Student Loans

Education Loan Finance Refinancing Review

Rates current as of 6/6/2023

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+
  • 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
  • 5.08% starting APR for Fixed Interest Rates
  • 5.08% starting APR for Variable Interest Rates
  • No application fees
  • No origination fees
  • No penalties for paying early
  • Terms of 5, 7, 10, or 15 years.
  • A great option for those with financial stability

Documents Needed

  1. Current Loan statement
  2. Recent Pay Stub documenting the last 30 days of payment (if you are employed)
  3. Government Issued ID
  4. Account Information
  5. 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.

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.

There are no penalties for prepayment or origination fees and their current rating with the Better Business Bureau is an A+.

On TrustPilot, they have 4.9/5 stars.

Incentives with Education Loan Finance Refinancing

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.

Bob Buckley

Bob Buckley writes about food and business.