ELFI Education Loan Finance Student Loan Refinance Review

Rating: 9.3 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. 
Learn more.
Education Loan Finance (“ELFI”) is a division of SouthEast Bank, based in Tennessee. The company offers student loan refinancing, as well as consolidation of federal and private student loans and parent loans. No application or origination fees are applied, and pre-payment penalties are not charged.

How is ELFI Education Loan Finance rated?


Loan Specifics
Customer Experience
Company Reputation

Overall Rating: 9.3 / 10 (Excellent)

Education Loan Finance, better known as ELFI, offers student loan refinancing to students and parents. A minimum loan amount of $15,000 is set, and applicants must have graduated with a bachelor's degree from a qualifying school. The company does not charge application, origination, or prepayment fees. It has a B- rating from the BBB but a positive 8.7 score on Trustpilot.com.

ELFI Education Loan Finance Loan Specifics

Loan Specifics - 9.4 / 10

ELFI provides refinancing comparable to other competitors. It sets a minimum loan amount of $15,000 but no maximum. Parent loans can be refinanced as well. Like most student loan lenders, origination or application fees are not charged, nor do prepayment penalties apply. However, unlike some lenders, there is no specific forbearance program in place; it is at ELFI's discretion to approve it or not.
Loan Types
Maximum Loan Amount
No maximum
Fixed APR Range
Variable APR Range

ELFI Education Loan Finance Qualifications

Qualifications - 9.5 / 10

Applicants who wish to refinance with ELFI must be 18 or older, US citizens or permanent legal residents, and holders of a bachelor's degree from a qualifying school. Borrowers must also have a minimum of $15,000 in student debt, and they must provide evidence that their debt-to-income ratio will allow them to pay back the refinance loan.
Income Verification
Degree Required

ELFI Education Loan Finance Customer Experience

Customer Experience - 9.5 / 10

ELFI representatives may be reached by phone or email. The website provides student loan calculators, and applicants are able to get pre-approved online quotes with a soft credit inquiry before moving on to the formal credit score checking process.
Online Quotes
Student Loan Refinance Calculator

ELFI Education Loan Finance Company Reputation

Company Reputation - 8.5 / 10

ELFI has a B- rating from the BBB, which appears to be due to some customer complaints. No actual customer reviews are posted on the BBB profile. The company is rated 8.7 out of 10 on Trustpilot.com, where reviews are mostly positive.
Lender Type
Online Lender
Year Founded
BBB Rating
Number of BBB Positive Reviews
Number of BBB Negative Reviews
Trust Pilot Rating
8.7 out of 10
Date Collected

Company Profile

Full Name
ELFI Education Loan Finance Student Loan Refinance
Company Website
104 N. Seven Oaks Dr., Knoxville, TN, 37922

Leave a comment for ELFI Education Loan Finance Student Loan Refinance
Minimum 12 words.
 No maximum length.
* What's Your Rating?
To make this comment as helpful as possible for our community, please provide at least 2 sentences.

Customer Comments & Reviews

Loading Reviews ...
Fort Worth, Texas
HORRIBLE COMPANY. Bait and switch. They do a process similar to SOFI or Lendkey and they make you click a box so you can see your rate and they make a HARD PULL on your credit. DO NOT USE

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.

Rochester, 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
9.3 / 10
  • Low-interest rates and a variety of repayment options
  • Consolidate both federal and private student loans
  • APRs start at 2.69% (variable) and 3.09% (fixed)
  • Repayment terms of 5, 7, 10, 15, and 20 years
  • Get a $100 bonus when you accept the loan offer within 30 days of application date