Education Loan Finance (ELFI) Student Loans Review 2021

Education Loan Finance (ELFI) Student Loans Review 2021

ELFI Parent Student Loans
Variable Rate From 1.50% APR 
Fixed Rate From 4.50% APR 
Loan Amounts $10,000 as much as “the amount approved by the school for qualified education expenses for the requested academic period,” which can’t be longer than one educational yr.
Loan Terms 5, 7, or 10 years

Loan Eligibility

Students should be enrolled at the least half time in a bachelor’s, grasp’s, or doctoral diploma program to qualify for ELFI student loans. Both debtors and cosigners have to be the age of majority on the time of the loan software and a U.S. citizen or everlasting resident alien with out situations.

There are monetary necessities as properly. The borrower or co-signer will need to have a minimal credit rating of 680, at the least 36 months of credit historical past, and a minimal earnings of $35,000 per yr.

Is Loan Prequalification Available?

ELFI does supply prequalification, that means you’ll be able to see your estimated charges and discover compensation choices with out affecting your credit.

Prequalification means that you can get a extra correct concept of the charges you may be authorized for with out affecting your credit rating. So all the time reap the benefits of it when it is obtainable.

Loan Fees

There are not any software, prepayment, or origination charges. There is a late payment of 5% of the late quantity or $50, whichever is much less, and a $30 payment for a returned test or inadequate funds.

Loan Discounts

Because debtors are required to make funds with an digital or digital switch, an auto pay low cost is robotically mirrored in your authorized rate of interest.

Repayment Options

ELFI gives quick, mounted, interest-only, and deferred compensation choices:

  • Immediate Interest and principal funds start 30 to 60 days after the loan has been funded.
  • Fixed – You make $25 month-to-month funds whereas in class and for as much as six months after graduating or dropping under half-time attendance.
  • Interest-Only – You make interest-only funds whereas in class and for as much as six months after graduating or dropping under half-time attendance.
  • Deferred – Payments start six months after you graduate or will not be enrolled at the least half time.


ELFI has a referral program for its student loan refinancing program. When somebody refinances utilizing your personalised referral hyperlink, you’ll get a $400 referral bonus, and the individual you referred will obtain a $100 credit utilized to the principal stability of their ELFI loan.

Are Co-signers Required?

If you meet monetary eligibility necessities, you don’t want a co-signer for an ELFI student loan.

Forbearance and Loan Discharge Options

Forbearance is on the market in some conditions from the loan servicer. American Education Services, the third-party firm that companies ELFI student loans, states that it does supply forbearance and deferment, in addition to the choice to vary your cost date or change cost plans to scale back your month-to-month cost. It may even discharge loans of debtors who die or grow to be completely and completely disabled.

Is Student Loan Refinancing Available?

Graduates with at the least a bachelor’s diploma from an authorized establishment can refinance their student loans with ELFI. Parents may refinance by ELFI, with no most loan quantity for well-qualified debtors.

Customer Service

You can contact ELFI’s in-house customer support seven days every week by way of cellphone or textual content at 844-601-3534 or by e mail at [email protected]

Loan servicer American Education Services is on the market by cellphone, e mail, mail, or fax Monday by Friday, 7:30 a.m. to 9 p.m. EST.

Because ELFI has solely been providing student loans since August 2019, there are not any complaints about ELFI student loans within the Consumer Financial Protection Bureau’s client grievance database. However, in 2019 there have been 29 complaints relating to non-public loans serviced by American Education Services.

Applying for an Education Loan Finance Student Loan

The software course of is accomplished on-line and could be accomplished in as little as a couple of minutes. To apply, it’s essential to:

  1. Prequalify to see your fee and compensation choices
  2. Apply on-line and choose the speed and phrases that suit your wants
  3. Submit pay stubs documenting the final 30 days of cost, the earlier yr’s W-2, and government-issued Identification for you and your cosigner (if relevant)

You ought to apply earlier than the beginning of the educational yr or semester for which you want funding.

Paying for College

Before making use of for personal student loans, you need to exhaust all of your choices for federal assist by filling out the Free Application for Federal Student Aid (FAFSA). If you’ve explored all of your choices for scholarships, grants, and federal student loans and nonetheless want extra funding, then a non-public student loan might help.

Final Verdict

ELFI makes making use of for a student loan straightforward with its utterly digital software course of and devoted private loan advisor that will help you alongside the best way. If you’ve exhausted all of your federal assist choices and nonetheless want greater than $10,000, then ELFI might be a fantastic selection for you. However, should you simply want a small loan to cowl some extras, you’ll need to go together with one other lender.


Investopedia is devoted to offering customers with unbiased, complete critiques of student loan lenders. We collected over 45 knowledge factors throughout greater than 15 lenders—together with rates of interest, charges, loan quantities, and compensation phrases—to make sure that our content material helps customers make the best borrowing determination for his or her schooling wants.

Investopedia requires writers to make use of major sources to assist their work. These embody white papers, authorities knowledge, unique reporting, and interviews with trade specialists. We additionally reference unique analysis from different respected publishers the place applicable. You can be taught extra concerning the requirements we observe in producing correct, unbiased content material in our editorial coverage .

  1. Consumer Financial Protection Bureau. “Consumer Complaint Database.” Accessed April 5, 2021.

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