Education Loan Finance Reviews: Student Loan Refinancing and Private Student Loans

Education Loan Finance offers dedicated customer support for student loan borrowers.
Cecilia ClarkAug 27, 2021

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Student loan ratings

Education Loan Finance
  • Student loan refinancing

  • Private student loan

The bottom line: A division of Tennessee-based SouthEast Bank, Education Loan Finance — also known as ELFI — offers student loan refinancing and private student loans for undergraduates, grad students and parents. Its refinancing loan is best for borrowers who value good customer service. Its private student loan is best for borrowers with a significant funding gap.

Student loan refinancing review

Education Loan Finance Student Loan Refinance
Check Rate

on Education Loan Finance's website

Education Loan Finance Student Loan Refinance

5.0

NerdWallet rating 
Check Rate

on Education Loan Finance's website

Fixed APR

2.58 - 5.99%

Variable APR

2.39 - 6.01%

Min. Credit Score

680

Pros

  • You are assigned a student loan advisor.
  • You can refinance parent PLUS loans in your name.

Cons

  • Payment postponement isn’t available for borrowers who return to school.
  • The minimum amount to refinance is more than many lenders require.
  • No co-signer release available.

Best for borrowers who value good customer service.

ELFI is a good student loan refinancing option if you value customer support. ELFI pairs customers with a dedicated, highly trained student loan advisor. You can call, text or email your advisor to ask questions throughout the refinancing process.

Only consider ELFI if your finances are stable. The lender doesn’t offer as many flexible repayment options as some other lenders, and if you need a co-signer to qualify, there's no way to release that individual from the loan without refinancing again.

Education Loan Finance could improve by offering additional programs such as:

Before deciding on a student loan refinance lender, compare multiple options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.

If Education Loan Finance denies your refinance application, the lender will . Depending on the reason, you may want to consider other lenders or need a co-signer.

NerdWallet recommends before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.

How does this loan compare?

Education Loan Finance Student Loan Refinance
Splash Financial Student Loan Refinance
NerdWallet rating 
NerdWallet rating 
Check RateCheck Rate
Fixed APR

2.58 - 5.99%

Fixed APR

2.49 - 5.79%

Variable APR

2.39 - 6.01%

Variable APR

N/A

Min. Credit Score

680

Min. Credit Score

650

Private student loan review

Education Loan Finance Private Student Loan
Check Rate

on Education Loan Finance's website

Education Loan Finance Private Student Loan

4.0

NerdWallet rating 
Check Rate

on Education Loan Finance's website

Fixed APR

3.20 - 11.99%

Variable APR

1.20 - 11.54%

Min. Credit Score

680

Pros

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • You are assigned a student loan advisor.

Cons

  • Minimum loan amount is larger than other private lenders.
  • No co-signer release available.

Best for borrowers with a significant funding gap.

ELFI began offering undergraduate private student loans in August 2019. Borrowers can choose from four repayments terms — more than many other lenders.

ELFI assigns all borrowers a student loan advisor that you can contact via email, phone and text during the application process.

ELFI could improve its private student loan product by:

You can apply for an Education Loan Finance student loan on its website. But before taking out an ELFI 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:

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 Education Loan Finance denies your student loan application, the lender will . 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 or specialize in .

NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That’s why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our .

Frequently asked questions