Education Loan Finance Private Student Loan Refinancing Review
ELFI offers student loan refinance with features such as a soft credit check and access to dedicated loan advisors who provide one-on-one support during the application process. However, the lender has a higher minimum refinance amount of $10,000, requires borrowers to have a bachelor’s degree, and does not offer a co-signer release option.
Table of Contents
Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances.
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Our Take
ELFI offers student loan refinance with access to dedicated loan advisors who provide one-on-one support during the application process. However, it does not offer a co-signer release option, which may limit flexibility for borrowers applying with a co-signer.
Min. Credit Score:
680
Loan Amount:
$10,000 up to the full balance
Fixed APR:
4.29% - Undisclosed with autopay
Variable APR:
4.74% - Undisclosed with autopay
Loan Terms:
5 to 20 years Years
Loan Types Offered:
Private loans, parent loans and student loan refinance
Pros
- Loans don’t have application, origination or prepayment fees.
- Allows applicants to see the rate they could receive with a soft credit check.
- Provides access to dedicated loan advisors for one-on-one support during the application process.
Cons
- Higher minimum refinance amount of $10,000.
- Requires a bachelor’s degree for eligibility.
- Does not offer a co-signer release option.
What is ELFI?
Education Loan Finance (ELFI) is an online student loan refinance lender and division of SouthEast Bank, founded in 2015 and headquartered in Tennessee. It offers student loan refinancing and private student loans to borrowers across the United States.
ELFI differentiates itself by offering personalized support through dedicated loan advisors. These advisors work one-on-one with borrowers during the application process to help them understand their options and create a customized repayment plan.
It also provides flexible repayment terms ranging from five to 20 years and allows borrowers to preview rates through a soft credit check.
Who would benefit the most from ELFI Student Loan Refinance?
- Borrowers with strong credit profiles, as ELFI requires a minimum credit score of 680 and at least three years of credit history.
- Those who do not need a cosigner, since ELFI does not offer a cosigner release option.
How can ELFI Student Loan Refinance improve?
- Offer a co-signer release option. Adding this feature would provide more flexibility for borrowers who apply with a cosigner.
- Lower the minimum refinance loan amount. Reducing the $10,000 minimum loan amount would make refinancing accessible to borrowers with smaller balances.
Terms, fees & details
- Loan terms: 5 to 20 years for general loans; 5 to 10 years for Parent Loans
- Loan amounts: Minimum of $10,000.
- Soft credit check offered: Yes.
- Allows you to transfer a parent loan to a child: No.
- Application or origination fee: None.
- Prepayment Penalty: None.
- Late Fees: Yes, a fee of 5% of the overdue amount or $50, whichever is less, applies if payment is more than 10 days late. A $30 fee is charged for returned electronic payments.
Friendly Finly Advice
If possible pre-qualify with multiple lenders before committing to a loan offer. Pre-qualifying allows you to compare potential rates and terms to ensure you’re getting the lowest rate. Rates can depend on a variety of factors, including credit history and income.
Fixed APR:
4.79 - 9.99% with autopay
Variable APR:
5.88 - 9.99% with autopay
Min. Credit Score:
665
Max. Loan Amount:
$500,000
Fixed APR:
5.15% - 10.69% with autopay
Variable APR:
N/A with autopay
Min. Credit Score:
N/A
Max. Loan Amount:
$0
How do we select lenders?
About This Comparison:
We select three alternative refinance lenders that offer similar products to the lender featured in this review. These lenders are chosen based on their relevance to common borrower-related information—such as APR ranges, repayment terms, credit score requirements and loan amount options—their overall competitiveness in the refinance market, and their strong performance on our lender rating rubric. Our editorial team makes these selections independently to help borrowers easily compare key features and make an informed decision.
To help readers evaluate whether the featured lender is the right fit for their needs, we include a comparison section highlighting three alternative student loan refinance lenders. These lenders are selected using the following criteria:
1. Direct Relevance to Borrower Decision-Making
We choose lenders whose core offerings overlap with the featured lender—specifically in APR ranges, repayment terms, required credit scores and loan amount minimums/maximums. This ensures borrowers can make an apples-to-apples comparison of the factors most likely to influence their refinance decision.
