ELFI offers low fees, competitive rates and trustworthy customer service, making it a valuable option for undergraduate, graduate and parent loans. MoneyGeek’s Education Loan Finance (ELFI) student loan review offers a comprehensive guide about loan terms, requirements and offers so you can decide if it’s the best lender for you.
2024 Education Loan Finance (ELFI) Student Loans Review
Updated: October 16, 2024
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At a Glance: Education Loan Finance (ELFI) Student Loans
- Education Loan Finance (ELFI)
- From 3.20%Fixed APR Range
- From 1.20%Variable APR Range
- Minimum of $1,000Loan Amounts
- Six monthsGrace Period
- U.S. citizen or permanent residentCo-signer
Boasting excellent customer service through its award-winning Student Loan Advisor program, Education Loan Finance Inc. (ELFI) is a leading student loan refinancing provider.
While there are other alternatives for student loan refinancing available through several lenders, ELFI offers a number of advantages over its competitors. These include loan consolidation, bonus payments and refinancing of Parent PLUS loans. Available in all 50 states as well as Washington D.C. and Puerto Rico, ELFI student loan refinancing offers several benefits, such as low interest rates and flexible repayment terms.
If you've completed high school and have a steady job, ELFI might be able to assist you in lowering your payments and interest rate. Borrowers can apply for private student loans and student loan refinancing entirely online. They can also access rates, repayment terms and conditions that are completely flexible.
Pros
- No application, origination or prepayment penalty fees
- All student loans eligible for refinancing
- Dedicated personal loan advisor
- Excellent customer service
- Conducts soft credit inquiry
Cons
- Requires high credit score
- No co-signer release option
- Private student loan offered in limited schools
- Minimum annual income of $35,000 required
- Borrowers must refinance at least $15,000
- Fixed APR Range: From 3.20%
- Variable APR Range: From 1.20%
- Loan Amounts: Minimum of $1,000
- Grace Period: 6 months
- Co-signer: Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility
OUR REVIEW: A DEEPER DIVE INTO EDUCATION LOAN FINANCE (ELFI)
- Education Loan Finance (ELFI) Student Loan Details
- Is Education Loan Finance (ELFI) the Right Choice for You?
- How to Apply for an Education Loan Finance (ELFI) Student Loan
- What to Do if You’re Rejected From Education Loan Finance (ELFI)
- Frequently Asked Questions About Education Loan Finance (ELFI) Student Loans
MoneyGeek Breakdown: Education Loan Finance Student Loan Details
Education Loan Finance (ELFI) Details
Fixed APR | 2.43%–5.99% for student loan refinancing; private loan starts at 3.20% |
Variable APR | 1.86%–6.01% for student loan refinancing; private loan starts at 1.20% |
Loan Types | Undergraduate, Graduate, Parent and Refinancing |
Loan Amounts | Minimum private loan amount of $1,000 |
Repayment Terms | Student loan: 5-15 years Student loan refinancing: 5-20 years Parent loans: 5-10 years |
Grace Period | Six months |
Co-signer Required | Must be at the age of majority or older at the time of loan application |
Time to Receive Funds | About three weeks |
Late Fees | 5% of the past due amount or $50 (whichever is less) |
Prepayment Penalty Fees | No prepayment penalties |
Perks | Highly-rated customer service |
Mobile Application | No |
Education Loan Finance (ELFI) Student Loan Application Requirements
- 1
Must be a citizen of the United States or a permanent resident with proof of eligibility
- 2
Must be at least 18 years old at the time of loan application
- 3
Must be pursuing a Bachelor's, Master's or Doctoral degree program at any eligible school
- 4
Must have a minimum loan amount of $1,000
- 5
Must have a minimum income of $35,000
- 6
Must have a minimum credit score of 680
- 7
Must have a credit history of at least 36 months
- 8
Must be enrolled at least half-time in school
- 9
For parent loans, the borrower must meet the qualifying dependent requirements
- 10
Must comply with documents (recent pay stub or proof of employment from within the last 30 days, W-2 Form from the most recent tax year and government-issued identification)
Is Education Loan Finance (ELFI) Right for You?
The best student loan lender can differ from one person to the next. To choose the right one for your needs, compare the terms, fees, rates and offers of different lenders to ELFI. Also, understanding the borrowers that ELFI caters to can help you determine if it’s the right option for you.
Type of Student Education Loan Finance (ELFI) Is Perfect For
Borrowers who have a stable job and substantial student loan debt should consider ELFI’s student loan refinancing. You can save money on the original loan value by taking advantage of lower monthly payments and cheaper interest rates.
ELFI’s student loans are perfect for borrowers who need to borrow at least $1,000 for college or refinance at least $15,000 in student loans.
Ultimately, you want to pay off your loans as fast as possible without putting a strain on your finances. ELFI can assist you in achieving that goal since they offer competitive rates and terms.
Who Should Not Choose Education Loan Finance (ELFI)
Education Loan Finance (ELFI) student loans might not be a good fit for borrowers who aren’t earning at least $35,000 per year in income. It’s also not ideal for people with a co-signer who want to eventually release their co-signer from the loan.
MoneyGeek’s Education Loan Finance (ELFI) student loan review also looked into ELFI’s list of accredited schools that have a reliable co-signer or a solid financial history. The list is a bit limited, and borrowers attending institutions that are not on the list may not be eligible for an ELFI student loan.
