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
| Key | Value |
|---|---|
| Variable Rates: | 2.39% - 6.01% |
| Fixed Rates: | 3.30% - 6.69% |
| Minimum Credit Score: | 680 |
| Minimum Income: | $35,000 |
| Fees: | None |
| Minimum Loan Amount: | $15,000 |
Details
| Key | Value |
|---|---|
| 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
- 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
- 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.
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.
Compare The Best Student Loan Refinance Rates For 2020
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% – 6.43% |
| Fixed Rates: | 3.19% – 6.43% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| 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 |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 2.39% – 6.01% |
| Fixed Rates: | 3.30% – 6.69% |
| Minimum Credit Score: | 680 |
| Minimum Income: | $35,000 |
| Fees: | None |
| Minimum Loan Amount: | $15,000 |
Details
| Key | Value |
|---|---|
| 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 |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% – 7.10% |
| Fixed Rates: | 2.88% – 7.27% |
| Minimum Credit Score: | 660 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5 – 20 years |
| Borrower Residency: | All states |
| Hardship Deferment: | Varies |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 2.99% – 6.44% |
| Fixed Rates: | 3.20% – 6.44% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 ($10,000 in CA) |
Details
| Key | Value |
|---|---|
| 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 |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% – 6.65% |
| Fixed Rates: | 3.20% – 7.02% |
| Minimum Credit Score: | 700 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| 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 |
Overview
| Key | Value |
|---|---|
| Overall Rate: | 1.95% – 3.85% |
| Variable Rates: | – |
| Fixed Rates: | 1.95% – 3.85% |
| Minimum Credit Score: | None |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $25,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15 years |
| Borrower Residency: | Must live near a branch in California; New York City; Boston; Greenwich, Connecticut; Palm Beach, Florida; Portland, Oregon; or Jackson, Wyoming |
| Hardship Deferment: | No |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 2.61% – 5.25% |
| Fixed Rates: | 3.39% – 7.75% |
| Minimum Credit Score: | 680 |
| Minimum Income: | $24,000 |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| 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 |
