What is ELFI Student Loans
ELFI, a division of SouthEast Bank is a private lender specializing in in-school and refinanced student loans. The company was founded in 2015. When you choose ELFI, you'll be assigned a dedicated Student Loan Advisor who will assist you throughout the application and funding process. ELFI is committed to helping students and parents pay for college.
ELFI offers a variety of student loan products covering undergraduate and graduate students as well as parents.
Undergraduate Student Loans
ELFI offers loans for undergraduate students attending an eligible college. Students can borrow a minimum of $1,000, with fixed and variable rates available. You can preview your interest rate without affecting your credit score.
ELFI offers flexible repayment terms from 5 to 15 years. You do not need to be a full-time student to be eligible for an ELFI loan, but you must be enrolled at least half-time in a degree-seeking program. You may choose from four repayment options:
- Immediate repayment: Make principal and interest payments while attending school
- Interest only: Make interest only payments while attending school
- Fixed: Make $25 payments while attending school
- Deferred: Make no payments while attending school
Graduate Student Loans
If you're enrolled at least half time in an advanced or postgraduate degree program, ELFI's graduate student loans are available. The minimum loan amount is $1,000 with either a fixed or variable rate. ELFI offers flexible repayment terms for graduate student loans from 5 to 15 years. You may choose from four repayment options:
- Immediate repayment: Make principal and interest payments while attending school
- Interest only: Make interest only payments while attending school
- Fixed: Make $25 payments while attending school
- Deferred: Make no payments while attending school
Parent Student Loans
ELFI offers private student loans for parents wishing to help fund their child’s education. Parent student loans are offered with zero fees: no application or origination fees, and no prepayment penalties. The minimum loan amount for a parent student loan is $1,000 with fixed and variable rates available. ELFI offers flexible repayment terms for parent student loans from 5 to 10 years. You may choose from the following options:
- Immediate repayment: Make principal and interest payments while attending school
- Interest only: Make interest only payments while attending school
- Fixed: Make $25 payments while attending school
- Deferred: Allows parent to defer repayment while the student is attending school
| Pros | Cons |
|---|---|
| No prepayment penalty | Private parent loans do not offer the same federal benefits as Federal Parent PLUS Loans, such as loan forgiveness or income driven repayment plans |
| No application or origination fees | |
| Easily apply online | Borrower or cosigner must be a U.S. citizen or permanent resident alien without conditions |
| Expert help from a Student Loan Advisor | |
| Cosigners can be used to help you qualify | ELFI does not offer cosigner release on their private loans. However, refinancing your student loans is an option to release a cosigner. |
| Earn a reward in the student loan refinancing referral program | Your friend must meet qualifying criteria - including a minimum loan balance of $10,000 - and there is a limit of one cash bonus per referral |
ELFI Student Loan Refinance
ELFI offers student loan refinancing to students who have completed an undergraduate or graduate degree. Refinancing is also available for parent student loans. The minimum amount you may refinance is $10,000 and variable or fixed rates are available. Student loan refinance eligibility criteria include:
- Must be a U.S. citizen or permanent alien resident
- Must be the age of majority or older at the time of application
- Must have earned a bachelor’s degree or higher
- Minimum credit score of 680
- Minimum credit history of 36 months
- Must have received a bachelor’s degree from a Title IV U.S. domiciled non-profit college or university.
Student loan refinance repayment terms are as follows:
- Student loan refinancing: 5 to 20 years
- Parent student loan refinancing: 5 to 10 years
How ELFI Gives Back
SouthEast Bank’s holding company, ELFI Inc., is a non-profit committed to higher education. ELFI Inc. has given away more than $20 million in scholarships and they have provided financial literacy curriculum to local high schools.
ELFI Customer Service
ELFI offers online chat, as well as email and phone support. Every loan applicant is paired with a Student Loan Advisor who guides you through the entire process. Additionally, the company is rated 4.9 out of 5 on Trust Pilot.
ELFI Headquarters
ELFI’s headquarters are in Knoxville, TN.
