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ELFI Student Loan Refinance Review

Rating: 8.9 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner.
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Education Loan Finance (“ELFI”) is a division of SouthEast Bank and offers consolidation of federal and private student loans.  SouthEast Bank, headquartered in Knoxville, TN, is a community bank that offers personal and business financial products.SouthEast Bank also offers private student loans for medical and pharmacy students.  SouthEast Bank’s management team has over 30 years of experience in the student lending market.

Loan Requirements

In order to refinance with ELFI, clients must have a minimum amount of $15,000 in student loan debt, a bachelor or higher degree and graduated from an approved school.* 

*Loans are subject to credit approval. Terms and conditions apply

Loan Terms

5, 7, 10, 15 and 20 years


Fixed Rates $25,000







Low Rate






High Rate






Low Payment






High Payment







$27,079.87  to $28,992.23

$28,559.72 to $31,163.49

$31,019.27 to $34,355.13

$35,328.39 to $39,671.38

$39,896.26 to $45,408.06


Variable Rates $25,000 LIBOR 1.33%







Low Rate






High Rate






Low Payment






High Payment







$26,614.43 to $28.299.98

$27,417.91 to $28,819.55

$29,176.41 to $32,394.61

$32,280.32 to $37,368.45

$35,698.33 to $43,020.29

What We’ll Need From You To Get Started

To start processing the application of your student refinance loan, ELFI needs a copy of the current billing statement or payoff letter from each of your student loan providers showing the following information:

  • Name
  • Account Number
  • Current Balance or Payoff Amounts
  • Payment Mailing Address
  • Loan IDs or any identifying number for each loan

*Each statement should not be more than 30 days old

Loan Related Fees

The company doesn’t charge clients an origination or application, or a fee for paying off the loan early. But if ELFI does not receive any part of payment within the 10 days after the due date, the company will fine a 5% late fee of the past due amount or $50, whichever is less. Borrowers may be charged $30 for any payment that is returned unpaid due for any reason including electronic payments.


Repayment starts in 30-45 days after disbursement. If borrowers are currently enrolled in a grace period on your student loans, contact and discuss your application with the company’s ELFI specialist.

Student Loan Refinance with ELFI

ELFI offers students flexible options to manage student loan debt. With ELFI, students may be able to take advantage of some of the lowest interest rates available and terms that better meet your budget needs.The company also offers two reward programs that can earn cash for existing customers. If you are able to get a friend to refinance a loan with ELFI, you can earn a referral award of $400 when the loan is closed and your friend also receives $100. In addition, there is a fast track bonus of $100 if close your loan within 30 days.

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Customer Comments & Reviews

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Karen R
Fairbury, Illinois
I have been trying to help my son refinance his student loans with this company for months! I've given them all the info that they have requested but they never get back with me when I email or message them! It's been a VERY frustrating process. They must not want my business very much. My credit score is 850. My son and husband's are in the 800s as well and he co-signed for the loan. Don't waist your time with this company as they don 't seem to value a good customer who wants to do business with them. VERY DISAPPOINTED! Even when I got a manager involved he apologized for the lack of communication and then he did the very same thing!

Timothy D
Staines, England
This company does not train their customer representatives appropriately. I was assured that I was eligible to refinance with them, despite living outside the country. So, despite having a credit rating of 800+ and having a cosigner with a similar rating, I was ultimately rejected because I live outside of the country. I contacted them about the issue, and was told that they 'were sorry', and that they did not care that my credit rating and that of my co-signer would take a hit for the hard credit check. Do not be fooled by the kind and polite customer service reps at this company. Management does not mind needlessly dragging people's credit ratings through the mud.

Auburn Hills, Michigan
I had the same experience as a previous commenter. Excellent credit score, well-paying job, on-time payments...and it was suggested that I solicit a cosigner. I had to email ELFI to confirm that I did indeed need to add a cosigner to move forward, after my application sat there for several weeks without being processed. After adding my fiance (who has an even better credit score and even better paying job), they rejected the application via an email to my fiance -- not to me, the actual applicant. They cited a high debt to income ratio, but neither of us have a high debt to income ratio and oddly enough, my fiance had not yet even submitted any of his documents.

Tampa, Florida
The confirmation email you receive after completing the application states that a loan officer will be assigned to you and will contact you directly within the next 24-48 hours, however nobody ever contacted me and I had to call customer service, ask for the loan officers contact information and contact him instead when I had questions. Although I received a pre-approval, have a credit score in the 'excellent' category, no history of late payments, a debt-to-income ratio under 18%, and an annual salary above $72k, ELFI will not refinance my $30k student loan without a co-signer, citing my debt to income ratio as their reasoning. I am not sure what else they are looking for in an... Read More

Our Partner
8.9 / 10
  • Low interest rates and a variety of repayment options.
  • Consolidate both federal and private student loans
  • Variable rates ranging from 2.49% - 6.01% APR*
  • Fixed rates ranging from 3.19% - 6.69% APR*
  • Repayment terms of 5, 7, 10, 15, and 20 years
  • No application, origination, or prepayment fees