Education Loan Finance (ELFI) Reviews

Confused about which refinancing option to choose? ELFI offers several refinancing options from which you can choose from. Read about the various customized features, terms and repayment plans offered by ELFI.

Updated by Theres Ann on 10th February 2020

Education Loan Refinance is one of the newest companies to hit the loan refinance industry. As Education Loan Finance is a division of Tennessee-based SouthEast Bank, the focus is laid to help the borrowers restructure the loan and save money on monthly student loan payments.

College graduates with a good credit history and a stable job can get the most out of this lender. Though the company started to lend only in 2015, the organization has over 30 years of experience in the student loan business.

Education Loan Finance has proven to be one of the best refinancing options. A combination of low-interest rates with higher than expected approval rates leads to good outcomes for many borrowers. Banks and lenders are selective on their loans. It seems that ELFI has not fallen into the trap.

Less regulation is faced by finance start-ups. As Education Loan Finance is a long-standing bank and offers low-interest rates, it has a comparatively higher rank than its competitors.

Loan Refinancing and Consolidation

Student loan refinancing and consolidation is offered for federal and private loans. Loans are offered by Education Loan Finance in 5, 7, 10, 15 and 20-year repayment terms.

A borrower does not need to have a degree or pass a credit check, so as to qualify for ELFI Loan. No application fee, origination fee or prepayment penalties are not offered like most legitimate lenders.

Education Loan Finance requires a minimum loan amount of $15,000 in order to refinance. Lenders like the Common Bond and the Laurel require a minimum of $5,000.

Cosigner Release

A cosigner release option is allowed by ELFI. However, a co-signer can be released only if the borrower passes a credit check on their own.

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How to refinance student loan with Education Loan Finance?

Some of the steps to be taken to refinance student loans are given below - 

  • Fill out the application with the necessary basic information

  • Education Loan Finance performs a soft PULL on the credit report, in the case of initial pre-qualification

  • A preliminary offer is received after the submission of the application

  • After receiving the preliminary offer, you’ll have to upload certain documents and verify your income and financial situation

  • Education Loan Finance would then perform a full credit check

  • The loan offer is received after the confirmation of the information

  • The offer can then be accepted through an electronic signature.

If you want to refinance Parent PLUS Loans in your child’s name, you can do it if your lender allows it. If you haven’t graduated you can find a lender who does not ask for a college degree.

Research lenders, multiple rate estimates, choosing the lender and the loan term, completion of the application, signing of the final documents, waiting for the loan payoff and more.

Learn more on student loan refinancing

Education Loan Finance Eligibility Criteria

The service of Education Loan Finance can be availed in all the 50 states, along with Washington D.C, and Puerto Rico.

The eligibility requirements for Education Loan Finance student loans are given below - 

  • The borrower should be a US citizen or should hold a permanent residency

  • The minimum age of the borrower is 18

  • The student loan debt should not be lower than $15,000

  • The borrower should have graduated from an approved educational institution

  • The debt to income ratio should show that you have the capacity to pay back the loan

  • A sufficient credit score is required for approval. If else, a cosigner is required to guarantee your loan.

Documents for application

The essential documents to apply for Education Loan Finance student loans are given below.

  • The borrower’s account number

  • Current balance and payoff amounts

  • Payment mailing address

  • Copy of the most recent billing statement

  • Payoff letter from the existing lender

  • Recent pay stubs for 30 days and other proofs of employment

  • W-2s

  • Tax returns in case you are self-employed

  • Valid ids such as a driver’s license or passport

  • Billing account info for automatic debit

Education Loan Finance (ELFI) Reviews

Education Loan Finance offers more than just the lowest interest rates on the market. The call centers are located in Tennessee and the borrowers get a single point of contact with the direct number to call for support.


Some of the notable benefits of ELFI are given below.

  • You will not have to pay an origination or application fee.

  • No fee is charged to pay off student loans early.

  • Late fees are not assessed upon making payments within 10 days of the due date.

  • Lower interest rates are another advantage of Education Loan Finance Student loans

  • The starting variable interest rate is 2.80% and the starting fixed interest rate is 3.39%.

  • Borrowers who opt for a variable interest rate end up paying a higher amount over a longer period of time. Borrowers with stable interest rates opt for a fixed-rate repayment plan.

  • ELFI’s variable interest rate will not increase more than once in three months and will not exceed 9.95%. Issue resolving should be made significantly smoother.

