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Last update: October 17, 2024
2 minutes read
ELFI: Private Student Loan Review
Thinking about financing your education with ELFI? Discover everything you need to know about ELFI's competitive interest rates, personalized customer service, eligibility requirements, and repayment options in our in-depth review to help you decide if it's the right lender for your student loan needs.
By Yerain Abreu, M.S.
Edited by Derick Rodriguez, Associate Editor
Learn more about our editorial standards
By Yerain Abreu, M.S.
Edited by Derick Rodriguez, Associate Editor
Learn more about our editorial standards
When it comes to financing your education, choosing the right lender can make a significant difference in your financial future. ELFI (Education Loan Finance) offers a range of private student loans and refinancing options. In this review, we'll explore what ELFI brings to the table, including interest rates, eligibility requirements, repayment plans, and unique features that set it apart from other lenders.
Our final verdict
Overall, ELFI provides a compelling package for students and graduates seeking private student loans or refinancing options.
About ELFI
Founded in 2015 and a division of SouthEast Bank in Tennessee, ELFI specializes in providing private student loans and refinancing solutions. Unlike some lenders that offer a variety of loan products, ELFI focuses solely on education financing. This specialization allows them to offer competitive rates and personalized customer service through dedicated loan advisors.
ELFI offers loans across all 50 states, with an easy online application process that provides personalized assistance through dedicated loan advisors. They offer loans starting from $1,000 up to the total cost of attendance, covering expenses like tuition, housing, and books.
TuitionHero tip
Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.
Undergraduate loan details
ELFI provides loans that range from $1,000 up to Up to 100% of attendance costs (aggregate) for undergraduate students. They offer fixed rates from 3.69% to 14.22% or variable rates from 4.86% to 8.49% (including the autopay discount!).
Borrowers can rest easy knowing that there are:
- No application fees
- No origination fees
- No prepayment penalties
Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.
Repayment options
ELFI offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.
Grace period: 6 months
4.86% - 8.49%
3.69% - 14.22%
$1,000 - 100% of attendance costs
5, 7, 10, 15-year
680
4.86% - 8.49%
3.69% - 14.22%
$1,000 - 100% of attendance costs
5, 7, 10, 15-year
680
Added benefit: Student Loan Advisor to guide you through the application process.
Eligibility
Who can benefit from ELFI's loan options? Here are the core eligibility requirements for their private student loans:
TuitionHero tip
If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.
Compare ELFI to other lenders
Unsure if ELFI is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.
Our top pick
ELFI
4.86% - 8.49%
3.69% - 14.22%
Grace period- Forbearance
- Immediate repayment
- Fixed repayment
- In-school deferment
- No application fees
- No prepayment penalties
- No origination fees
ELFI
4.86% - 8.49%
3.69% - 14.22%
- Grace period
- Forbearance
- Immediate repayment
- Fixed repayment
- In-school deferment
- No application fees
- No prepayment penalties
- No origination fees
ELFI
4.86% - 8.49%
3.69% - 14.22%
- Grace period
- Forbearance
- Immediate repayment
- Fixed repayment
- In-school deferment
- No application fees
- No prepayment penalties
- No origination fees
Ready to get started?
Compare student loan rates from all the top lenders with zero impact on your credit score.
Customer service
Customer support can be a make-or-break factor when evaluating a potential lender. Fortunately, ELFI's customer service is top-notch.
ELFI offers multiple ways to contact them.
- Website: www.elfi.com
- Email: answers@elfi.com
- Phone: 1-844-601-ELFI (3534)
- Hours: Monday-Thursday: 8:00 AM – 8:00 PM; Friday: 8:00 AM – 5:00 PM; Saturday 10:00 AM – 4:00 PM
Frequently asked questions (FAQ)
Here are some of the most common questions we get asked about ELFI.
Yes, ELFI allows you to refinance both federal and private student loans. However, be cautious when refinancing federal loans, as you will lose federal benefits like income-driven repayment plans and loan forgiveness options.
ELFI does not advertise any autopay discounts or other rate reductions. Their competitive rates are offered upfront.
ELFI evaluates hardship situations on a case-by-case basis. If you're experiencing financial difficulties, contact your loan advisor to discuss potential options.
Final thoughts
ELFI is a strong contender for borrowers who meet their eligibility criteria and are looking for competitive interest rates coupled with personalized service. Their lack of fees and flexible repayment options make them an attractive option for financing your education or refinancing existing student loans.
Source
Author
Yerain Abreu
Yerain Abreu is a Content Strategist with over 7 years of experience. He earned a Master's degree in digital marketing from Zicklin School of Business. He focuses on college finance, a niche carved out of his journey through the complexities of academic finance. These firsthand experiences provide him with a unique perspective, enabling him to create content that's informative and relatable to students and their families grappling with the intricacies of college financing.
Editor
Derick Rodriguez
Derick Rodriguez is a seasoned editor and digital marketing strategist specializing in demystifying college finance. With over half a decade of experience in the digital realm, Derick has honed a unique skill set that bridges the gap between complex financial concepts and accessible, user-friendly communication. His approach is deeply rooted in leveraging personal experiences and insights to illuminate the nuances of college finance, making it more approachable for students and families.
At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.
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