ELFI Review: Student Loan Refinancing and Private Student Loans

Started only five years ago, Education Loan Finance has already proved itself, having awarded over $18 million in loans. It’s a subsidiary of the Tennessee-based SouthEast Bank, which has a parent company named Educational Services of America, Inc. This business is well-reputed and offers financial services all across the USA.

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    If you’ve been hunting for a new student loan or options to refinance your current one, you might want to consider Education Loan Finance. This review will clue you in on whether it’d be the best choice for your situation, and if not, which lenders might be better.

    Why get a student loan from Education Loan Finance?

    There are some incentives to using this service, such as the fact that there are no application fees, origination fees, or prepayment penalties when refinancing student loans. It can be used by undergraduates, grad students, and parents of students.

    What student loans does Education Loan Finance offer?

    You can use ELFI to take out a private student loan or to refinance a current loan that you might have. These options are available nationwide.

    Student loan refinancing information

    You can refinance your loan as long as you have a minimum credit rating of 680, which isn’t too high, but still might make many people ineligible. There’s no option to release your cosigner, though.

    Fixed rates from: 

    3.19% - 5.99%
    Variable rates from: 2.39% - 6.01%

    Loan repayment terms: 

    5, 7, 10, 15 or 20 (years)
    Loan amount: $15,000 to the total of your outstanding loan balance
    Late fees: 5% of the past-due amount (max $50)
    Returned payment fee: None
    Prepayment penalty: None

    Private student loans

    There are some reasonable private loans available with Education Loan Finance. You can finance the entire cost of your education, no matter what, which is great for those who are attending expensive colleges. However, there’s a minimum loan amount of $10,000, which is quite high, and again there’s no option to release your cosigner, except for your death.

    More about rates and fees of Education Loan Finance’s loan options

    Below are all the stated rates and fees:

    Fixed rates from: 

    Variable rates from: 2.39%
    Application fee: None
    Origination fee: None
    Disbursement fee: None
    Late fee: 5% of the past-due amount (max $50)
    Returned payment fee: Not Stated
    Prepayment penalty: None

    Education Loan Finance pros and cons


    • You’ll be assigned a personal loan advisor
    • Most people will be eligible


    • The minimum loan amount is quite high, and there’s no option for co-signer release

    How to apply for an Education Loan Finance student loan

    You can easily apply for a loan or refinancing by heading to the website and entering your information, which should only take around ten minutes.


    There are some competitive rates at Education Loan Finance: its loans are available to most people, including parents, and the threshold is limitless. You’ll also have access to a financial advisor. However, the fact that your cosigner is locked in and there’s no deferment period makes it a little less appealing.

    For a more well-rounded option, try either Ascent or SoFi. These lenders also offer financial advice and service the whole nation but have significant forbearance options, which can be a lifesaver if you’re struggling financially.