Servicing of Education Loan Finance Student loans are done by the MOHELA. Education Loan Finance runs a promotion and grants a $150 bonus to the borrowers. Potential savings are the biggest benefits of refinancing your loans with Education Loan Finance. Upon receiving a good credit, having to will as a co-signer, refinancing your debt with educational Loan Refinance helps you.

Example - If you have a $20,000 a 10-year loan interest is allowed at 7.00% interest, a total of $27,866 is paid over the length of repayment. You can pay over $7,800 in relatively high-interest rate.

In case you qualify for a 10-year loan at 4.50% interest, the difference is dramatic. You have just repaid over $24,873. When you submit your refinancing form, you can save approximately $3,000.

Worried about college finances? Learn about student loans to help with your tuition 

Reasons to consider Education Loan Finance

1) The competitor’s rates are matched – Lower rates are matched from other lenders, even if your loan has been approved with Education Loan Finance.

2) Easy rate check – ELFI’s online payment estimator or more personalized estimate of your loans are considered in the first part of the application without a hard credit check.

3) Education Loan Finance Referral Program – Around $400 can be received for referring a friend, as long as they are approved for the loan.

4) Zero application or origination fee – You won't be required to pay any fee so as to get your new loan.

5) Refinancing of federal consolidation loans – Even though you’ll lose benefits, the refinanced federal loans are consolidated with Education Loan Finance.

6) Upon proving economic hardship, you can qualify to pause repayments.

Recent studies have shown that nearly half of the student loan borrowers graduate with a minimum of $20,000 of student loan debt. 2.6 million borrowers are into forbearance for $96.2 billion dollars, and 4.0 million borrowers have already defaulted for $67.5 billion.

If you are looking to make maximum savings out of your student loan interest and monthly payment, student loan refinancing is a viable option. Just the way in which you refinance your student loans, you can refinance your mortgage or debts. Education Loan Finance is one of the most popular search results of student loan refinancing.

Other factors to consider while choosing Education Loan Finance - 

1. User Feedback

You could easily simplify your payment, by combining the loans into one easy payment. After you’re a than having to tolerate with a mix of private and federal loans, multiple payments and different due dates.

With refinancing these loans can be combined into one single loan with a single payment due date. Education Loan Finance offers to refinance for graduates with personal loans, as well as parents with Parent PLUS Loans or private loans.

2. Multiple loan consolidation

The consolidation of federal and private loans is also possible with Education Loan Finance Loans, thus your debt is easily managed with a single easy payment and a single loan servicer. It helps to compare offers and find the right loan for you.

3. Interest Rates

The interest rates of Education Loan Finance depend on the types of loans you want. If your application for a fixed-rate loan is approved, then the interest rate could range from 3.39% to 6.69%.

The starting interest for a variable rate loan is 2.80% to 6.01%. The interest rate then increases with market changes.

Borrowers are never charged with an application fee, origination fee or prepayment penalty in the case of an Education Loan Finance.

In the case of late payments, you may be charged 5% of the late amount. You could be charged $30 in the case of returning a payment.

4. Customer Ratings

With regard to faster payment, Education Loan Finance is rated on an average basis. With regard to requirement disclosing and cost limitation, this loan servicing facility is ranked above average. If fees and interest rates are limited, lenders score high.

Transparency about the underwriting criteria, and personalized rate estimation before application also enables the lenders to score high.

By catering to customer requirements in different locations, financial situations and varying citizenship statuses, Education Loan Finance scores an above-average in service to the range of borrowers.

For payment flexibility, Education Loan Finance is granted only a below-average score. The customer service request is also above average. Complete APR ranges, fees and forbearance policies are supported by customers.

The offering of payment flexibility is below average. If longer than 12 month forbearance periods are offered, including in-school, military deferment and other flexible policies then lenders score below average during tough times.

The customer support is average and the lenders score high if the borrower is assigned an advisor. Entire APR ranges, fees and forbearance policies are displayed by the websites.

Note: Considering the factors mentioned above, you can compare the same with other lenders in order to choose among the best companies to refinance your student loans


Even though Education Loan Finance permits some borrowers to consolidate federal student loans with a private lender, by refinancing your federal student loans, you might lose federal perks such as repayment plans depending on your income and student loan forgiveness programs.

These programs are looked upon as an insurance policy. Insurance rates are lower than the insurance policy. If you have a fear of losing your job or not being able to afford the student loans, you can keep your loans with the federal government.

Locking in a low-interest rate would be a smart move if in case you do not have an issue in paying off the debt.

The additional programs that can be offered to increase the efficiency and acceptability of Education Loan Finance include academic deferment, more than 12 months of repayment, biweekly student payments via autopay, applicant refinancing for associate degree and more.