Education Loan Finance (ELFI)

Education Loan Finance (ELFI) is a student loan program launched in 2015 by Tennessee-based SouthEast Bank. ELFI provides student loan refinancing, parent loan refinancing, and undergraduate, graduate, and parent private student loans.

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Program Variety

Student loan and parent loan refinancing are available for loan amounts of $10,000 and above. Student loan refinancing terms range from 5 to 20 years, while parent loan refinancing terms are from 5 to 10 years.

Private student loans, including undergraduate, graduate, and parent, are available from $1,000. Loan terms range from 5 to 15 years for undergraduate and graduate loans, and 5 to 10 years for parent loans.

Products Available

ELFI offers a variety of products around student loan financing. These include:

  • Student loan refinancing
  • Parent loan refinancing
  • Undergraduate student loans
  • Graduate student loans
  • Parent student loans
  • Employer student loan repayment
  • Exclusive Tennessee-only lending program for education in teaching or nursing

Program Costs

ELFI's APRs are based on a variety of factors including the loan term, your financial history, and your co-signer's (if applicable) financial history. Student and parent loan refinancing rates vary from 5.48% to 8.94% APR for fixed rate and 5.28% to 8.99% APR for variable rate loans.

For new undergraduate, graduate, or parent student loans taken out through ELFI, rates start at 5.04% APR for fixed rate and 4.98% for variable rate loans.

There are no application fees or origination fees, and no prepayment penalties. There is a late fee of $50 or 5% of the past due amount, whichever is less, for payments not received within ten days of the due date.

Industry Reputation

Education Loan Finance is a relatively new service, in operation since 2015, but its parent company, SouthEast Bank, has been in business for 22 years. Both have generally positive, though relatively limited, online feedback from customers.

Benefits

  • Co-signers are permitted
  • No application or origination fees or prepayment penalties
  • Prequalify to see your rates and options in minutes without affecting your credit score
  • ELFI provides a substantial amount of free information and resources to determine your options and best course of action in obtaining and refinancing a student loan

Complaints

ELFI has an A+ rating with the Better Business Bureau and 0 complaints, though it is not BBB accredited.

The company has a 4.8/5 rating on Trustpilot, wtih over 2,100 reviews.

State Coverage

ELFI student loan products, including loans and refinancing, are available across the entire U.S. and Puerto Rico.

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