ELFI Private Student Loans: 2026 Review
ELFI offers private student loans for undergraduates, grad students and parents. It also has student loan refinancing.
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Student loan ratings
ELFI assigns a dedicated advisor to all applicants, and it has earned a strong reputation for customer support. It may not be as broadly recognized for private student loans as some of its competition, but ELFI has provided student loans since 2015.
ELFI Private Student Loan review
Pros
- Has a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination or prepayment fees.
- Assigns a dedicated student loan advisor.
Cons
- Charges a late-payment fee, whereas some competitors do not.
- Does not offer bi-weekly payments via autopay.
- A six-month grace period for undergraduate loans is shorter than some other lenders.
Best for borrowers with a significant funding gap.
Full ELFI student loan review
ELFI offers private student loans for undergraduates, graduate students and parents. It also offers refinancing of student loans. Based in Tennessee as a division of SouthEast Bank, ELFI makes student loans nationwide.
Overall, ELFI loans have many consumer-friendly features, such as pre-qualification with a soft credit inquiry, a rate discount with autopay and no origination fee. Borrowers have four repayment options while in school: fully deferred, a monthly partial payment of $25, interest-only payment and immediate repayment. When compared to other lenders, ELFI does fall short in a few areas including not having a co-signer release, not providing loans to international or Deferred Action for Childhood Arrivals (DACA) students and not offering loans to those enrolled less than half time.
ELFI has recently introduced a new graduate loan product with competitive features for students pursuing medical, dental, podiatry, nursing, veterinary, optometry and pharmacy degrees. This product has a multi-year approval and 9-month grace period. It also offers up to 96 months of residency deferment and an automated deferment process for medical, dental and podiatry students.
We like ELFI for its strong customer service — which includes a dedicated advisor and live chat. ELFI also received the highest possible score for its transparency and clarity about eligibility requirements, even providing an eligibility checklist on its website. This information on its site lets borrowers know up front that ELFI may be best suited for borrowers with established credit and a stable income.
More about ELFI student loans
Loan and borrower requirements
Loan terms: 5, 7, 10 and 15-year repayment terms available. Refinance loans also have a 20-year term.
Loan amounts: $1,000 up to the cost of attendance. Refinance loan minimum is $10,000 with no maximum.
Minimum credit score: 680. EdMed graduate loan for health professions is 660.
Minimum income: $35,000. EdMed loans for medical, dental and podiatry students have no minimum income requirement.
Minimum credit history: 36 months. EdMed loans for medical, dental and podiatry students have a 24-month minimum.
Maximum debt-to-income (DTI) ratio: 55%. EdMed loans for medical, dental and podiatry students have no DTI maximum.
Time requirement after filing for bankruptcy: Applicants may qualify after a bankruptcy has been discharged and no longer appears on a credit report.
Co-signer: Allows but does not require a co-signer for all borrowers. Does not offer a co-signer release, except for the EdMed loan after 12 months of principal-and-interest payments.
Payment and repayment
Allows greater-than-minimum payments via autopay: Yes.
Allows bi-weekly payments via autopay: No.
Grace period following graduation: 6 months. For healthcare profession students (EdMed loan): 9 months.
In-school repayment options: Fully deferred, monthly partial payment of $25, interest-only payment and full payment.
Post-school repayment options: Residency deferment, paused and decreased payment for temporary disability, military deferment.
Customer experience
Customer service: Has in-house customer service representatives and borrowers are assigned a dedicated advisor. Also has someone committed to handling customer concerns. Live chat is offered through the website.
Time for application approval: Applicants can receive a credit decision within 24 hours of submitting an application.
Loan servicer: Pennsylvania Higher Education Assistance Agency (PHEAA) / American Education Services (AES) or Missouri Higher Education Loan Authority (MOHELA)
ELFI extras
ELFI doesn’t offer scholarship giveaways or career support programs like some lenders do, but it’s worth noting that ELFI’s not-for-profit parent company has provided more than $20 million in scholarships and financial literacy curriculum to local high schools.
Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
 Check Rate on Sallie Mae's website | 2.89-17.49% | Mid-600s | 3.62-16.25% | Check Rate on Sallie Mae's website |
 Check Rate on College Ave's website | 2.59-17.99% | Mid-600s | 3.89-17.99% | Check Rate on College Ave's website |
 Check Rate on Ascent's website | 2.69-16.86% | Low-Mid 600s | 3.65-16.06% | Check Rate on Ascent's website |
Best for faster repayment options  Check Rate on Monogram's website | 3.35-17.17% | 600 | 3.53-17.23% | Check Rate on Monogram's website |
Check Rate on ELFI's website | 2.99-12.85% | 680 | 6.75-13.05% | Check Rate on ELFI's website |
ELFI Graduate Student Loan review
Pros
- Offers up to 96 months of residency deferment.
- Provides multi-year approval to streamline borrowing for long degree programs.
- Has an automated deferment process for medical, dental and podiatry students.
- Allows borrowers to pre-qualify with a soft credit check.
- Has a 0.25-percentage-point rate discount with automatic payments.
Cons
- Is a new product with a limited track record.
- The maximum repayment term is shorter than some competitors’ medical school loans.
- Charges a late payment fee, whereas some competitors do not.
ELFI offers these graduate school loans
Medical | Veterinary |
Dental | Optometry |
Podiatry | Pharmacy |
Nursing |
ELFI Parent Loan review
Pros
- Enables parents to transfer the loan to the student’s name through refinancing.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination or prepayment fees.
- Has a 0.25-percentage-point rate discount with automatic payments.
Cons
- Doesn’t offer co-signer release.
- Doesn’t have loans for students enrolled less than half time.
ELFI Student Loan Refinance review
Pros
- Has a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination or prepayment fees.
- Assigns a dedicated student loan advisor.
Cons
- Charges a late payment fee, whereas some competitors do not.
- The minimum loan amount is higher than many other lenders require.
Best for borrowers who value good customer service.
Before applying for an ELFI student loan
Before taking out an ELFI student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you aren’t eligible for an ELFI student loan
If ELFI denies your student loan application, the lender will tell you why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.
If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or those that specialize in bad or no credit student loans.
Frequently asked questions
Who is ELFI?
ELFI, previously known as Education Loan Finance, is a lending division of Tennesse-based SouthEast Bank. ELFI was launched in 2015 and makes private student loans nationwide.
Does ELFI require a co-signer?
No, ELFI does not require a co-signer for all borrowers. However, applicants with limited credit history or lower income may improve their chances of approval by applying with a co-signer. Information on ELFI’s website indicates the lender is geared toward borrowers with established credit and stable income.
What is ELFI’s EdMed loan?
ELFI’s EdMed loan is a private student loan program designed for students pursuing medical and healthcare professions, including medicine, dentistry, podiatry, pharmacy, nursing, optometry and veterinary medicine. The loan offers features tailored to long graduate and professional degree programs, such as multi-year approval, a 9-month grace period and up to 96 months of residency deferment.
In 2026, ELFI partnered with the Association of American Medical Colleges (AAMC) to help support medical students facing funding gaps after changes to federal student loan programs.