• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The College Investor

Student Loans, Investing, Building Wealth

  • About
  • Podcast
  • Research
  • Contact
  • Save For College
      • How To Start

      • How To Save For College
      • How To Pay For College
      • What Is the Average Cost of College?
      • What Is A 529 Plan and Where to Open One in Your State
      • How Much Should You Have In A 529 Plan By Age
      • How To Use A 529 Plan For Private Elementary And High School
      • What Are Qualified Expenses For A 529 Plan (And What Doesn’t Count)?
      • The Best Brokers To Open A 529 Plan
      • Tools + Accounts

      • 529 Plans: The Ultimate College Savings Plan
      • 529 Plan Contribution Limits
      • Prepaid Tuition Plans | What To Know
      • Understanding And Using 529A ABLE Accounts
      • Using A Roth IRA To Save And Pay For College
      • FAFSA Deadlines for Financial Aid
      • CollegeBacker Review
      • Upromise Review
      • UNest Review
      • Other Options

      • Student Loan And Financial Aid Programs By State
      • The Guide To Military And VA Education Benefits
      • How To Fill Out The FAFSA
      • How To Find College Scholarships
      • The Best College Scholarship Search Websites
      • How To Find Grants To Pay For College
      • Pell Grants: What They Are And How To Qualify
      • Understanding Federal Work-Study
      • How To Use A 529 Plan If Your Child Doesn’t Go To College
  • Student Loans
      • Borrowing

        • How Student Loans Work
        • How To Apply For A Student Loan
        • Best Student Loans And Rates In January 2023
        • 10 Best Private Student Loans Of January 2023
        • Best Student Loans To Pay For Graduate School
        • Best Student Loans To Pay For Medical School
        • Parent Loans To Pay For College
        • No-Cosigner Student Loan Options
        • Guide To Income Sharing Agreements (ISAs)
        • Best International Student Loans
      • Get Out Of Debt

        • Best Student Loan Refinance Companies In January 2023
        • Best Student Loan Repayment Plans
        • Best Student Loan Refinancing Bonuses And Promotional Offers Of January 2023
        • Student Loan Forgiveness Programs (The Complete List)
        • The Full List Of Student Loan Forgiveness Programs By State
        • Public Service Loan Forgiveness (PSLF)
        • Top Student Loan Scams
        • Average Student Loan Monthly Payment
        • Average Student Loan Debt By Year
      • Reviews

        • Credible Review
        • Splash Review
        • Ascent Review
        • Citizens Bank Review
        • Commonbond Review
        • Earnest Review
        • ELFI Review
        • Laurel Road Review
        • LendKey Review
        • SoFi Review
  • Investing
      • How To Start

        • How To Start Investing in High School
        • How To Start Investing In College
        • How To Start Investing In Your Twenties For 22 – 29 Year Olds
        • How To Start Investing In Your 30s For 30 – 39 Year Olds
        • How To Start Investing With $100 Or Less
        • How To Give Kids The Gift Of Stock
        • What Is Dividend Growth Investing
        • IRA Rollover Chart
      • Tools + Accounts

        • Best Online Stock Brokers
        • The Best Traditional And Roth IRA Accounts
        • The Best Robo-Advisors
        • The Best Investing Apps
        • The Best Places to Trade Options
        • The Best Places To Open A Health Savings Account
        • The Best Solo 401k Providers
        • The Best Self-Directed IRA Providers Of 2023
        • Best Cryptocurrency Exchanges
      • Reviews

        • Vanguard Review
        • Fidelity Review 2023
        • M1 Finance Review
        • TD Ameritrade Review 2023
        • Charles Schwab Review
        • Robinhood Review
        • Webull Review
        • Betterment Review 2023
        • Wealthfront Review
  • Earn More Money
      • Extra Income

        • 20 Best Side Hustles You Can Start Earning With In 2023
        • 53 Side Hustle Ideas To Make Money Fast
        • 100 Ways To Make Money In College
        • 80 Ways To Make Money From Home In 2023
        • 5 Quick Money Making Ideas (That Take Less Than 1 Hour)
        • 10 Interesting Ways You Can Make Money Driving
        • High-Paying Side Gigs That Earn $1,000 or More Per Month
        • The 10 Best Money-Making Apps
        • Paid Surveys: Earn Money For Giving Your Opinion Online
        • 10 Crazy Ways To Make $10,000 You’ve Never Heard Of
      • Build Wealth

