2024 Education Loan Finance (ELFI) Student Loans Review

Updated: December 28, 2023

Advertising & Editorial Disclosure

ELFI offers low fees, competitive rates and trustworthy customer service, making it a valuable option for undergraduate, graduate and parent loans. MoneyGeek’s Education Loan Finance (ELFI) student loan review offers a comprehensive guide about loan terms, requirements and offers so you can decide if it’s the best lender for you.

At a Glance: Education Loan Finance (ELFI) Student Loans

  • Education Loan Finance (ELFI)

    • From 3.20%Fixed APR Range
    • From 1.20%Variable APR Range
    • Minimum of $1,000Loan Amounts
    • Six monthsGrace Period
    • U.S. citizen or permanent residentCo-signer

    Boasting excellent customer service through its award-winning Student Loan Advisor program, Education Loan Finance Inc. (ELFI) is a leading student loan refinancing provider.

    While there are other alternatives for student loan refinancing available through several lenders, ELFI offers a number of advantages over its competitors. These include loan consolidation, bonus payments and refinancing of Parent PLUS loans. Available in all 50 states as well as Washington D.C. and Puerto Rico, ELFI student loan refinancing offers several benefits, such as low interest rates and flexible repayment terms.

    If you've completed high school and have a steady job, ELFI might be able to assist you in lowering your payments and interest rate. Borrowers can apply for private student loans and student loan refinancing entirely online. They can also access rates, repayment terms and conditions that are completely flexible.


    • No application, origination or prepayment penalty fees
    • All student loans eligible for refinancing
    • Dedicated personal loan advisor
    • Excellent customer service
    • Conducts soft credit inquiry


    • Requires high credit score
    • No co-signer release option
    • Private student loan offered in limited schools
    • Minimum annual income of $35,000 required
    • Borrowers must refinance at least $15,000
    • Fixed APR Range: From 3.20%
    • Variable APR Range: From 1.20%
    • Loan Amounts: Minimum of $1,000
    • Grace Period: 6 months
    • Co-signer: Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility
    Education Loan Finance (ELFI)

MoneyGeek Breakdown: Education Loan Finance Student Loan Details

Education Loan Finance (ELFI) Details

Fixed APR

2.43%–⁠5.99% for student loan refinancing; private loan starts at 3.20%

Variable APR

1.86%–⁠6.01% for student loan refinancing; private loan starts at 1.20%

Loan Types

Undergraduate, Graduate, Parent and Refinancing

Loan Amounts

Minimum private loan amount of $1,000

Repayment Terms

Student loan: 5-15 years Student loan refinancing: 5-20 years Parent loans: 5-10 years

Education Loan Finance (ELFI) Student Loan Application Requirements

Must be a citizen of the United States or a permanent resident with proof of eligibility
Must be at least 18 years old at the time of loan application
Must be pursuing a Bachelor's, Master's or Doctoral degree program at any eligible school
Must have a minimum loan amount of $1,000
Must have a minimum income of $35,000
Must have a minimum credit score of 680
Must have a credit history of at least 36 months
Must be enrolled at least half-time in school
For parent loans, the borrower must meet the qualifying dependent requirements
Must comply with documents (recent pay stub or proof of employment from within the last 30 days, W-2 Form from the most recent tax year and government-issued identification)

Is Education Loan Finance (ELFI) Right for You?

The best student loan lender can differ from one person to the next. To choose the right one for your needs, compare the terms, fees, rates and offers of different lenders to ELFI. Also, understanding the borrowers that ELFI caters to can help you determine if it’s the right option for you.

Type of Student Education Loan Finance (ELFI) Is Perfect For

Borrowers who have a stable job and substantial student loan debt should consider ELFI’s student loan refinancing. You can save money on the original loan value by taking advantage of lower monthly payments and cheaper interest rates.

ELFI’s student loans are perfect for borrowers who need to borrow at least $1,000 for college or refinance at least $15,000 in student loans.