How to Apply for an Education Loan Finance (ELFI) Student Loan
The application process for all ELFI student loans is handled online and can be completed in a matter of minutes. Following the submission of your application, you will be assigned a student loan advisor who will help you with any questions you may have regarding the process.
- 1
Prequalify
Create an ELFI account or log in to your existing one. Then, fill out the prequalification form with your personal information, including your name, address, date of birth and Social Security number, as well as the school you plan to attend or are already attending. ELFI only does a “soft pull” of your credit history for the initial prequalification. You will receive a preliminary offer once your application is complete.
- 2
Fill Out Application Form
If you accept the preliminary offer, you will be required to upload specific documents and provide proof of your income and financial status. ELFI will do a comprehensive credit check at this point which can impact your credit score.
- 3
Wait for Approval
After you submit all of your information, you will need to wait for ELFI to make a decision about your application. This will involve them verifying your academic information with your school.
- 4
Review Loan Agreement
Once your information has been verified, ELFI will make you a loan offer. Read the loan agreement carefully. Check all the details and make sure that you understand the loan's terms and restrictions. This can help you save money throughout the term of your loan as you will be able to avoid fees and extra charges.
- 5
Sign Loan Agreement
If you have read and understood the loan agreement, you can accept the offer via your electronic signature. A student loan advisor will be assigned to you and can answer any questions you have.
- 6
Receive or Direct Funds
After your school authorizes the loan amount and you agree with the loan terms, ELFI will send the funds.
- 7
Make Payments
ELFI offers repayment terms ranging from five to 15 years on private student loans and five to 20 years on student loan refinancing. Parents have a 10-year cap in both situations. For a private student loan, you have the following repayment options:
- Immediate: Full principal and interest payments begin 30 to 60 days after funds are disbursed. This commences while you are still in school.
- Fixed: $25 payments during the grace period and while in school.
- Interest-only: Interest-only payments during the grace period and while in school.
- Deferred: Repayment will begin six months after you graduate or drop below half-time enrollment.
What to Do if You Are Rejected From Education Loan Finance (ELFI)
Having your student loan application denied is disappointing, but it’s not uncommon. You might be denied an Education Loan Finance (ELFI) student loan due to a low credit score, insufficient income or issues with your credit history.
If your ELFI application is denied, try to figure out why it was rejected and what you can do about it. MoneyGeek suggests reaching out to ELFI and asking why you were rejected. Ask if there is anything you can do to change the decision, such as getting a co-signer.
You can also request additional information and services from your school's financial aid advisors or office. Additionally, it's a good idea to look into other options that might be open to you. Compare many lenders and loan offers to find the best solution for you.
Frequently Asked Questions About Student Loans
You should do your research to ensure that your student loan matches your needs. MoneyGeek answers some of the frequently asked questions concerning ELFI student loans to help you make an informed decision.
What can I use an Education Loan Finance (ELFI) student loan for?
ELFI private student loans can cover up to 100% of your school-certified educational costs. Tuition, books, housing, supplies, transportation and personal costs are usually included in the cost of attendance.
What credit score do I need for an Education Loan Finance (ELFI) student loan?
An ELFI student loan requires a minimum credit score of 680, which is considered "good."
How long does Education Loan Finance (ELFI) take to approve a student loan?
Several factors influence how quickly you can obtain a student loan from ELFI. After you've been authorized, it usually takes three weeks for the funds to be disbursed. However, in some situations, receiving your private student loan funds can take a long time.
Does Education Loan Finance (ELFI) have a mobile app?
While there is no mobile app available, borrowers can contact ELFI's customer service department seven days a week.
What is the maximum amount I can borrow from Education Loan Finance (ELFI)?
The maximum loan amount available through ELFI is determined based on the school's approval for acceptable educational costs.
Will applying for an Education Loan Finance (ELFI) student loan affect my credit score?
When you prequalify, a soft credit pull is completed. This won’t impact your credit. However, ELFI conducts a hard credit pull once you submit a full application, which will have an impact on your credit score.
Does Education Loan Finance (ELFI) accept co-signers on student loans?
When you apply for an ELFI student loan, you don't need a co-signer if you qualify on your own. A co-signer with a solid credit history and income might help you get a private student loan if you have a limited credit history and income.
Can I use Education Loan Finance (ELFI) student loans at my college?
ELFI provides an updated list of eligible schools for private student loan financing on their website. The lender also asks students to fill out their contact form and request inclusion for future consideration if their school is not listed.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
sources
- Education Loan Finance. "Contact ELFI Student Loan Advisors." Accessed September 18, 2024.
- Education Loan Finance. "How Long Does the Student Loan Disbursement Process Take?." Accessed September 18, 2024.
- Education Loan Finance. "Private Student Loans." Accessed September 18, 2024.
- Education Loan Finance. "Private Student Loan Terms." Accessed September 18, 2024.
- Education Loan Finance. "Private Student Loan Eligibility." Accessed September 18, 2024.
- Education Loan Finance. "Refinancing Loan Terms." Accessed September 18, 2024.
- Education Loan Finance. "Student Loan FAQs." Accessed September 18, 2024.
- Education Loan Finance. "Student Loan Refinancing Made Simple." Accessed September 18, 2024.
- Education Loan Finance. "Student Loan Repayment: Grace Periods What to Know." Accessed September 18, 2024.
- Education Loan Finance. "Undergraduate Student Loans." Accessed September 18, 2024.
- Education Loan Finance. "Will Applying for a Student Loan Hurt My Credit Score?." Accessed September 18, 2024.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.