ELFI Review: Student Loan Refinancing for High Balances

ELFI has been helping borrowers refinance student loans since 2015. As a division of SouthEast Bank, based in Tennessee, ELFI operates entirely online. With ELFI, you can refinance a wide range of loans — including federal, private, undergraduate, graduate, and parent loans. In this review, we'll explore whether ELFI's refinancing options align with your financial goals and needs.

ELFI student loan refinance overview

Best for: Borrowers with high loan balances

ELFI is a solid option for refinancing, especially if you have a high loan balance. While you can refinance a variety of loan types, the minimum amount required is $10,000 - more than what lenders like SoFi or Laurel Road require. There's no set maximum borrowing limit, with ELFI, as it depends on your financial profile and credit history.

Check out: Best Student Loan Refinance Companies of 2024

How to qualify

ELFI has specific eligibility criteria you'll need to meet before you can refinance your student loans:

• A minimum loan balance of $10,000
• An annual income of at least $35,000
• A credit score of 680 or higher
• At least 36 months of credit history
• A bachelor's degree or higher
• Attended a U.S.-based, non-profit Title IV school
• U.S. citizenship or permanent resident status
• Be at least the age of majority when applying

If you don't meet these requirements, you can apply with a cosigner. However, ELFI does not offer cosigner release, meaning the cosigner will remain responsible for the loan for its entire term.

Repayment

ELFI offers flexible repayment terms, allowing you to choose from the following options:

• 5 years
• 7 years
• 10 years
• 15 years
• 20 years

These terms are fairly standard among lenders, but if you're refinancing parent loans, you'll be limited to terms of 5, 7, or 10 years. Keep in mind that opting for a longer term will reduce your monthly payments, but you'll pay more in interest over time.

Unlike many lenders, ELFI does not offer an interest rate discount for enrolling in autopay. However, if you experience financial hardship or medical challenges, ELFI may grant up to 12 months of forbearance, though this is at their discretion.

Key benefits

ELFI offers several standout features for borrowers looking to refinance their student loans:

• Student Loan Advisors: When you apply to refinance with ELFI, you'll be assigned a dedicated Student Loan Advisor who guides you through the entire refinancing process and helps you choose the best terms for your financial situation.
• Highly rated customer service: ELFI has earned excellent reviews, with a 4.8 out 5 star rating on Trustpilot, reflecting strong customer satisfaction.
• No fees: ELFI doesn't charge any application, origination, or prepayment fees, making it a cost-effective option.
• Competitive rates: ELFI offers Interest rates that are lower than many competitors.
• Referral program: Earn $400 for every friend you refer who refinances with ELFI.
• Financial hardship support: ELFI provides up to 12 months of forbearance if you experience financial difficulty.

Pros and cons

Here are the pros and cons of refinancing student loans with ELFI.

Should I refinance with ELFI?

Before deciding to refinance with ELFI, here are a few key things to consider:

• You have a credit score of at least 680: This allows you to qualify for a refinance loan without a cosigner. While refinancing with a cosigner is an option, you won't be able to release them from the loan obligation.
• You have eligible loans to refinance: ELFI won't refinance medical residency loans, bar study loans, Navient Tuition Answers loans, or international loans either made by foreign institutions or obtained while attending school outside of the U.S.
• You have a large outstanding student loan balance: ELFI requires a minimum of $10,000 to refinance, but there's no set maximum borrowing limit.
• You want to refinance a parent loan in your name: Unlike many other lenders, ELFI allows you to transfer a federal parent PLUS loan into your own name through refinancing.

How to refinance with ELFI

When you apply for a student loan refinance with ELFI, you'll be assigned a dedicated Student Loan Advisor to guide you through the process and help ensure your loan is the right fit. Your advisor will be your main point of contact, and they'll be available by phone, text, or email to help with document submission and answer any questions you have.

To apply for a student loan refinance loan with ELFI, follow these steps:

1. Gather your documents. You'll need recent pay stubs (from the last 30 days), a government-issued ID, and your current loan or payoff statement. If you're applying with a cosigner, you'll need their documents too.
2. Get your rate. Visit ELFI's website and click “Find My Rate” to start the online loan application. You'll be asked to provide contact details, a Social Security number, income, and the amount you wish to refinance. ELFI will do a soft credit check at this stage, which won't affect your credit score. A hard credit inquiry will only happen if you proceed with the full application..
3. Review your loan offer. ELFI will present you with different loan terms and options for fixed or variable rates. Your Student Loan Advisor can help you select the best terms for your financial situation. Once you've selected the option that works for you, you'll complete the formal application and submit any required documents.

Once the refinance process is complete, it typically takes two to three weeks for your current lender to be repaid. During this time, you'll need to continue making payments on your existing loan. After that, your new loan servicer will contact you to set up your account and monthly payments. Your new loan will be serviced by either MOHELA or American Education Services (AES).

Current student loan refinance rates

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Methodology

Credible evaluates student loan lenders based on interest rates and origination fees, loan amounts, loan terms, discounts, whether cosigners are accepted and more. Our team of experts gathered information from each lender's website, customer service department, directly from our partners and via email support. We verified each data point to make sure it was accurate at the time of publication.