        • 40 Passive Income Ideas You Can Use To Build Wealth In 2023
        • 3 Ways To Make $50,000 Per Year Without Working With Passive Income
        • How To Become A Real Estate Investor With Just $500
        • 15 Best Online Business Ideas
        • Residual Income: 7 Super Smart Ways to Build It
        • The Most Common Multiple Income Streams
        • How To Become A Real Estate Mogul With Only $10,000
      • Reviews

        • Fundrise Review
        • RealtyMogul Review
        • FarmTogether Review
        • AcreTrader Review
        • Swagbucks Review
        • Survey Junkie Review
        • TopCashback Review
        • DoorDash Review
  • Personal Finance
      • Banking

        • 10 Best High Yield Savings Accounts Of January 2023
        • 10 Best Money Market Accounts Of January 2023
        • 10 Best Free Checking Accounts In January 2023
        • Best Bank CD Rates Of January 2023
        • 10 Best Business Checking Accounts In January 2023
        • Best Online Banks Of January 2023
        • Best Credit Unions Nationwide Of January 2023
        • Best College Student Checking Accounts Of January 2023
      • Insurance

        • Best Life Insurance Companies
        • Renters Insurance
        • Car Insurance
        • Pet Insurance
        • Umbrella Insurance
        • Disability Insurance
        • Tuition Insurance
        • Travel Insurance
      • Credit Tools

        • Best Budgeting Apps
        • Cash Advance Apps
        • How To Get A Free Credit Score Report
        • Best Credit Monitoring Services For 2023
        • Debt Settlement: Inside The Secret World
        • Credit Repair Explained: Should You Pay For Help?
        • Best Personal Loan Companies And Lenders
        • Online Loan Companies To Borrow From Home
      • Tax

        • Best Tax Software
        • Free Tax Software
        • IRS Tax Refund Calendar
        • Common IRS Questions and Errors
        • Federal Tax Brackets
        • Capital Gains Tax Brackets
        • 401k Contribution Limits
        • IRA Contribution Limits
        • HSA Contribution Limits
  • Forum
  • Search
Home » Student Loans » Student Loan Refinance » ELFI Student Loan Refinancing Review 2023

ELFI Student Loan Refinancing Review 2023

Updated: January 1, 2023 By Robert Farrington

Tweet
Share4
Share
Pin34
Email
Print

At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

Elfi Student Loan Review

Student loan refinancing is the process of trading in old federal and/or private loans for a new private loan for either a lower interest rate or lower monthly payments.

It could be a good option if you're looking to reduce your monthly payments and maximum interest savings. If you’ve heard of student loan refinancing, you've probably heard of ELFI, or Education Loan Finance.

Let's take a look at how ELFI compares and why we put the company on our list of the 10 Best Places To Refinance Your Student Loans.

Bonus offer: ELFI is currently offering up to a $1,100 bonus to our readers! Check it out here.


ElFi Review 2023

Quick Summary

  • Student loan refinancing with top-notch rates and terms
  • Parent PLUS Refinancing Options
  • Up to a $1,100 bonus for College Investor Readers
APPLY NOW

ELFI Student Loan Refinancing Details

Product Name

ELFI Student Loan Refinancing

Min Loan Amount

$10,000

Max Loan Amount

No Maximum

Variable APR

3.99% - 7.24% APR

Fixed APR

4.83% - 7.64% APR

Loan Terms

5, 7, 10, 15, 20 Year Terms

Promotions

Up to $1,100 bonus

Table of Contents
What Is ELFI (Education Loan Finance)?
What Does It Offer?
How Does ELFI Compare?
What Borrower Protections Are Available?
Who Qualifies To Apply?
What Is The Application Process?
Are There Any Fees?
How Do I Contact ELFI?
Is It Safe And Secure?
Is It Worth It?
ELFI FAQ
ELFI Features

What Is ELFI (Education Loan Finance)?

ELFI is a leading student loan refinancing option offered through Southeast Bank known for having among the lowest rates in the industry coupled with the highest level of customer service through its award winning Student Loan Advisor program.  ELFI has not-for-profit roots through SouthEast Bank’s holding company, Education Loan Finance, Inc. which has been around for over 25 years. 

