Education Loan Finance (ELFI) is a division of Tennessee-based SouthEast Bank that offers student loans and student loan refinancing to eligible borrowers. This includes both undergraduate and graduate students and degree holders, as well as parents seeking private loans for their children’s education.
While ELFI doesn’t offer all of the same perks that other lenders do, its rates can offer a chance to save money on student loans and refinancing.
You should note that ELFI’s student loans are serviced by American Education Services (AES), and their refinanced loans are serviced either by AES or the Missouri Higher Education Loan Authority (MOHELA). So if you’re approved for a loan, one of those companies would manage your loans.
| Pros | Pros |
|---|---|
ELFI refinance loans
ELFI’s student loan refinancing offers the chance to save money on existing loans for qualified borrowers, with flexible terms and fixed or variable rates.
| Loan amounts | $10,000+ (maximum amounts depend on eligibility) |
|---|---|
| Term lengths | 5, 7, 10, 15, or 20 years (5, 7, or 10 years for parent loans) |
| Fees | No application or origination fees; no prepayment penalty or loan guarantee fee; late payment fee is the lesser of 5% of the past-due amount or $50; $30 returned check/insufficient funds fee |
| Best for | Borrowers with decent credit who want the option to have a longer term (to lower monthly payments) |
Eligibility
To qualify for student loan refinancing with ELFI, you’ll need to meet the following requirements:
- Be a U.S. citizen or permanent resident without conditions
- Have at least $10,000 in loans to refinance
- Earn at least $35,000 per year
- Have a credit score of at least 680
- Be a recipient of a bachelor’s degree (or higher) from a Title IV school
- Have a credit history that’s at least 36 months old
- Be at least the age of majority in your state
If you don’t meet these requirements, adding a cosigner who does could help you qualify for refinancing with this lender.
You should also note that although ELFI does refinance most student loans, there are exceptions, such as medical residency loans, bar study loans, Navient Tuition Answers loans, and international loans made from non-U.S. schools and institutions.
Repayment
Once your old loans have been paid off and your refinance loan is established, you can start making payments to ELFI. Repayment terms range from five to 20 years for student loan refinancing and five to 10 years for parent loan refinancing.
If you run into a financial or medical difficulty, the lender may grant a hardship forbearance of up to 12 months. But keep in mind that this is at ELFI’s discretion.
Notable features
You should note that unlike many other lenders, ELFI doesn’t offer a cosigner release at this time. To remove a cosigner, you’d have to apply for a new loan without them. ELFI also doesn’t offer an autopay discount.
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ELFI student loans
ELFI offers student loans to those seeking a bachelor’s degree or higher, with several repayment options available. These loans can have fixed or variable rates.
| Loan amounts | $1,000 up to 100% of your school-certified cost of attendance |
|---|---|
| Term lengths | 5, 7, 10, or 15 years (5 to 10 years for parent loans) |
| Fees | No application or origination fees; no prepayment penalty or loan guarantee fee; late fee is the lesser of 5% of the past-due amount or $50; $30 returned check/insufficient funds fee |
| Best for | Students looking for flexible repayment options and terms |
Eligibility
To qualify for an ELFI student loan, you need to meet the following requirements:
- Be a U.S. citizen or permanent resident without conditions
- Be at least the age of majority in your state
- Be enrolled in a program for a bachelor’s degree or higher
- Earn at least $35,000 per year
- Have a credit score of 680 or higher
- Have a credit history of 36 months or longer
- Be enrolled in school at least half-time
You’ll also need to take out a minimum of $1,000 to access these loans. If you have a cosigner, they will need to be a U.S. citizen or permanent resident without conditions, and be at least the age of majority in your state.
Repayment
ELFI offers four repayment options:
- Immediate: Make full payments 30 to 60 days after loan disbursem*nt.
- Fixed: Make $25 monthly payments while in school and during your 6-month grace period. Full payments start 30 to 60 days after the grace period ends.
- Interest-only: Pay only the interest charges while in school and during the grace period. Full payments start 30 to 60 days after the grace period ends.
- Deferred: No payments are required until 30 to 60 days after the grace period ends.
If you’re ever having trouble making your payments due to a financial or medical difficulty, ELFI may give you up to 12 months of forbearance on your student loans (if they deem it necessary.)
Another thing to note is that ELFI requires loan holders to make satisfactory academic progress (as determined by your school) to receive loans.
