ELFI Student Loan Refinancing Review: Should You Refinance With ELFI?

By Mentor Staff | Edited By Mentor Staff

Updated On December 18, 2021

Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.

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Education Loan Finance (ELFI) offers student loan refinancing to college graduates and parents through SouthEast Bank, which is based in Tennessee.

In this ELFI student loan refinancing review, we will discuss:

ELFI student loan refinancing: Best For

Best For: ELFI is the right choice for borrowers who earned a degree and have a high student loan balance as well as parents who want to refinance Parent PLUS Loans.

Overview

Variable APR:
1.86% - 6.01%
Fixed APR:
2.47% - 5.99%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$15,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes

ELFI student loan refinancing: Pros and Cons

Pros:

  • No maximum loan balance
  • You receive a Student Loan Advisor
  • You can refinance federal and private student loans as well as Parent PLUS Loans

Cons:

  • The minimum loan balance to refinance is higher than other lenders
  • You can’t postpone student loan payments if you return to school

ELFI student loan refinancing: Overview

Education Loan Finance (ELFI) is one of the newest entrants to the student loan refinancing scene, and its approach is to offer a "smarter way to refinance student loans." ELFI is backed by SouthEast Bank and its management team has over 30 years of experience in student lending. SouthEast Bank is an independent community bank in Eastern Tennessee that is highly respected and transparent. When you apply to refinance student loans, you are paired with a Student Loan Advisor, who can support you during the application process and answer any questions that you may have.

Advantages of Refinancing With ELFI

Here is what we like about ELFI student loan refinancing:

  • There is no maximum student loan balance to refinance.
  • Parents can refinance Parent PLUS Loans in a child’s name.
  • You can check your rate for free before applying.
  • Available in all 50 states, plus Washington, D.C. and Puerto Rico
  • You are assigned a Student Loan Advisor during the student loan refinancing process.

Drawbacks of Refinancing With ELFI

ELFI can improve in these key areas:

  • Lower the minimum balance for student loan refinancing below $15,000.
  • Offer academic deferment to borrowers who refinance their student loans and then return to school.

ELFI student loan refinancing review: Details

How to refinance student loans with ELFI:

You can check your new interest for free in two minutes with no impact to your credit score. If you like your interest rate, you can apply online to refinance your student loans with ELFI. The application comes about 10-15 minutes to complete.

Is ELFI student loan refinancing right for you?

ELFI is best for borrowers who have:

  • earned at least a bachelor’s degree or who are parents who have borrowed Parent PLUS Loans;
  • a minimum credit score of 680;
  • at least $35,000 of annual income; and
  • a minimum loan balance of $15,000.

If you have a high loan balance, ELFI may be a good lender for you because there is no maximum loan balance. If you don’t meet these eligibility requirements, you can apply with a cosigner who meets ELFI’s credit score and income requirements. A qualified cosigner can help you get approved and get a lower interest rate. ELFI is also available in all 50 states, plus Washington, D.C and Puerto Rico.

ELFI offers several opportunities to pause your payments up to 12 months if you lose your job, face economic hardship or serve in the military. However, ELFI does not permit you to receive academic deferment and pause your payments if you return to school. You will also need at least 36 months of a credit history before you can refinance your student loans with ELFI. So, if you don’t have an established credit history, you can also apply with a cosigner who does.

Overall, ELFI is a solid choice to refinance your student loans and be the right option for you if you fit this profile.

Top Picks For Student Loan Refinancing

January 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
1.74% - 6.59%
2.49% - 6.94%
1.74% - 6.94%

View Details

on SoFi's website

Overview

Variable APR:
1.74% - 6.59%
Fixed APR:
2.49% - 6.94%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 5.64%
2.44% - 5.79%
1.74% - 5.79%

View Details

on Earnest's website

Overview

Variable APR:
1.74% - 5.64%
Fixed APR:
2.44% - 5.79%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except KY or NV
Hardship Deferment:
Yes
Co-signer Option:
No
-
2.44% - 6.22%
2.44% - 6.22%

View Details

on ISL's website

Overview

Variable APR:
-
Fixed APR:
2.44% - 6.22%
Minimum Credit Score:
670
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except OR and ME
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.86% - 6.01%
2.47% - 5.99%
1.86% - 6.01%

View Details

on ELFI's website

Overview

Variable APR:
1.86% - 6.01%
Fixed APR:
2.47% - 5.99%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$15,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 6.15%
2.30% - 6.25%
1.74% - 6.25%

View Details

on Splash's website

Overview

Variable APR:
1.74% - 6.15%
Fixed APR:
2.30% - 6.25%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 20 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
Yes
1.89% - 5.90%
2.50% - 6.00%
1.89% - 6.00%

View Details

on Laurel Road's website

Overview

Variable APR:
1.89% - 5.90%
Fixed APR:
2.50% - 6.00%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.90% - 5.25%
2.49% - 7.75%
1.90% - 7.75%

View Details

on LendKey's website

Overview

Variable APR:
1.90% - 5.25%
Fixed APR:
2.49% - 7.75%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes

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