Education Loan Finance, or ELFi may be a great option for graduates who have a solid job and want robust support during the refinancing process.
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Borrowers must meet certain requirements to qualify:
- Credit score: 680+
- Cosigner required, but, can be released after 36 months of consecutive online payments
- Must be a current graduate with a bachelor’s degree or higher
- Must be a U.S. citizen
- Your Debt:Income Ratio must be sufficient in showing that you can pay back the loan.
Education Loan Finance is a program offered through a division of SouthEast Bank in Tennessee.
- Refinancing for loan amounts of $15,000 or more
- No maximum for loan amounts
- 3.39% – 6.69% APR Fixed Interest Rates
- 2.8% – 6.01% APR Variable Interest Rates
- No application fees
- No origination fees
- No penalties for paying early
- Terms of 5, 7, 10, 15 or 20 years
- Slightly less payment flexibility than competitors
- A great option for those with financial stability
- Must attend a school on their approved list to qualify
ElFi will allow you to take screenshots of the following five documents (six if self-employed), so no scanning necessary.
- Current Billing Statement or Payoff Letter
- Recent Pay Stub
- W-2 Form
- Government Issued ID
- Account Information
- Tax returns (if self-employed)
The current graduate requirement may be one that catches a few people off guard. There’s at least one review floating out there on TrustPilot from someone who went halfway through the process without realizing they needed their degree.
As with refinancing through any private organization, going through ELFI will mean loss of certain federal loan benefits, like applying for forbearance, income-driven repayment plans or loan deferment.
All borrowers are required to make payments electronically. In order to provide rate estimates, they perform a soft credit pull. It will not show up on your official credit report or reduce your credit score in any way, which is good. There are no penalties for prepayment or origination fees and their current rating with the Better Business Bureau is an A+. ELFi also uses the 3-month Libor rate versus the 1 month which some banks do.
On TrustPilot, 95% of ELFi’s reviews from actual customers are between “Great” and “Excellent,” the two highest ratings.
On Glassdoor, there aren’t too many ratings from past or current employees (and ELFi doesn’t show, just Southeast Bank), but, those that are there sit between 4-5 stars.
ELFi offers $25 in your PayPal account if you refinance using your PayPal login.