ELFI Student Loan Refinance Review


Rating: 8.9 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. Learn more.
How is ELFI rated?
9/10
Savings
10/10
Qualifications
7/10
Loan Limits/Terms
10/10
Customer Service
10/10
Additional Fees
8/10
Application Process

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

Rates

Variable Rates Monthly payments are based on a $25,000 loanamount

5 Year

7 Year

10 Year

15 Year

20 Year

2.39%-4.99% APR

2.55%-5.14% APR

3.05%-5.39% APR

3.45%-5.75% APR

3.69%-6.01%APR

$442.47- $471.67 Monthly Payments

$325.29-$354.99

Monthly Payments

$241.98-$269.96

Monthly Payments

$178.11-$207.60

Monthly Payments

$147.44-$179.25

Monthly Payments

60 Payments

84 Payments

120 Payments

180 Payments

240 Payments

Total Payments:

$26,548.35 -$28,299.98

Total Payments:

$27,324.08 - $29,819.55

Total Payments:

$29,037.51 - $32,394.61

Total Payments:

$32,059.34- $37,368.45

Total Payments:

$35,386.23- $43,020.49

Fixed Rate Loans Monthly Payments based on a $25,000 amount

5 Year

7 Year

10 Year

15 Year

20 Year

3.19% - 5.99% APR

3.85%-6.48% APR

4.45%-6.69% APR

4.89%-6.69% APR

5.09%-6.69% APR

$451.33 - $483.20 Monthly Payments

$340.00 - $370.99 Monthly Payments

$258.49 - $286.29

Monthly Payments

$196.27- $220.40 Monthly Payments

$166.23 - $189.20 Monthly Payments

60 Payments

84 Payments

120 Payments

180 Payments

240 Payments

Total Payments:

$27,079.87 - $28,992.23

Total Payments:

$28, 559.72 - $31,163.49

Total Payments:

$31,019.27 - $34,355.13

Total Payments:

$35,328.39 - $39,671.38

Total Payments:

$39,896.26 - $45,408.06

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

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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