Updated: July 7, 2021

ELFI Student Loan Refinance Review

Student Loan Refinancing

The bottom line:

Education Loan Finance (ELFI) through Southeast Bank is a very strong candidate for student loan refinancing across the board. Though this lender’s terms come with a few limitations — no cosigner release, for example — it is still an all-around great choice with competitive rates and good repayment flexibility for students and parents.

Pros

  • Loan refinancing available for both parents and students
  • Spousal cosigning available
  • Borrow up to the full balance of your loans
  • No origination, application or prepayment fees

Cons

  • Cosigner release not available
  • High minimum borrowing requirement
  • Late fees
Advertising disclosure
Refinance
Student Loan Rating
4 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.
2.58% - 5.99%
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.
2.39% - 6.01%
Repayment Terms
5 years, 7 years, 10 years, 15 years, 20 years
Important Information

Flexibility: Cosigner release not available

Overall Limits: $15,000 (minimum)

Other Loans that Education Loan Finance (ELFI) Offers:

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Unlike some more lenient lenders, you need to have at least a Bachelor’s degree from an approved post-secondary institution in order to qualify for ELFI refinance loans. Those that didn’t complete their degree or that earned Associate’s degrees or Certificates are not eligible. ELFI offers both fixed- and variable-rate loans. Deferment and discharge are not generally available (this is assessed on an individual basis), but students or parents facing temporary financial hardship may apply for up to 12 months of forbearance.

ELFI’s call center has evening and weekend availability to take questions.

The minimum you must borrow for an ELFI refinancing loan is $15,000, which is rather high. An advantage, however, is that you may borrow up to the total balance of your remaining private and/or federal student loans. Student loan refinancing term options include 5, 7, 10, 15 and 20-year variable or fixed-rate loans, and parent refinancing term options range from 5 to 10 years. If you have a limited credit history or income, you will need to apply with a cosigner in order to qualify. And if you do this, you will not have the option to release your cosigner from their obligation.

Education Loan Finance (ELFI) - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft for Rate Check, Hard for Application
  • Repayment Terms: 5 years, 7 years, 10 years, 15 years, 20 years
  • Minimum Borrowing Limit: $15,000
  • 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
  • List of States where Loan is Not Available: None
  • Approved Schools Include: Non-Profit
Repayment Options
Repayment Details
  • Maximum Deferment Period: Not specified by lender
  • 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: Personalized rate in minutes
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: None
  • Job and Career Assistance: None
  • Financial Literacy Training: Yes
Education Loan Finance (ELFI) LendKey Earnest
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:
2.58% - 5.99%
Variable:
2.39% - 6.01%
Fixed:
2.95% - 7.63%
Variable:
1.90% - 5.25%
Fixed:
2.50% - 5.79%
Variable:
1.88% - 5.64%
Loan repayment terms (Years) 5 years, 7 years, 10 years, 15 years, 20 years 5 years, 7 years, 10 years, 15 years, 20 years 5 years, 10 years, 15 years, 20 years
Cosigner release? None Yes, after 12 months on-time payments Not specified