ELFI Review + Bonus | Student Loan Planner

Key Takeaways: ELFI offers student loan refinancing.ELFI has Student Loan Advisors to help guide borrowers.ELFI serves borrowers in all 50 states and is owned by SouthEast Bank.Get up to $1,099 as a refinancing bonus when using our Student Loan Planner® referral link.

ELFI, owned by SouthEast Bank, is one of the lesser-known student loan refinancing companies.ELFI offers competitive refinancing rates, but where it really stands out is in customer service.Currently, the company is rated 4.9 out of 5 stars on Trustpilot and receives a 4.5 out of 5 stars from Student Loan Planner®.For more detailed information, keep reading for our full ELFI review.

ELFI student loan refinance review ELFI offers student loan refinancing with a minimum of $10,000 and offers fixed-rate and variable-rate loans.Its customers save an average of $334 each month and may save an average of $21,921 over the life of the loan after refinancing, according to its website.They have repayment terms between five and 20 years for student loan refinancing.ELFI also offers parent loan refinancing for parents who took on student loan debt on behalf of their child.

Parents who opt for this can have a repayment term of five, 7 or 10 years.For borrowers looking for more personalized support, ELFI can be a good option to consider.They have an experienced team with over 30 years of experience in the refinancing space and have Student Loan Advisors for each borrower.Here’s a general overview of what ELFI has to offer for student loan refinancing: ELFI ELFI: Best for customer service Positives: Highly competitive fixed ratesAllows cosigners: Yes, but no cosigner releaseDeferment or forbearance available: Yes, up to 12 monthsInterest rates: Fixed starting at 4.29% APR; Variable starting at 4.74% APRBonus: $300 for refinancing at least $50,000.

$500 for 100k to 149k, and $1,099 for refinancing 150k+.Education Loan Finance, aka ELFI, excels with customer service and low rates for borrowers with the highest credit scores.There is a minimum loan size of $10,000 but no max loan size, and their fixed rates are very competitive historically.Expect about 5 minutes to get an initial rate estimate.

Get up to a $1,099 bonus when you use our ELFI link.(For eligible refinances of $150,000 or more, $500 of the bonus would come directly from Student Loan Planner®).Additional terms apply.From a rate perspective, ELFI’s refinancing deals ebb and flow with periods of being really aggressive with pricing, as well as less aggressive periods.

So, depending on when you apply for refinancing, you might find more competitive rates through a different lender.But considering the student loan refinancing market has been more volatile recently due to higher costs of capital being passed on to borrowers, it’s best to shop around with all of the top refinancing lenders to find the best deal.Pros and cons: ELFI review ELFI is just one of the student loan refinancing companies out there, so it’s important to review the pros and cons.Pros: Offers lower interest rates.

ELFI offers competitive variable-rate loans and fixed-rate loans.Friendly to Parent PLUS loan borrowers.Allows parents to transfer the loan to their child’s name.Provides personalized customer support.

Their team will support your refinancing journey at each step.No fees.ELFI has no loan application fees and no origination fees.No prepayment penalties.

You can pay ahead on your loans with no consequences.Student loan refinancing expertise.The company has a total of 30+ years of experience in this space.Forbearance up to 12 months.

You have the option to put a hold on your monthly payments for up to a year because of financial hardship or medical difficulty.Easy and convenient.Their site says you can score a refinancing loan in just a few minutes.In some cases, you might find out about approval in as little as one day.

Cons: Checking your rate isn't user-friendly.You'll need to create a profile with several pages of detailed information just to initially check your rate.Cosigner release isn’t an option.That means your cosigner won’t be released and will be held responsible for the entirety of the loan repayment, should you stop paying.

Eligibility requirements for ELFI student loan refinance In order to get approved for a refinancing loan through ELFI, you must meet certain eligibility requirements.To qualify for an ELFI student loan refinancing loan, you must: Be a U.S.citizen or permanent resident.Be at least the age of majority (legal adult by state) at the time of applying.

Have a bachelor’s degree or higher.Meet the minimum loan amount of $10,000.Have a minimum income of at least $35,000.Have a credit score of 680 or higher.

