Updated: July 7, 2021

ELFI Parent Student Loan Review

Parent Loans for College

The bottom line:

Though ELFI’s Parent Loans are quite flexible when it comes to qualifying and repayment, they do not disclose their maximum fixed or variable interest rates. We rate them below-average.

Pros

  • Allows you to defer repayment until the student graduates
  • Has a low minimum income threshold for borrowers ($35,000/year)
  • Offers repayment terms of 5 years, 7 years, and 10 years

Cons

  • Does not offer cosigner release
  • Does not offer any discounts or rewards
  • Has a high minimum borrowing limit ($10,000)
Parents
Student Loan Rating
2.5 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Not Available
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Not Available
Repayment Terms
5 years, 7 years, 10 years
Important Information

Yearly Loan Limits: 100% Cost of Attendance

Overall Loan Limits: $10,000 (minimum)

Cosigner Terms: Cosigner optional, does not offer Cosigner Release

Other Loans that Education Loan Finance (ELFI) Offers:

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ELFI’s Parent Loans are remarkable when it comes to qualifying and repaying. Unlike other lenders, the minimum income they require from borrowers is $35,000, and the minimum credit score they require is 680. They will cover up to 100% of the student’s annual cost of attendance, and they are available in all 50 states. Repayment-wise, they offer a full deferment option and shorter repayment terms such as 5 years and 7 years.

However, they don’t disclose the maximum interest rates they will charge you, which is why we don’t rate them as well as other lenders on our list. (We assume the worst when a lender does not disclose full information.) They also have a higher-than-average minimum borrowing limit ($10,000), do not offer any discounts or rewards, and do not offer cosigner release.

Education Loan Finance (ELFI) - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft to check rates, hard to process application
  • Repayment Terms: 5 years, 7 years, 10 years
  • Minimum Borrowing Limit: $10,000
  • Yearly Borrowing Limit: 100% of Cost of Attendance
  • Aggregate Borrowing Limit: Not specified by lender
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: 680
  • Minimum Anual Income: $35,000
  • Citizenship Restriction: Citizens or Residents
  • Minimum Enrollment Restriction: Half-Time
  • List of States where Loan is Not Available: None
  • Approved Schools Include: Non-Profit
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: Yes, 25
  • Interest-Only Repayment: Yes
  • Full Deferment: Yes
Repayment Details
  • Length of Grace Period: 6 months
  • Maximum Deferment Period: None
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: None
  • Disability Discharge: Not specified by lender
Customer Service
  • US-Based Call Center: Not specified by lender
  • Hours of Operation (in addition to weekdays): Evenings and Weekends
  • Application Timeline: Not specified by lender
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: Not specified by lender
  • Job and Career Assistance: None
  • Financial Literacy Training: None
Education Loan Finance (ELFI) SoFi Alaska Commission on Postsecondary Education (ACPE)
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
Not Available
Variable:
Not Available
Fixed:
4.23% - 10.66%
Variable:
1.20% - 11.23%
Fixed:
5.75% - 6.00%
Variable:
Not Available
Loan repayment terms (Years) 5 years, 7 years, 10 years 5 years, 10 years, 15 years 10 years, 15 years
Cosigner release? None Yes, after 24 months on-time payments None