2. Competitive Position in the Market
Alternative lenders are selected based on their market presence, competitive rates, and borrower-friendly features. We prioritize lenders that are commonly considered alongside the featured lender by refinance shoppers and industry experts.
3. Coverage of a Representative Spectrum of Options
We include lenders that together provide a balanced view of the refinance market, such as:
- A lender with low advertised APRs
- A lender with flexible or unique loan terms
- A lender with broad loan amount ranges or borrower eligibility criteria
- A lender with strong performance on our lender rating rubric
- A lender with minimum credit scores that fit borrowers who may visit the featured lender review.
This mix helps borrowers understand how the featured lender compares across different strengths.
4. Data Availability and Consistency
We only include lenders for which we have current, verifiable information on APRs, repayment options, loan amounts, and eligibility requirements. This ensures the comparison is accurate, transparent, and aligned with our editorial standards.
5. Editorial Independence
Alternative lenders are chosen by our editorial team based solely on borrower benefit and informational value. Lender partnerships or compensation agreements do not influence which lenders are selected or how they’re presented.
How to qualify
You’ll have to meet ELFI’s eligibility criteria to refinance your student loan. The company has various requirements for applicants to meet:
Financial criteria:
We reached out to Education Loan Finance (ELFI) to request additional details on borrower qualification criteria—such as typical debt-to-income ratios, average credit scores of approved applicants and bankruptcy policies—but did not receive a response in time for this review.
If you are considering ELFI as a potential refinance lender, then you may need to do a bit more upfront validation to determine whether it’s a good fit. An appropriate next step is to use ELFI’s prequalification process to check your estimated rate with a soft credit pull, which can help you understand potential eligibility without impacting your credit score.
- Minimum credit score: 680, and must have a minimum credit history of 36 months.
- Minimum income: $35,000
Location, citizenship and education criteria:
- Citizenship requirements: A United States citizen or permanent resident alien without conditions and with proper evidence of eligibility.
- Location restrictions: Not publicly disclosed.
- Graduation criteria: Borrowers must have graduated with at least a bachelor’s degree.
- School criteria: Borrowers must have graduated a Title IV non-profit college or university.
- Percentage of borrowers with a co-signer: Not publicly disclosed.
- Other restrictions: N/A
Friendly Finly Advice
ELFI, and other refinance lenders, may have additional criteria they use to determine eligibility for potential borrowers. Always check the lender’s website and contact them to confirm or ask about eligibility criteria.
Repayment, deferment, forbearance and discharge options
We reached out to Education Loan Finance (ELFI) to better understand the structure and flexibility of their repayment options—such as how immediate repayment is handled and the extent of their customizable loan terms—but did not receive additional clarification in time for this review.
For borrowers, look at how ELFI structures repayment during the application process. As a next step, review the available term lengths and test how different options affect your monthly payment and total interest cost.
If your goal is to balance affordability with long-term savings, consider selecting a term that keeps payments manageable while avoiding unnecessary interest. Comparing these repayment features to those of other lenders can also help ensure you choose an option that fits both your budget and repayment timeline.
- Immediate full repayment: Borrowers can repay the full principal and interest of their balance.
We reached out to Education Loan Finance (ELFI) to better understand the availability and scope of their deferment options—such as eligibility criteria, qualifying circumstances and duration limits—but did not receive further explanation in time for this review.
If you’re considering ELFI confirm how deferment works before committing to a loan. Ask them directly which situations qualify for deferment, such as returning to school or entering an internship program. Then, compare deferment policies across lenders to ensure you have a safety net in place should your financial situation change.
- Hardship Forbearance: Yes, up to 12 months.Whether ELFI grants forbearance in a specific situation is at its discretion.
- Death or disability discharge for borrower: Not publicly disclosed.
- Death or disability discharger for co-signer: Not publicly disclosed.
- Co-signer release: Not available. Borrowers can only remove a co-signer by refinancing the loan again.
The ELFI customer service experience
- Loan servicer: MOHELA and American Education Services
- Online chat support (Bot, live or both): Unable to determine.
