These days, student loans are an absolute must for any student who wants to attend a great private college or university. After all, tuition, books, housing and food don’t come cheap. Of course, paying back those loans can be difficult and can take many years. One of the many options available to individuals to pay back student loans is courtesy of Elfi.

Also known as Education Loan Finance, the organization allows for student loan refinancing through a financial institution based in Tennessee called SouthEast Bank. The organization began offering its loans in December 2015. Elfi offers its services to people throughout 48 states, with the exception of Arizona and Wisconsin. Any student who might consider Elfi student loan refinancing should take note of a review of the loans so that they can make an educated decision as to whether it’s really right for them.

How Can You Qualify for the Elfi Loan?

Both students and parents can take out a loan through Elfi to pay off student loans. The loans can be used to pay for debt from both undergraduate and graduate education.

To qualify for the student loan, the applicant must have a credit score of at least 680 and an income of at least $35,000 per year. The individual must also have a Bachelor’s level or higher degree from an approved school. In other words, if a person is still a student, they are not eligible for Elfi’s loans.

The individual also must be a United States citizen or permanent resident and have at least $15,000 in student loan debt to qualify. In addition to good credit, the person also needs to have a debt to income ratio that acts as proof that he or she can repay the loan.

There are certain documents required to go along with the application. These are as follows:

  • A copy of the individual’s most recent billing statement or payoff letter from an existing lender for every loan to be refinanced.
  • The most recent pay stubs for the past 30 days or another proof of the individual’s employment.
  • W-2 Forms
  • Tax returns for individuals who are self-employed
  • A valid identification card, such as a passport, driver’s license or non-driver’s license
  • Billing account information for automatic debit

What are the Rates and Terms for Elfi?

There are a number of interest rates available for student loans once they are refinanced. Variable interest rates can range anywhere from as low as 2.19 percent to a maximum of 6.01 percent. With fixed rates, it’s reasonable to expect Elfi to charge anywhere from 3.49 to 7.7 percent. In general, the interest rate any customer gets largely depends on the length of their repayment schedule. For instance, if the individual opts for a repayment term that lasts 10 years instead of one that is only five, they can expect a higher interest rate regardless of whether it is variable or fixed.

Additionally, the organization states that the specific interest rate any applicant receives depends not only on the terms of their loan but on other factors as well, including the financial information of any co-signer. There are repayment terms of five, seven, 10, 15 and even 20 years.

What are the Benefits of Elfi Student Loan Refinancing?

There are a number of benefits that come with choosing Elfi student loans. In addition to being one of the best refinance companies with which to work, these are additional benefits:

• There is no origination or application fee

• There is no requirement for paying off student loans early

• Payments don’t receive late fees if they are mailed within 10 days of the due date

• Repayment begins as of 30 to 45 days after the money is provided

• Applicants can receive a bonus of $100 for applying and accepting the terms of the loan within 30 days of their application

• All student loans from approved secondary schools can be refinanced

What are the Downsides to Elfi?

Unfortunately, Elfi also comes with disadvantages. Those are as follows:

• Some applicants require a co-signer and may not be approved without one

Student loans cannot be refinanced unless the individual has graduated and has a degree of at least Bachelor’s level

• Anyone who has federal student loans will lose them when choosing to refinance their student loans

Overall, refinancing student loans with Elfi student loans is a great idea and can help the individual to save a great deal of money throughout the course of their loan. Of course, it’s important to always read and understand all of the terms of any loan prior to signing any paperwork. For additional information and to sign up for the loan, visit Elfi’s website at

For more student loan reviews, check out Lendkey Student Loans Review.

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