SoFi vs ELFI Refinancing Comparison

Here is a clear comparison made between SoFi and ELFi on student loan refinancing. Along with that know about student loan refinancing, about SoFi and about ELFI.

Updated by Kanishkar P on 17th February 2020

When repaying your student loans becomes too difficult due to increased interest rates, you may think of refinancing your existing student loans through a different lender. It may be a better idea to do so in many cases. While refinancing you should make sure that you refinance your loans with maximum benefits. Different lenders offer different plans and benefits, you must choose the right one to get the best out of it. Here we help you in making decisions by giving a comparison between two such lenders, who are the SoFi and the ELFI.

Table of Contents

SoFi vs ELFI Student Loan Refinancing

ELFI and SoFi being the well-known student loan refinance lenders, have most of their features in common. They differ in a few aspects as well. Take a look at the comparison made between ELFI and SoFi.


Feature ELFI SoFi
Minimum loan $15,000 $5,000
Maximum loan No maximum limit
No maximum limit
Variable APR 2.39% - 5.78% 2.31% to 6.48%
Fixed APR 3.03% - 6.69% 3.20% to 6.48%
Autopay discount No
Available (rate not specified)
Loan Term 5 - 20 years 5 - 20 years
Pay ahead penalty None None
State Residency All states eligible All states eligible
Degree Requirements Bachelor’s or higher
Associates or higher
Income Requirements $35,000 None
Employment Requirements Must be employed
Must be employed or have a job offer to start within 90days
Can use a cosigner? Yes Yes
Is cosigner release available? No No
Interest-only payments Not allowed Not allowed
Organization fees None None
Soft Credit check Yes Yes
Unemployment Protection Yes, up to 12 months forbearance Yes

The comparisons made above in the table describe most of the features that play a major role in choosing a lender to refinance your student loans.

What is Student loan refinancing?

With student loan refinancing, a private lender repays all of your student loans, which may include both private and federal loans. You may be able to save money and lower your monthly payments by refinancing your student loans with an interest rate reduction. However, when you refinance Federal Loans, they will become private loans and you will no longer be able to avail of the benefits that come with the federal programs, including income-driven repayment plans and its forgiveness programs. 

Refinancing has a lot to offer, it is advised to have an in-depth understanding of what you can do with refinancing your student loans, here is a guide to refinancing your student loans.

About SoFi

SoFi was founded in 2011 at SanFransisco.Its founders came up with this institution to help the students who were in need. Over time SoFi has not only restricted its services to students but has widened them for other borrowers also. Sofi by far being the leading lending firm, provides personal loans, student loans, mortgage refinancing, student loan refinancing and more. To keep up its primary motto to serve students in need, it offers students with various benefits on their loans. Knowing more about SoFi Student Loans and Student loan refinancing by SoFi might be useful for you to decide on the lender options.

About ELFI

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.

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

Concluding Thoughts

ELFI and SoFi exhibit a variety of features regarding student loan refinancing. Both of these companies take a few ups and downs in their offers. Choosing one among them is left to the customer. Based on your requirements and comforts with the lender you can choose your lender. When talking about lenders these are not the only companies that refinance student loans, you can check out the other best companies to refinance your student loans.