- Physical location or branch: N/A
- In-house customer service representatives:
- FAQ experience: Yes, ELFI answers over 30 questions regarding eligibility, the application process and repayment.
- Provides borrowers a representative who works with them throughout the entire repayment process: ELFI does provide a dedicated loan advisor to help potential borrower navigate the application process. However, it is not disclosed whether borrowers will work with the same professional upon loan approval.
- Offers a process for making and escalating complaints: Not publicly disclosed.
- Has tools that allow applicants to calculate potential monthly payments: Yes, they have a refinance calculator on their website.
- Typical time from loan approval to funding: Loan approval can take one business day if all documents are submitted at once, while funding can take a few days to a few weeks.
- ELFI’s track record with customers:
ELFI has a score of 4.9 out of 5 on Trustpilot, based on over 2,200 reviews.
Most positive reviews highlight ELFI’s responsive and knowledgeable customer service, smooth application process and competitive rates. A smaller number of complaints mention occasional delays or communication issues during the application process.
Trustpilot reviews reflect overall interactions with ELFI and are not limited to its student loan refinance product.
ELFI has not received any complaints from the Consumer Financial Protection Bureau in the past 12 months as of writing this review.
Related: Student Loan Servicers: Who They Are and What They Do
Perks & Benefits
ELFI provides borrowers with access to dedicated loan advisors who offer one-on-one support during the application process. These advisors help borrowers understand their options and create a customized repayment plan that aligns with their budget and financial goals.
Promotional Offers
ELFI offers a Refer-a-Friend program that rewards both the referring borrower and the new borrower. When a borrower refers a friend who successfully refinances a student loan through ELFI, the referrer may receive a $400 cash bonus, while the referred borrower receives a $100 principal reduction on their loan.
Referrals must use the referrer’s personalized referral link. There is no limit to the number of referrals, though eligibility and minimum loan amount requirements apply.
Always check with the lender to confirm all offers, additional terms, conditions, exclusions and availability.
How to apply for an Education Loan Finance (ELFI) Student Loan Refinance Loan
Applying with Education Loan Finance includes personalized support from a dedicated loan advisor:
1. Check your rate online
Complete ELFI’s online prequalification form for a soft credit check and view estimated rates without affecting your credit.
2. Review your personalized offer
Based on your profile, ELFI will present potential loan options, including interest rates, repayment terms and estimated monthly payments. You can decide whether refinancing meets your goals—such as lowering your rate or adjusting your payoff timeline.
3. Connect with your Student Loan Advisor
ELFI assigns you a dedicated loan advisor to help guide you through the process. You can ask questions, review your options in detail and get clarity on how your new loan structure fits your financial situation.
4. Complete your full application
If you proceed, submit your application and documents. You’ll likely need to produce documentation that includes proof of employment, income and identity. A hard credit check is typically done at this stage.
5. Finalize your loan and begin repayment
Once approved, review and accept your final loan terms. ELFI will pay off your existing student loans directly, and you’ll begin making payments under your new refinance loan terms.
Friendly Finly Advice
Even if ELFI has competitive rates, compare multiple refinance lenders before committing to a loan. Prequalifying and comparing lenders is the best way to ensure you’re getting the lowest possible rate and most affordable repayment plan for your budget.
Frequently Asked Questions
ELFI may be a good option for borrowers with strong credit who are seeking flexible repayment terms and who may need personalized support throughout the application process.
ELFI typically requires a minimum credit score of 680, with at least 36 months of credit history.
No. ELFI does not charge application, origination or prepayment fees on its refinance loans.
The minimum loan amount is $10,000, which may be higher than some other lenders.
No. ELFI does not currently offer a cosigner release option, which may be a drawback for borrowers applying with a cosigner.
Methodology
Making finance more human through transparent rating methodologies…
Finly reviews student loan refinance lenders using a transparent, borrower-first methodology built around real financial outcomes. We evaluate lenders across six weighted categories—including cost, protections, flexibility and accessibility—using a structured scoring model grounded in what matters most to borrowers.
Our ratings are developed independently and regularly updated to reflect current rates, terms and lender policies, helping you compare options with clarity and confidence. Take a look at our Methodology page for an even more in-depth view of our scoring process.