Rates current as of 1/15/2021
Education Loan Finance refinancing 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 look at and give you a straightforward and unbiased review. We do make money if you click our link and refinance a student loan through this company. For more on that, see how we make money.
To Qualify for Education Loan Finance Refinancing
Borrowers must meet certain requirements to qualify:
- Credit score: About 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 to 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
- 2.79% starting APR for Fixed Interest Rates
- 2.39% starting APR for Variable Interest Rates
- No application fees
- No origination fees
- No penalties for paying early
- Terms of 5, 7, 10, 15, or 20 years
- A great option for those with financial stability
- Must attend a school on their approved list to qualify
- Current Billing Statement or Payoff Letter
- Recent Pay Stub
- W-2 Form
- Government Issued ID
- Account Information
- Tax returns (if self-employed)
Any drawbacks with Education Loan Finance Refinancing?
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 bachelor’s 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.
If there is a current administrative forbearance on federal loans, you need to carefully consider if refinancing makes sense. Unless you have a private student loan where payments are still required, it probably doesn’t make sense to refinance a federal loan unless payments resume on 2/1/2021.
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 other 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.
Incentives with Education Loan Finance Refinancing
ELFi offers $25 in your PayPal account if you refinance using your PayPal login.