Education Loan Finance Reviews: Student Loan Refinancing and Private Student Loans
Education Loan Finance offers dedicated customer support for student loan borrowers.
Student loan ratings
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
on Education Loan Finance's website
Education Loan Finance Student Loan Refinance
5.0
NerdWallet ratingon Education Loan Finance's website
Fixed APR
2.79 - 5.99%
Variable APR
2.39 - 6.01%
Min. Credit Score
680
Pros
- You are assigned a personal 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.
Full Review
ELFI is a good student loan refinancing option if you value customer support. ELFI pairs customers with a dedicated, highly trained personal 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.
Elfi student loan refinancing at a glance
Offers personalized rate estimates via a soft credit check.
Borrowers can refinance their parents' PLUS loans.
Borrowers can’t postpone payments if they return to school.
How Elfi could improve
Education Loan Finance could improve by offering additional programs such as:
Co-signer release.
Academic deferment.
Refinancing for applicants whose highest level of education is an associate degree.
ELFI student loan refinancing details
Before refinancing with ELFI
Before deciding on a student loan refinance lender, compare multiple student loan refinance 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 you aren’t eligible to refinance with ELFI
If Education Loan Finance denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.
NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.
How does this loan compare?
Check Rate | Check Rate |
Fixed APR2.79 - 5.99% | Fixed APR2.63 - 5.49% |
Variable APR2.39 - 6.01% | Variable APRN/A |
Min. Credit Score680 | Min. Credit Score650 |
Private student loan review
Education Loan Finance Private Student Loan
4.0
NerdWallet ratingFixed APR
4.99 - 11.19%
Variable APR
3.95 - 10.03%
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 personal 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.
Full Review
ELFI began offering undergraduate private student loans in August 2019. To qualify, you must take out at least $10,000 — that's 10 times the $1,000 minimum many private lenders require. Students who have already maxed out federal loans and other financial aid may not have a large enough funding gap to qualify with ELFI.
If you do need to borrow at least $10,000, ELFI is a good choice if you value customer support. ELFI assigns all borrowers a personal loan advisor that you can contact via email, phone and text during the application process.
ELFI private student loans at a glance
Offers personalized rate estimates via a soft credit check.
Borrowers must take out at least $10,000.
No co-signer release program.
How ELFI could improve
ELFI could improve its private student loan product by:
Offering a co-signer release program.
Reducing its minimum loan amount.
Lending to students in associate degree programs.
ELFI private student loan details
Before applying for an ELFI student loan
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: 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 Education Loan Finance denies your student loan application, the lender will let you know 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 specialize in bad or no credit student loans.
STUDENT LOANS RATINGS METHODOLOGY
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 editorial guidelines.
Find the Right Student Loan
Frequently asked questions
Education Loan Finance, or ELFI, is a nonprofit division of SouthEast Bank. ELFI has been around for 25 years and has successfully refinanced more than $1 billion in student loans as of January 2020.
ELFI does not offer co-signer release on any of its private student loans. If you want to release a co-signer from an ELFI loan, you'll need to qualify to refinance it in your own name.
NerdWallet rates ELFI as a five-star lender for refinancing student loans based on more than 50 data points. ELFI is a good option for borrowers who value customer service.