Elfi Student Loan Refinancing Reviews 2019 - Make Lemonade

Elfi Student Loan Refinancing Review

Company Overview: Elfi

Elfi, or Education Loan Finance, 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.

Elfi Student Loan Refinancing Overview

Elfi offers attractive rates and terms compared with other top lenders in the student loan refinance industry:

Overview

Variable Rates:2.80% - 6.01%
Fixed Rates:3.29% - 6.69%
Average Savings:$20,936
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$15,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes

*Fixed and variable rates are based on APRs and include an ACH AutoPay interest rate reduction of 0.25%.

How Elfi Compares: Key Benefits For Student Loan Refinancing

Here are some of the reasons that Elfi borrowers love Elfi student loan refinancing:

  • Significant Savings: The average Elfi borrower saves $26,215 when they refinance their student loans.
  • Federal & Private: Elfi allows you to refinance and consolidate both federal and private student loans into a new, single student loan.
  • Undergraduate & Graduate: You can refinance and consolidate both undergraduate student loans and graduate student loans.
  • Parent PLUS Refinance: If you are a parent and want to refinance student loans that you borrowed for your child’s college, Elfi offers Parent PLUS Refinancing and refinancing for private loans.
  • Student Loan Servicer: Elfi’s student loans are serviced by MOHELA, which one of the top student loan servicers.
  • Deferment and Forbearance: Elfi allows you to pause your loan payments for up to 12 months if you face a financial hardship or permanent disability.
  • Transparent Lender: Elfi is a transparent lender who lists all rates, terms and monthly payments prominently on its website so you know exactly what you would pay with Elfi student loan refinancing.

Eligibility Criteria

To apply for Elfi student loan refinancing, you need to meet the following eligibility criteria:

Requirements To Apply For Elfi Student Loan Refinancing

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Employment: You are currently employed or have an offer of employment

Eligible Schools: You graduated from a Title IV accredited university or graduate program

Generally, Elfi lends only to borrowers with good to excellent credit. Loan approval may depend on a number of additional factors, including, but not limited to, your financial history, employment experience, and monthly income vs. expenses.

Bottom Line: Is Elfi right for you?

Elfi has an excellent reputation and in the student loan refinancing industry.Elfi caters to borrowers with good to excellent credit. The average Elfi borrower has an average credit score of at least 680. Minimum income for an Elfi borrower is $35,000, but the average income is $100,000+. The average Elfi member earns enough income to pay student loans, other debt obligation and monthly living expenses. Elfi members also tend to have a debt-to-income that enables them to repay their student loans, living expenses and other debt obligations each month.

Next Steps: How To Apply To Elfi

You can apply for Elfi student loan refinancing in 3 easy steps.

Step 1: Check your personalized personal loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your personalized student loan rate online with Elfi in 2 minutes. This way, you’ll know whether you can be approved for Elfi student loan refinancing before you complete the full application. Therefore, Elfi will provide you with a student loan refinancing rate estimate. The pre-approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, you’ll need at least the following documents to complete the online application (which only takes about 10-15 minutes):

  • Your most recent pay stubs for the past 30 days or proof of employment
  • W-2s
  • Tax returns (if self-employed)
  • Your most recent student loan billing statements or payoff letter for each student loan
  • Driver’s license or passport (or other form of government-issued identification
  • Transcript or diploma to verify your degree

Applying is super easy – get your personalized rate in 2 minutes

*Checking your rate does not affect your credit score.

The Best Student Loan Refinance Rates For 2019

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.27% - 6.89%
Fixed Rates:3.47%- 7.59%
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5-20 years
Borrower Residency:All States except DE, KY, NV
Unemployment Protection:Yes
Co-signer Option:No

Overview

Variable Rates:2.43% - 7.76%
Fixed Rates:3.50% - 7.27%
Minimum Credit Score:660
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5 - 20 years
Borrower Residency:All States
Unemployment Protection:Varies
Co-signer Option:Yes

Overview

Variable Rates:2.43% - 6.65%
Fixed Rates:3.50% - 7.02%
Minimum Credit Score:660
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.27% - 7.80%
Fixed Rates:3.49% - 8.19%
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private or Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.80% - 6.01%
Fixed Rates:3.29% - 6.69%
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$15,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.24% - 6.67%
Fixed Rates:3.64% - 7.50%
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.74% - 7.24%
Fixed Rates:3.54% - 7.99%
Minimum Credit Score:680
Minimum Income:$38,000
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5 - 20
Borrower Residency:All states, except Maine
Unemployment Protection:-
Co-signer Option:Yes

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