Education Loan Finance Student Loan Refinancing Review

Commonbond Student Loan Refinancing Review

Last updated on April 13th, 2019 at 10:35 am

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.

Our team at This College Life works tirelessly to dig into what differentiates each company we review and give you a straightforward, honest and unbiased review. How we make money.

To Qualify

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

Documents Needed

ElFi will allow you to take screenshots of the following five documents (six if self-employed), so no scanning necessary.

  1. Current Billing Statement or Payoff Letter
  2. Recent Pay Stub
  3. W-2 Form
  4. Government Issued ID
  5. Account Information
  6. Tax returns (if self-employed)

Any drawbacks?

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.

Additional Points

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.

Sound like ELFi’s a good fit for you?

Check your rate with them here.

Information from This College Life on financial services products should be used for educational purposes only. Consult a licensed financial professional before making any major decisions.

About the Author

Bob Buckley
Bob Buckley
Bob Buckley is an account executive and writer with an emphasis on sales and product development. Since studying accounting in school, he has worked at major financial and media companies in various roles. He's also the founder of This College Life. In his free time, he cooks a lot and occasionally blogs a recipe.