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|
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%|
|Late fee:||5% of the past-due amount (max $50)|
|Returned payment fee:||Not Stated|