While there are other options for student loan refinancing through multiple lender, ELFI provides numerous benefits that set ELFI apart from its competitors, such as loan consolidation, bonus payments, and Parent PLUS loans refinancing. 

If you have graduated from school and have a stable job, ELFI can probably help you reduce your payments and interest rate. ELFI offers competitive interest rates for student loan financing, with some of the lowest we've seen on the market.

With ELFI, you can repay your student loans efficiently on your own terms, as long as you meet the requirements outlined below. ELFI is available in all 50 states, Washington D.C., and Puerto Rico. 

What Does It Offer?

ELFI student loan refinancing offers several benefits and only a few, minor drawbacks. Let's take a closer look at what it has to offer for student loan borrowers.

Low Interest Rates

ELFI offers competitive refinancing rates for those who have over $10,000 in student loan debt and who qualify.

The rates are as follows:

  • Variable Rate: 3.99% - 7.24% APR
  • Fixed Rate: 4.83% - 7.64%% APR

You can choose from fixed or variable interest rates. A fixed interest rate will lock in the rate despite changes in the market, whereas a variable interest rate will depend on the rise and fall of the market.

Consequently, borrowers who opt for variable interest rates may end up paying a bit more over a longer period of time. Borrowers who want stable interest rates should opt for a fixed rate repayment plan.

If you go with a variable interest rate, don’t worry. ELFI’s variable rates won’t increase more than once every three months, and will never exceed 9.95%.

Flexible Repayment Terms

Refinancing is designed to result in better loan terms. ELFI’s terms are very flexible, with terms including 5, 7, 10, 15, and 20-year options. The loan terms for Federal consolidation loans can be anywhere up to 30 years.

A shorter term means a larger monthly payment but a lower interest rate, resulting in less paid over the life of the loan. A longer term may allow for a lower monthly payment, but you will pay much more overall as the interest rate will be much higher.

Parent PLUS Loan Refinancing Options
ELFI is one of the few refinancing companies that offers refinancing services for parents that have taken out student loans for their child’s college education. ELFI’s Parent PLUS loans offer a lower interest rate and better terms.

Parents are able to refinance their parent loans into the student’s name so long as there is consent from both sides and the student is willing to accept responsibility for the debt (and they qualify for it).

In addition, parents can also combine other private loans into this consolidation and refinancing plan to simplify the payment process.

Bonus Offer

ELFI has offered a generous bonus offer to readers of The College Investor who take action. Right now, they are offering up to $1,100 if you refinance your student loans with them. It breaks down like this:

  • $1,100 bonus when you refinance at least $100,000 in student loans!
  • $550 bonus when you refinance less than $100,000 but at least $50,000 in student loans!

Get your bonus and start the process here!

Make sure you check out our full list of Student Loan Refinancing Bonus Offers.

No Cosigner Release Option

While ELFI does allow borrowers with limited credit history to apply with a cosigner, it unfortunately does not offer any sort of release program. If you'd like to release your cosigner down the road, you'd need to apply for a new refinance loan on your own.

How Does ELFI Compare?

ELFI is typically one of the best student loan refinancing lenders. They offer great rates with awesome bonus offers as well. Check out this quick comparison here:

Header
ElFi comparison
ElFi competitor: Splash Financial
Elfi competitor: Lendkey

Rating

Variable APR

3.99% - 7.24%

3.99% - 8.99%

4.38% - 7.98%

Fixed APR

4.83% - 7.64%

4.39% - 8.99%

4.49% - 10.68%

Bonus Offer

Up to $1,100

Up to $500

Up to $775

Cell
GET A QUOTE
READ THE REVIEW
READ THE REVIEW

What Borrower Protections Are Available?

A big disadvantage is that you will lose benefits associated with your federal student loans when you refinance. For example, you won't be able to apply for income-driven repayment plans. ELFI does, however offer up 12 months of hardships forbearance.

On ELFI's private student loans, it offers a 6-month grace period and up to three years of academic deferment should you decide to go back to school. However, it's unclear whether it extends these same benefits to its refinance loan borrowers.

Who Qualifies To Apply?

To qualify with Education Loan Finance, you must meet the following requirements.

