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

ELFI Student Loan Refinancing Review

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.

Education Loan Finance

Overview

KeyValue
Variable Rates:3.50% - 6.01%
Fixed Rates:4.25% - 6.69%
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None
Minimum Loan Amount:$15,000

Details

KeyValue
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 personal 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 Personal 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 Personal 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

  • Borrowers who earned a degree
  • Borrowers with a student loan balance greater than $15,000
  • Borrowers with large student loan balances
  • Parents who want to refinance Parent PLUS Loans

KeyValue
Loan Term:5-20 years (Customize)
Loan Amount:$15,000 to no limit
Eligible Degrees:Undergraduate and graduate
Eligible Loans:Federal, private and Parent PLUS Loans
Application Fee:No
Origination Fees:No
Prepayment Penalty:No
Late Fees:5% of the late amount or $50, whichever is less, after a payment is 11 days late
Soft Credit Check:Yes

KeyValue
Minimum Credit Score:680
Minimum Income:$35,000
Employment:Yes
Must have graduated:Yes
Citizenship/Residency:U.S. citizen or permanent resident
Eligible Schools:You graduated from a Title IV accredited college or university with a bachelor’s degree or higher.
Bankruptcy:Must wait at least seven years after bankruptcy
Credit History:You must have a credit history of at least 36 months.

KeyValue
Student Loan Servicer:Missouri Higher Education Loan Authority (MOHELA) or American Education Services (AES)
Academic Deferment:No
Military Deferment:Yes
Forbearance:Yes, up to 12 months
Death or Disability Discharge:Case by case
Cosigner Release:No, but you can refinance existing co-signed student loans in your name only if you qualify on your own.

  • Available in all 50 states, plus Washington, D.C. and Puerto Rico
  • You get a Personal Loan Advisor to answer questions
  • Parent can refinance Parent PLUS Loans

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.

* Checking your rate does not affect your credit score.

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.

* Checking your rate does not affect your credit score.

Compare The Best Student Loan Refinance Rates For 2020

Lender
APR
Minimum Credit
3.50% – 8.77%
650

Overview

KeyValue
Variable Rates:3.50% – 8.72%
Fixed Rates:4.25% – 8.77%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5-20 years
Borrower Residency:All States except DE, KY, NV
Hardship Deferment:Yes
Co-signer Option:No
3.50% – 6.69%
680

Overview

KeyValue
Variable Rates:3.50% – 6.01%
Fixed Rates:4.25% – 6.69%
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None
Minimum Loan Amount:$15,000

Details

KeyValue
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

1.99% – 7.02%
660

Overview

KeyValue
Variable Rates:1.99% – 6.65%
Fixed Rates:3.50% – 7.02%
Minimum Credit Score:660
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
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% – 8.59%
680

Overview

KeyValue
Variable Rates:1.90% – 8.59%
Fixed Rates:3.49% – 7.75%
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
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

2.81% – 8.77%
650

Overview

KeyValue
Variable Rates:2.81% – 8.01%
Fixed Rates:4.25% – 8.77%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000 ($10,000 in CA)

Details

KeyValue
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

1.58% – 8.28%

660

Overview

KeyValue
Variable Rates:1.58% – 8.28%
Fixed Rates:2.88% – 7.48%
Minimum Credit Score:660
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

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

Checking Your Rate Doesn’t Affect Your Credit Score
Disclosures: Earnest | ELFI | Laurel Road | LendKey | SoFi | Splash

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