Notable features
Unlike many other lenders, ELFI doesn’t offer discounts on their student loans, nor do they have a cosigner release option.
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How to apply for an ELFI student loan
Both the student loan and refinancing applications for ELFI can be completed online. To apply for a student loan or refinancing with ELFI, you (and your cosigner, if you have one) need to provide the following documentation:
- Government-issued ID
- Pay stubs or other documentation showing the last 30 days of payment history
For those looking to refinance, you’ll also need to provide your current loan statements during the application process. Additionally, ELFI will require information such as your loan account number(s), current balance or payoff amount(s), and relevant payment mailing address(es).
For student loans, once you submit your application, ELFI will contact your school to certify the requested amount, at which point you’ll be able to accept your loan terms and sign your loan documents.
How to contact ELFI
You can contact ELFI via phone or text at 1-844-601-ELFI (3534). Keep in mind that their hours of operation are 8 a.m. to 8 p.m. ET, Monday through Thursday; 8 a.m. to 5 p.m. ET, Fridays; and 10 a.m. to 4 p.m. ET, Saturdays.
You can also email the company ([emailprotected]) or use its online contact form to get in touch.
How ELFI compares to competitors
ELFI’s rates are competitive when compared to similar lenders, like Citizens Bank and Sallie Mae. But, as with any big financial decision, it’s important to closely examine the various features offered by a lender before moving forward. For example, while ELFI does not offer discount opportunities or a cosigner release, both Citizens Bank and Sallie Mae offer autopay discounts and cosigner release options.
You’ll have to weigh the pros and cons of each lender to find the best option for you.
| ELFI | Citizens Bank | Sallie Mae | |
|---|---|---|---|
| Student loans | Yes | Yes | Yes |
| Refinancing loans | Yes | Yes | No |
| Amount | $1,000 up to 100% of your school-certified cost of attendance (student loans) or at least $10,000 (refi) | Up to your cost of attendance (aggregate lifetime limits of $150,000 for undergrads and grad students, up to $180,000 for some health care degrees, up to $225,00 for MBA and law degrees, or up to $350,000 for certain health care degrees) OR $10,000 up to $750,000, depending on degree (refi) | $1,000 up to 100% of school-certified costs, minus other financial aid you receive |
| Term lengths | 5, 7, 10, or 15 years (student loan), 5 to 10 years (parent loans), or 5, 7, 10, 15, or 20 years (refi) | 5, 10, or 15 years (student loan) or 5, 7, 10, 15, or 20 years (refi) | 10 to 20 years |
| Fees | Late fee that is the lesser of 5% of the past-due amount or $50; $30 returned check/insufficient funds fee; no application or origination fees; no prepayment penalty or loan guarantee fee | No origination, application, or disbursem*nt fees | Late fee of 5% of past-due amount (up to a max of $25); returned check fee (up to $20); no origination, application, or loan guarantee fees |
| Discounts | None | 0.25 percentage point discount for autopay; 0.25 percentage point loyalty discount | 0.25 percentage point discount for autopay |
| Cosigner allowed? | Yes | Yes | Yes |
| Cosigner release | No | After 36 full, consecutive, on-time payments | After 12 full payments |
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ELFI FAQ
Is ELFI private or federal?
ELFI is a private lender and its loans are not eligible for any federal repayment or forgiveness programs.
Is ELFI reputable?
ELFI has a 4.8 rating on Trustpilot and an A+ from the Better Business Bureau. According to ELFI, its management team has over 30 years of expertise in student loans.
How long does it take for ELFI to approve a loan?
It varies. For example, you typically have to wait until your school approves the loan amount, which could extend the process. If you’re approved for a refinance loan, it usually takes a few days to a few weeks for your loan to be disbursed.
Are ELFI loans forgiven?
No, private student loans typically aren’t eligible for federal forgiveness programs. However, some lenders may discharge loans in the case of a borrower’s death or total disability.
Who owns ELFI?
ELFI is owned and operated by SouthEast Bank, which is based in Tennessee.
About the author
Taylor Medine
Taylor Medine is a Credible authority on personal finance. Her work has been featured on Bankrate, Experian, The Balance, Business Insider, Credit Karma, and more. She’s also the author of The 60-Minute Money Plan, a self-published intro to budgeting guide for people who hate budgeting.
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