  • Be a US citizen or a permanent resident in the country

  • Be at least 18 years old or older

  • Have student loan debt that totals no less than $10,000

  • Graduate from an approved education institution with a bachelor’s degree or higher

  • Your debt-to-income ratio needs to show that you have the ability or capacity to pay back the loan

  • You need a sufficient credit score for approval; otherwise a cosigner will be required for approval

Since you are required to have a bachelor’s degree or higher, it follows that you must graduate from college to use ELFI to refinance your student loans.

That can be tough for those that have student loans and didn't graduate. These students sometimes need the most help with their loans, and having a graduation requirement blocks them from refinancing.

What Is The Application Process?

ELFI student loan refinancing review 2022 application process

Applying for ELFI Refinancing is a simple and quick process if you have the needed documents on hand. The information must be current, meaning no more than 30 days old.

  • Your account number(s)

  • Current balance or payoff amounts

  • Your payment mailing address

  • A copy of your most recent billing statement or a payoff letter from your existing lender or servicer for each loan you want to refinance

  • Most recent pay stubs for the past 30 days or other proof of employment

  • W-2s

  • Tax returns, if you’re self-employed

  • Valid ID, such as a driver’s license or passport

  • Billing account information for automatic debit

Fill out the application here by providing your basic background information. For the initial pre-qualification, ELFI only does a "soft pull" of your credit report. 

Once your application is finished, you will get a preliminary offer, and if you accept, you will have to upload certain documents and verify your income and financial situation. At this point, ELFI will run a full credit check.

Once your information is confirmed, ELFI will provide you with a loan offer, and you can accept the offer through electronic signature.

If you want to get started, sign up here.

Are There Any Fees?

ELFI borrowers will never have to pay an origination or application fee. In addition, there is never a fee to pay off student loans early.

However, there is a fee for late payments that is the lesser of 5% of the past due amount or $50. There's also a $30 insufficient funds fee.

How Do I Contact ELFI?

ELFI will replace your existing loan servicer with MOHELA or AES - both are also federal student loan servicers. However, ELFI borrowers do have access to a team of student loan experts consistently receives high customer service scores on third-party review sites like Trustpilot. 

ELFI student loan refinancing review

Here are the various ways you can get in contact with their support team:

Phone:
1-844-601-ELFI (3534)

Email:
answers@ELFI.com

Live chat or support ticket:

https://www.elfi.com/contact-elfi/

Business hours:

Monday – Thursday:
8:00 AM – 8:00 PM

Friday:
8:00 AM – 5:00 PM

Saturday:
10:00 AM – 4:00 PM

Sunday:
12:00 PM – 5:00 PM

Is It Safe And Secure?

While ELFI does not handle user deposits like a bank, it does receive a lot of personal information including Social Security numbers. On its privacy page, it does say that it has taken security measures to protect its customer data. Unfortunately, it does not provide any specifics. If you'd like more details about ELFI's data collection and protection policies, you can reach out to one the company's representatives.

Is It Worth It?

Student loan refinancing is a great option for borrowers with a stable job and high student loan debts. You can benefit from reduced monthly payments and lower interest rates that also save thousands of dollars on the original value of the loan.

Ultimately, your goal is to pay off your student loans quickly without hurting your wallet. ELFI can help you reach your goals. They have great rates and terms, and can be a good option. 

When shopping for a student loan, make sure you shop around. ELFI could be the best option, but there are other options as well. We also recommend Credible as a comparison tool to help you shop for your loans in one place.

ELFI FAQ

Here are some of the most common questions we get about ELFI:

Is ELFI legit?

Yes. ELFI is a lender that has been around since 2015 and offers competitive rates on private student loans and student loan refinancing.

Who owns ELFI?

Education Loan Finance (ELFI) is a division of Southeast Bank which is based in Knoxville, Tennessee.

What company services ELFI Loans?

ELFI uses MOHELA and AES to service its student loan accounts.

Is ELFI good for my student loans?

It could be! If you have private student loans, refinancing with ELFI could save a lot of money in interest charges. If you have federal loans, though, you should only consider refinancing if you have a stable income as you'll become ineligible for a variety of federal benefits such as income-driven repayment.

Does ELFI offer any bonuses or incentives?

Yes, ELFI is currently offering readers a bonus of to $1,100 if they refinance through our site.

