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ELFI Student Loan Review

What is ELFI Student Loans

Education Loan Finance (ELFI) is a private lender that offers in-school and refinanced student loans. They assign a Student Loan Advisor to assist you during the entire application and funding process. ELFI is a division of SouthEast Bank which launched in 2015 and is designed to help students and parents pay for college.

Loans for Students

ELFI offers a variety of student loan products covering undergraduate and graduate students as well as parents.

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Undergraduate Student Loans

ELFI offers student loans for undergraduate students attending an eligible college. Students must borrow a minimum of $10,000, with fixed and variable rates available. 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

ELFI offers private student loans for students enrolled at least half-time in a master’s or doctoral program at an eligible university. Students must borrow a minimum of $10,000 with fixed and variable rates available. 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 application and origination fees, and no prepayment penalties. The minimum loan amount for a parent student loan is $10,000 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  Parent loans are limited to a maximum 10-year repayment term
 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  
  Cosigner needed for those with limited income or credit history
 Earn a reward in the student loan refinancing referral program Your friend must meet the minimum refinance balance of $15,000 for the referral reward

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 $15,000 and variable or fixed rates are available. Student loan refinance eligibility criteria include:

  • Must be a U.S. citizen or permanent alien resident without conditions
  • 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

Could student loan refinancing save you money?

How ELFI Gives Back

SouthEast Bank’s holding company, Education Loan Finance Inc., is a non-profit committed to higher education. Education Loan Finance Inc. has given away more than $20 million in scholarships as well as provided financial literacy curriculum to local high schools.

ELFI Customer Service

ELFI offers online chat support as well as email and phone support. Every loan applicant receives a Student Loan Advisor who guides you through the process.

ELFI Headquarters

ELFI’s headquarters are in Knoxville, TN.

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