loans.

Bottom Line: ELFI vs. SoFi – Which Lender is Better?

Both SoFI and ELFI offer great perks for borrowers and either one is an excellent option for refinancing your existing student loans or for taking out new private student loans.

If your primary goal is flexibility in loan repayment or getting the lowest possible rate, ELFI may be better for you. If you want lower loan minimums, a more experienced lender, or better perks such as career counseling, SoFi is likely the right pick.

You might also want to consider a few other lenders. Comparing loan quotes can help you find the rates and repayment options that work best for you.

Read our list of the best private student loan companies if you’re still in school, and consider our guide to your best student loan refinancing options if you want to try to change your current interest rate or repayment term.