Education Loan Finance Review - Student Loan Refinance

Application & Approval Process
Rates & Fees
Payment Terms
Customer Support & Benefits

About Education Loan Finance

Education Loan Finance or ELFI is student loan refinancing offered through the Tennessee-based bank known as SouthEast Bank. Education Loan Finance, Inc., the parent company of SouthEast Bank has more than 30 years of experience in Student Loans. Loans on behalf of SouthEast Bank are serviced by American Education Services or MOHELA, both sharing more than 3 decades of experience in the student loan servicing industry.

Education Loan Finance is available in all 50 states and also across Washington DC and Puerto Rico. The company accepts federal and private student loans. Strictly for federal loans, Education Loan Finance offers consolidation of multiple loans into a single entity.

ELFI takes pride in being able to provide some of the lowest interest rates in the industry. They also empower corporate employees, who can pay off their student loan debts through a simple seamless solution, ELFI for Business. Through ELFI for Business, corporations can provide their employees with access to onsite consultation, Student loan advisors and resources to help employees refinance their debt.





  • Prequalify to estimate rate without affecting your credit score
  • Submit online application in minutes
  • No application fees, origination fees, and prepayment penalty
  • Flexible repayment terms to fit your needs and goals
  • Student Loan Advisor to guide you through the application process
  • Provides up to 12 months of forbearance
  • No Loan Maximum


  • Minimum refinance should be $15,000

Key Highlights

  • Offers student loan refinancing and parents plus loan refinancing.
  • Required minimum credit score of 680.
  • Minimum loan finance of $15,000.
  • Provides both fixed and variable interest rates.
  • Best for individuals with high loan debt.

Application & Approval Process

In-depth Analysis

The first step is to sign up through their website with your name, email address and password. Alternatively, you can create your profile by connecting it to your PayPal account. The process becomes quick and you will also receive $25 in your PayPal account upon successfully refinancing using your PayPal login. 

Once your login is created, you are required to fill in the basic information to get a quick initial rate. The form requires details such as:

Personal Information

  • Name 
  • Address
  • Citizenship
  • Date of birth
  • Phone number
  • Social security number

Education and Financial

  • Education status (Institution’s name, degree and graduation year)
  • Housing status (Current living situation and monthly housing expense)
  • Income status (Annual gross income of yourself or your co-signer)
  • Loan amount requested


During this process, you are not obligated to disclose alimony, child support or separate maintenance income. ELFI will take a quick look at your credit score information (minimum of 680 credit score to get approval) and get back to you with a rate. The soft pull does not affect your credit and ELFI will get back to you with some options.

Please note that there is a minimum loan finance of $15,000 but no maximum cap, this is good for graduates with substantially large student debts. Borrowers are also required to have a minimum of $35,000 annual income with a 36-month credit history.


Once the prequalification is approved, ELFI provides users with multiple options of various interest rates and term periods starting from 5 years up to 20 years. You can explore these options and choose which refinancing option suits your needs better. By selecting an option, it will take you to the final stage of the application process.


This process is relatively much easier than other services in the market. You can upload the relevant documents by providing screenshots or pictures taken from your smartphone. The documents that need to be provided are:

  • Student loan account number(s) 
  • Billing address
  • Billing account information
  • Proof of employment or last salary slip
  • W-2s
  • Remaining loan balance
  • Tax returns if applicable

The entire process is convenient and you are also able to sign the paperwork through an electronic signature. 

Education Loan Finance Rates & Fees

ELFI is offering some of the lowest interest rates in the market. They offer two types of rates for student loan refinancing, starting as little as 2.58%

If you prefer variable rates over fixed, then do note that the ELFI variable rates will not increase more than once every quarter and the maximum variable rate is capped at 9.95%.

The loan refinancer doesn’t charge any origination fee, application fee or prepayment penalties. There is also no late fee surcharge if the monthly payment is made within 10 days of the due date. After that, a fee of 5% or $50 is liable, whichever is less.

Payment Terms

ELFI has payment terms of 5, 7, 10, 15 and 20 years for student loan refinancing. These options are relatively more than the payment terms offered by other student loan providers. 

The options available for parent loan refinancing payment terms are 5, 7 and 10 years.

Customer Support & Benefits

ELFI has a transparent website with the relevant information available for first-time users. It is easy to navigate through the categories according to your loan needs. The website also features a somewhat limited FAQ section.

There is a blog section that is kept updated with how-to guides, tips at the workplace, living with student debt, and relevant career advice. The resources section has several useful loan refinancing calculators. These calculators are able to give you details about how much you can save through each available option.

The company also offers a generous referral scheme. Users can be rewarded with a cash bonus of $400 when their friend refinances using a personalized link. The friend also receives a $100 credit (a principle loan reduction) upon signing up for the loan refinancing program. The cash bonus paid by ELFI is comparatively higher than what other student loan refinancing companies are offering.

ELFI is incredible when it comes to good customer service, the service team is available every day of the week. They have an A+ rating with Better Business Bureau and you can contact them through completely a basic online form, their email address or phone number during business hours. The opening hours are from 8 AM to 8 PM (EST) from Monday to Thursday, 8 AM to 5 PM on Fridays, and 10 AM to 4 PM on the weekends.

ELFI also provides a Student loan advisor that you can call or text anytime with your queries. The loan advisor will be your main point of contact throughout the loan’s lifetime. 

Contact Details

*Subject to credit approval. Terms and conditions apply.




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