ELFI Overview
What is ELFI?
ELFI offers private student loans and student loan refinancing for students, parents, and specific professions. It is owned by SouthEast Bank, a regional bank that operates in Tennessee.
We compared ELFI to the best private student loans of 2025 and found it to be a great option for students looking to save on their loan payments in the long term. Thanks to its competitive interest rates and absence of origination or prepayment fees, ELFI is best suited for those seeking low-cost refinancing or private student loans.
Loan Options
ELFI has a variety of student loan options. Its private student loans are available to undergrads, graduate students, and parents of students. There are also loan programs for Tennessee teachers and nurses, future healthcare professionals, MBA students, and law school students. ELFI also offers student loan refinancing for both students and parents.
Eligibility Requirements
ELFI's eligibility requirements depend on the loan program. For most of its student loans, you will need a minimum income of $35,000, a credit score of at least 680, a 36-month credit history or longer. You must also be a U.S. citizen or permanent resident, and be enrolled at least half-time in school in a bachelor's, master's, or doctoral degree program. You also must be attending an eligible school.
On parent loans, there are "qualifying dependent" requirements for the student. The student must share a principal residence for over half the taxable year, be younger than the borrower and have not turned 24 before the end of the calendar year, have not provided their own support during the calendar year, and be a citizen, national, or resident of the U.S.
Refinancing eligibility requirements are similar, except you must have received a bachelor's degree from a Title IV non-profit college or university in the U.S. and have a minimum loan amount of at least $10,000.
How to Apply
ELFI offers an easy online application process that you can complete in just minutes. Here's what the process looks like:
- Gather the required information. This includes your Social Security number, your school of enrollment, your enrollment status, the loan amount you need, your address, and other financial documents.
- See if you prequalify for student loans and view your estimated rates within minutes without impacting your credit score.
- Select a plan with the rates and terms that fit your needs.
- Simply upload screenshots or photos of your required documents, then sign your paperwork electronically.
Pros and Cons of ELFI Student Loans
Pros
- Competitive Rates: Interest rates on ELFI's student loans are competitive. The lender currently offers rates starting at starts at 4.86% variable and 3.69% fixed, depending on the loan type — lower than many competitors. This could equate to significant savings in the long term.
- Dedicated Loan Advisors: When you apply for a student loan with ELFI, you'll be paired with a dedicated student loan advisor. They will guide you through the student loan process from start to finish and can answer any questions you have along the way.
- No Origination or Prepayment Fees: ELFI doesn't charge a lot of upfront fees, so that's another way it can save you. The lender has no application or origination fees, and there are no prepayment penalties either.
- Prequalify: ELFI allows you to check your eligibility and potential interest rates without affecting your credit score. This makes it easier to compare loan options before committing.
- Grace Period for Undergraduate Loans: ELFI undergraduate student loans have a six-month grace period. This means that after graduation, borrowers have six months before they are required to start making payments.
Cons
- No Cosigner Release: ELFI allows for cosigners if you need help qualifying for your student loan, but it doesn't have a cosigner release mechanism. If your cosigner wants out of the loan, you would have to refinance into a new student loan — without them on the application — instead.
- Potentially Stricter Credit Requirements: An ELFI student loan likely isn't right for someone with a limited credit history. Not only do loans require at least a 680 credit score, but they ask that you (or your cosigner) have at least three years of credit on file, too.
- High Refinancing Minimum: You'll need a fairly high balance to refinance a student loan with ELFI. Though it issues loans as low as $1,000, refinances must have balances of $10,000 or more.
Alternatives to ELFI
- College Ave Student Loan Refinancing: College Ave also offers refinancing, but its refinance rates are higher than ELFI's. Term options are the same, and there are no application fees on either.
- Laurel Road Student Loan Refinancing: Laurel Road is another student loan refinancing option. If you're willing to open a Laurel Road checking account, rates could be slightly lower than ELFI's, at least on shorter terms, and there are both fixed- and variable-rate options available.
- Ascent Undergraduate Student Loans: Ascent is another lender option that boasts lower fixed-rate loans than ELFI's, though ELFI wins out on variable rates. Ascent also has a longer grace period (you don't have to make payments until nine months after graduation), and it offers a cosigner release. However, the company has a lower BBB rating, no customer reviews on Trustpilot, and does not refinance existing student loans.
ELFI vs. Earnest
With Earnest, you can get a 0.25% rate discount for setting up autopayments. Earnest has a minimum SLR credit score of 665 (without a cosigner) and 650 with a cosigner, while ELFI requires a 680 minimum.
ELFI has higher ratings on Trustpilot, though only by a small margin. It also has more complaints with the BBB.
ELFI vs. SoFi
SoFi is another student loan lender you might consider. The company offers both fixed- and variable-rate options, as well as student loan refinancing. SoFi's rates on fixed-rate and variable-rate loans are similar to ELFI's.
SoFi stands out with additional perks, including career coaching, networking events, and financial planning services for borrowers. However, ELFI pairs each applicant with a dedicated loan advisor to create a customized loan repayment plan.
Both lenders have no origination or prepayment fees, but SoFi offers a unique unemployment protection program that allows borrowers to temporarily pause payments if they lose their jobs. Additionally, SoFi has a higher Trustpilot rating and more customer reviews than ELFI.
ELFI Student Loan Customer Experience
ELFI has very high customer satisfaction rates. The company boasts 4.8 stars out of 5 on Trustpilot, with 93% of past customers giving it a full five stars.
Customer reviews cite the lender's excellent service and support, the guidance of its loan advisors, and its clear and consistent communication as standouts. Many customers also note that ELFI's terms and rates were the best of all student loan refinancing options they considered.
ELFI also has an A+ with the Better Business Bureau (its highest rating) and has zero customer complaints filed against it.
Why You Should Trust Us: How We Rated ELFI Student Loans
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories: interest rates, fees, term lengths, borrower accessibility, repayment options, customer support, and company ethics.
Each category's weighting is determined based on its importance to your borrowing experience.
Read more about how we rate student loans »
ELFI Student Loans FAQs
ELFI's interest rates tend to be lower than most competitors, particularly on variable-rate loans, which start at 5%. Keep in mind that rates will vary based on your loan amount, credit history, and other factors.
ELFI's customer ratings are very high, and past customers note its strong customer service, great communication, and helpful loan advisor guidance. It has high ratings on Trustpilot and with the Better Business Bureau.
Yes, you can use ELFI to refinance your Parent PLUS loans, as well as any other federal loans you might have. Keep in mind that this will mean losing any benefits that federal student loans come with.
ELFI doesn't have any discounts, but it doesn't charge origination, application, or prepayment fees, which can save you on your student loans. It also has lower interest rates than most of its competitors.
Consider your credit score, the availability of a cosigner, and the repayment options you're looking for. ELFI requires at least a 680 credit score for you or a cosigner, and it offers no cosigner release.
