2024 Education Loan Finance (ELFI) Student Loans Review

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)

Prequalify

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.