Ultimately, you want to pay off your loans as fast as possible without putting a strain on your finances. ELFI can assist you in achieving that goal since they offer competitive rates and terms.

Who Should Not Choose Education Loan Finance (ELFI)

Education Loan Finance (ELFI) student loans might not be a good fit for borrowers who aren’t earning at least $35,000 per year in income. It’s also not ideal for people with a co-signer who want to eventually release their co-signer from the loan.

MoneyGeek’s Education Loan Finance (ELFI) student loan review also looked into ELFI’s list of accredited schools that have a reliable co-signer or a solid financial history. The list is a bit limited, and borrowers attending institutions that are not on the list may not be eligible for an ELFI student loan.

How to Apply for an Education Loan Finance (ELFI) Student Loan

The application process for all ELFI student loans is handled online and can be completed in a matter of minutes. Following the submission of your application, you will be assigned a student loan advisor who will help you with any questions you may have regarding the process.


Create an ELFI account or log in to your existing one. Then, fill out the prequalification form with your personal information, including your name, address, date of birth and Social Security number, as well as the school you plan to attend or are already attending. ELFI only does a “soft pull” of your credit history for the initial prequalification. You will receive a preliminary offer once your application is complete.

Fill Out Application Form

If you accept the preliminary offer, you will be required to upload specific documents and provide proof of your income and financial status. ELFI will do a comprehensive credit check at this point which can impact your credit score.

Wait for Approval

After you submit all of your information, you will need to wait for ELFI to make a decision about your application. This will involve them verifying your academic information with your school.

Review Loan Agreement

Once your information has been verified, ELFI will make you a loan offer. Read the loan agreement carefully. Check all the details and make sure that you understand the loan's terms and restrictions. This can help you save money throughout the term of your loan as you will be able to avoid fees and extra charges.

Sign Loan Agreement

If you have read and understood the loan agreement, you can accept the offer via your electronic signature. A student loan advisor will be assigned to you and can answer any questions you have.

Receive or Direct Funds

After your school authorizes the loan amount and you agree with the loan terms, ELFI will send the funds.

Make Payments

ELFI offers repayment terms ranging from five to 15 years on private student loans and five to 20 years on student loan refinancing. Parents have a 10-year cap in both situations. For a private student loan, you have the following repayment options:

  • Immediate: Full principal and interest payments begin 30 to 60 days after funds are disbursed. This commences while you are still in school.
  • Fixed: $25 payments during the grace period and while in school.
  • Interest-only: Interest-only payments during the grace period and while in school.
  • Deferred: Repayment will begin six months after you graduate or drop below half-time enrollment.

What to Do if You Are Rejected From Education Loan Finance (ELFI)

Having your student loan application denied is disappointing, but it’s not uncommon. You might be denied an Education Loan Finance (ELFI) student loan due to a low credit score, insufficient income or issues with your credit history.

If your ELFI application is denied, try to figure out why it was rejected and what you can do about it. MoneyGeek suggests reaching out to ELFI and asking why you were rejected. Ask if there is anything you can do to change the decision, such as getting a co-signer.

You can also request additional information and services from your school's financial aid advisors or office. Additionally, it's a good idea to look into other options that might be open to you. Compare many lenders and loan offers to find the best solution for you.

Frequently Asked Questions About Student Loans

You should do your research to ensure that your student loan matches your needs. MoneyGeek answers some of the frequently asked questions concerning ELFI student loans to help you make an informed decision.

What can I use an Education Loan Finance (ELFI) student loan for?
What credit score do I need for an Education Loan Finance (ELFI) student loan?
How long does Education Loan Finance (ELFI) take to approve a student loan?
Does Education Loan Finance (ELFI) have a mobile app?
What is the maximum amount I can borrow from Education Loan Finance (ELFI)?
Will applying for an Education Loan Finance (ELFI) student loan affect my credit score?
Does Education Loan Finance (ELFI) accept co-signers on student loans?
Can I use Education Loan Finance (ELFI) student loans at my college?
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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