Have a good credit history for the past three years.Have a degree from a qualified institution.Note that ELFI might look at other underwriting criteria and eligibility requirements, such as your financial history and debt-to-income ratio.Applying for a refinancing loan with ELFI The ELFI application process might not be considered as user-friendly as other refinancing applications.

To start, you need to create a profile.You’ll then have the option to choose from in-school loans or refinancing loans.After choosing “Refinancing” select whether you’re a borrower or a parent/cosigner.You'll then be asked to choose your loan amount to be refinanced.

Note that it's much easier to manually type your loan amount versus using the sliding scale.You’ll then be asked to verify your contact information, including name, email and phone number.From there, you'll enter personal information, such as your address and current living arrangements (e.g., whether you own/rent and monthly housing expenses).Be ready to also provide info about your highest degree obtained, the school you graduated from and your graduation date.

And then confirm details about your identity, including Social Security number, date of birth and citizenship status.Indicate whether you plan on having a cosigner and enter their information as requested.Keep in mind they must have an annual income above $35,000.Finally, you'll need to provide your estimated annual income and employment status before doing a final review.

Once you agree to the loan terms and conditions, you can click “Check My Rate” to see the prospective APR and repayment terms you qualify for.Note that checking your rate won’t hurt your credit.If you move forward with applying, you’ll need the following: Pay stubs of proof of employment from the last 30 days W-2 from the previous year Government-issued I.D.Tax returns if you’re self-employed Account information Current billing statement for each qualified loan The billing statement that you provide must have the following: Your name Your account number The current loan balance or payoff amounts The payment mailing address If you apply with a cosigner (not required), your cosigner will also need to provide identification, pay stubs and a W-2.

It can take from a few days to a few weeks to complete the loan process, so you should continue making payments on your current debt until you receive notification that your new refinanced loan has been disbursed.Once your loans are paid, you’ll start paying your refinancing loan with ELFI.ELFI’s refinance loans are serviced by Missouri Higher Education Loan Authority (MOHELA) and American Education Services (AES).Should you refinance with ELFI? We surveyed over 3,900 of our readers to learn about their refinancing experiences.

Overall, those who refinanced with ELFI were happy with their decision.Here’s what some of our readers had to say: “The process was seamless and easy with ELFI.They communicated precisely what would happen and the time frame to expect it to be completed.” “ELFI was great and very easy to work with.” Student Loan Planner Reader If you want to refinance your student loans, ELFI may be an option to consider.When applying for an ELFI refinancing loan with our referral bonus link, you could receive a cash-back bonus ranging from: $300 bonus for loan amounts of at least $50,000.

$500 bonus for loan amounts ranging from $100,000 to $149,999.$1,099 for loan amounts of $150,000 or more ($500 of cash bonus provided directly by Student Loan Planner®) If you like working with a bank (because ELFI is serviced by SouthEast Bank) and you like personalized service, then these perks might outweigh the drawbacks.For borrowers in general, it’s always a good idea to compare rates and terms among various lenders before deciding on one option.What to consider before you refinance student loans Before you decide to refinance with ELFI, it's key to review your student loan debt situation.

If you have federal loans, for example, refinancing will limit your repayment options.Refinancing a student loan means taking out a new loan that pays off your current student loan debt.That means you won't be eligible for federal student aid benefits or repayment plans such as income-driven repayment or student loan forgiveness.If you have a private student loan, then refinancing isn't as much of a risk.

Either way, it's important to know what you're walking into.When you refinance, there will be a hard credit check to determine your final interest rate and eligibility.You want to check the student loan refinancing marketplace and compare ELFI with other financial institutions and lenders.By doing your research, you can be informed and make a decision that fits with your financial goals and priorities.

FAQs for ELFI Is there a downside to refinancing student loans? If you have federal student loans, one major downside to refinancing your student loans is giving up borrower protections and repayment plans such as student loan forgiveness, forbearance, and income-driven repayment.When you refinance, you have a private loan.Is ELFI legit? ELFI is a student loan refinancing lender based in Tennessee that has been around since 2015.It was formerly known as Education Loan Finance and is student lending division of SouthEast Bank.

Does ELFI have a prepayment penalty? ELFI allows you to pay off your loans early without penalties or fees.You can make additional payments anytime to reduce your balance faster.