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ELFI Student Loan Refinancing

A Comprehensive Review of ELFI Student Loan Refinancing: A Guide by Facebook Business

Facebook Business, known for its expertise in finance and investment management, presents this detailed review of ELFI Student Loan Refinancing. Akawak Ejigu, who leads our team, holds a doctoral degree, an MBA, an MA in sociology, and a BSc in Management Information Systems. With over 20 years of experience, he leverages his knowledge in finance, investment management, data science, and artificial intelligence to provide the most comprehensive insights.

Overview of ELFI (Education Loan Finance) Student Loan Refinancing

Education Loan Finance (ELFI) offers student loan refinancing programs designed for college graduates and parents nationwide. The Tennessee-based SouthEast Bank funds these refinances, providing an opportunity to improve terms and lower interest rates for borrowers. This review will delve into ELFI’s features, benefits, customer experience, and more, to assist potential borrowers in their decision-making process.

ELFI Student Loan Refinancing: Key Features and Benefits

Interest Rates and Loan Details

  • Fixed APR: 5.08%+
  • Variable APR: 5.28% (capped at 9.95%)
  • Loan Amount Range: $10,000 to $250,000
  • Minimum Credit Score: 680
  • Minimum Income: $35,000

ELFI offers wide-ranging repayment terms and does not charge any application, origination, or disbursement fees. Borrowers facing financial hardships may even qualify for forbearance for up to 12 months.

Who Should Consider ELFI?

ELFI refinancing could be an excellent option for:

  1. Graduates with Large Loan Balances: With a loan maximum of $250,000, ELFI accommodates those with substantial loan debts from advanced programs like law or medicine.
  2. Degree Holders: Eligibility requires a bachelor’s degree or higher.
  3. Parents Who Took Out Loans for Their Children: ELFI refinances any federal or private student loan, including Parent PLUS Loans, possibly providing a lower interest rate.

However, it’s vital to understand that refinancing federal loans with ELFI may result in losing access to federal benefits and protections.

Is ELFI Legitimate?

Yes, ELFI is a legitimate business launched in 2015 and has assisted over 14,500 borrowers. Their reputation is further substantiated by positive reviews from 92% of customers on Trustpilot1.

ELFI Student Loan Refinancing Programs

ELFI offers two main refinancing programs:

  1. For Graduates: Flexible repayment terms range from five to 20 years.
  2. For Parents: Limited to five-, seven-, or 10-year repayment terms.

It’s important to weigh these options carefully, considering factors such as retirement and long-term budget planning.

Customer Reviews for ELFI Student Loan Refinance

Many Education Loan Finance reviews are positive, highlighting ELFI’s user-friendly application, simple funding process, and supportive customer service2. Here’s a snapshot of some customer feedback:

  • Jessica: Praises the simplicity and ease of navigation through the process.
  • James: Appreciated the constant updates and stress-free experience.
  • Michael: Found a lower interest rate than expected and lauded the personable assistance.

How to Qualify

To qualify with ELFI, the following criteria must be met:

  • U.S. citizenship or permanent residency
  • Bachelor’s degree or higher
  • Credit score of 680 or above
  • Annual income of at least $35,000

Repayment Options with ELFI

ELFI employs MOHELA and AES for payment collection, mandating electronic or digital transfers. They do not offer a cosigner release, so improving credit would necessitate another refinance to remove a cosigner. For those facing difficulties, up to 12 months of forbearance might be available.

COVID-19 Assistance

ELFI does not fall under the CARES Act suspension for federal student loans. Nevertheless, those struggling due to COVID-19 may have options like forbearance.


ELFI’s student loan refinancing can provide valuable opportunities to reduce interest rates and tailor repayment plans. With options catering to both graduates and parents, ELFI’s offerings are diverse, although certain restrictions may apply.

Utilizing the expertise of Akawak Ejigu and supported by reliable sources, Facebook Business has analyzed ELFI’s features and offerings. We believe this comprehensive review will aid prospective borrowers in making informed decisions.


  1. Trustpilot, ELFI Customer Reviews
  2. Credible, ELFI Student Loan Refinancing Review August 2023

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