ELFI Features

Min Loan Amount

$10,000

Max Loan Amount

Total loan amount

Rate Type

Fixed or variable

APR

  • Fixed: 4.83% - 7.64%
  • Variable: 3.99% - 7.24%

Autopay Discount

0.25% (already reflected in rates shown as all borrowers are required to make automatic payments)

Loan Terms

5,7,10,15, and 20 years

Origination Fees

None

Prepayment Penalty

None

Late Payment Fee

5% of the past due amount or $50 (whichever is less)

Cosigners Allowed

Yes

Cosigner Release

No

Grace Period

Unclear

Eligible Schools

Title-IV accredited schools

Associate Degree Refinancing

No

Customer Service Phone Number

1-844-601-ELFI (3534)

Customer Service Hours

Mon – Thurs, 8:00 AM – 8:00 PM (EST)
Fri, 8:00 AM – 5:00 PM (EST)
Sat, 10:00 AM – 4:00 PM (EST)
Sunday, 12:00 PM – 5:00 PM (EST)

Customer Service Email Address

answers@ELFI.com

Loan Servicer

MOHELA or AES

Address For Sending Payments

For Loans Serviced By MOHELA


MOHELA
P.O. Box 1022
Chesterfield, MO 63006-1022


For Loans Services By AES


American Education Services (AES)
P.O. Box 65093
Baltimore, MD 21264-5093

Promotions

Up to $1,100 bonus

ELFI Student Loan Refinancing
  • Interest Rates
  • Cosigner Release
  • Loan Terms
  • Repayment Length
Overall
4.3

Summary

ELFI is one of the student loan refinancing options offered through Southeast Bank. They offer competitive student loan refinancing terms and rates.

Pros

  • Typically offers some of the lowest rates
  • Highly-rated customer service
  • Strong bonus offer

Cons

  • Higher minimum loan amount
  • No cosigner release program
  • Apply Now
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

ELFI Student Loan Refinancing Review 2023

Editor: Clint Proctor Reviewed by: Claire Tak

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
Subscribe
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of

I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree

3 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Primary Sidebar

Student Loan Resources

Featured Lender Reviews

>  Credible (recommended)
>  Splash (recommended)
>  ELFI
>  LendKey
>  Earnest
>  Laurel Road

Paying For College

  • Best Student Loans And Rates
  • Best Private Student Loans
  • Student Loan And Financial Aid Programs By State
  • Student Loans For Community College
  • Best International Student Loans
  • Best Student Loans For Graduate School
  • Best Student Loans For Your MBA
  • Best Student Loans For Medical School
  • How To Get A Private Student Loan With No Cosigner
  • How To Get A Student Loan With Bad Credit

Navigating Repayment

  • How To Select The Best Student Loan Repayment Plan
  • 5 Legal Ways To Lower Your Student Loan Payment
  • How To Use A 529 Plan For Student Loan Repayment
  • These Companies Offer Student Loan Repayment Assistance

Student Loan Forgiveness

  • Student Loan Forgiveness Programs (The Complete List)
  • Student Loan Forgiveness Programs By State
  • President Biden’s Student Loan Forgiveness Plan
  • Public Service Loan Forgiveness
  • Borrower Defense To Repayment
  • For-Profit College Student Loan Forgiveness List
  • Private Student Loan Forgiveness
  • Trade School Loan Forgiveness Programs

Student Loan Refinance

  • Best Student Loan Refinance Companies
  • Best Student Loan Refinancing Bonuses And Promotional Offers
  • Lenders That Offer Student Loan Refinancing Without A Degree
  • How To Refinance An International Student Loan
  • Best Medical School Student Loan Refinancing

More On Student Loans

  • Top Student Loan Scams
  • Does The Government Profit Off Of Student Loans?
  • Statue Of Limitations Laws For Student Loans
  • What Should You Do With Your Old FFELP Loans?
  • How To Get A Refund Of Your Federal Student Loan Payments

Footer

Who We Are

The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons.

Connect

  • Contact Us
  • Advertise
  • Press & Media

About

  • About
  • Our Team
  • Podcast
  • Editorial Guidelines
  • How We Make Money
  • Archives

Social

Copyright © 2023 · The College Investor · Privacy Policy ·Terms of Service · DO NOT Sell My Personal Information

wpDiscuz