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finder.com’s rating: 4.1 / 5.0
★★★★★
1.50% to 10.29%
APR
100% of your school-certified COA
Max. Loan Amount
680
Min. Credit Score
Product Name | Education Loan Finance (ELFI) undergraduate student loans |
---|---|
Minimum Loan Amount | $10,000 |
Max. Loan Amount | 100% of your school-certified COA |
APR | 1.50% to 10.29% |
Fixed rate | 4.50% to 10.20% |
Minimum Loan Term | 5 years |
Maximum Loan Term | 15 years |
Requirements | 680+ credit score, credit history of 3+ years, $35,000+ annual income, enrolled at least half time in a bachelor’s degree program at an eligible Tennessee university, age of majority in your state, US citizen or permanent resident |
Review by
Kathryn Pomroy was a writer for Finder, specializing in loans. She has written for dozens of major publications, small businesses and many well-known personal finance companies, including LendingTree, Money Crashers, Quickbooks/Intuit, BankRate, LendEDU and more. Kathryn holds a BA in Journalism and drinks super bold coffee while eating peanut butter and honey toast.
ELFI private student loans are designed for students attending one of four specific Tennessee universities — you won’t qualify otherwise. Its rates are highly competitive — even compared to the record-breaking low federal loan rates. And you can check to see what rates and terms you might qualify for without affecting your credit score.
But you’ll need to apply with a creditworthy cosigner if you don’t have a good credit history that spans at least three years. And you won’t be able to qualify if you’re not attending an eligible university in the Volunteer State.
Not sure ELFI is for you? Explore other private student loan options below.
To qualify, you need to meet the following criteria:
You can apply with a cosigner who’s a US citizen or permanent resident to help you meet the income, credit score and credit history requirements.
You need to be attending one of the following universities in Tennessee to qualify for funding through ELFI:
Education Loan Finance stands out thanks to its low starting rates — variable APRs start at a cool 1.5%, while fixed rates also start low at 2.58%. Plus, you can check to see what rates and terms you might qualify for without affecting your credit score.
ELFI offers student loans in amounts starting at $10,000 that go all the way up to 100% of your school-certified cost of attendance (COA).
Its application process is entirely online and can be completed in just minutes. Once the application and supporting documents are submitted, ELFI contacts your college to verify your enrollment status, academic progress and cost of attendance.
If approved, you’ll be sent a final loan offer with your rates and terms outlined in the agreement. If you choose to accept the loan, ELFI will send the funds directly to your school.
A few perks of borrowing through ELFI include:
Consider the following drawbacks before applying:
How much your ELFI student loan ends up costing you depends on the rate you qualify for and the term you choose — which spans from five to 15 years. Variable rates range from 1.50% to 10.29%, and fixed rates start at 2.58%. ELFI doesn’t charge any application, origination or prepayment penalty fees, so your rate is the main factor that determines how much your loan will end up costing you in the long run.
No, ELFI doesn’t offer any extra interest rate discounts. Unlike other private student loan providers, it requires all borrowers to sign up for automatic payments and reflects the discount in the interest rates it offers.
You have the choice of four repayment options if you decide to borrow through ELFI:
It’s unclear whether ELFI offers special deferment or forbearance programs if you choose to go back to school, enlist in the military or hit a financial setback. Reach out to ELFI to find out what types of flexibility it offers with repayments before you take out a loan.
ELFI works with student loan servicer American Education Services (AES) to process its loan repayments. You can find out what to expect with AES and how to make repayments with our review of the servicer.
BBB accredited | No |
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BBB rating | A+ |
Trustpilot Score | 4.9 out of 5 stars, based on 1,236 customer reviews |
Customer reviews verified as of | 16 October 2020 |
Yes, ELFI gets overwhelmingly good reviews from borrowers on Trustpilot. Most reviews praise the company’s quick application process and superior customer service.
You can apply for an ELFI private student loan online by following these steps:
You’ll need to submit the following information when you fill out the application:
After applying, ELFI will reach out to your school for certification. Your school will confirm your enrollment status, academic progress and your cost of attendance (COA).
If your application checks out and you’re approved for funding, ELFI will send you an offer with the rates, terms and conditions you qualify for. If you agree, you’ll sign the documents and return them to ELFI. Your funds are then disbursed directly to your college. Processing times can vary, depending on how quickly your school is able to certify the loan.
Education Loan Finance is a division of Tennessee-based SouthEast Bank and was founded specifically to help students pay for college. The company prides itself on offering easy payment options, affordable rates and flexible terms with an application process that is transparent and secure. In addition to student loans and refinancing, ELFI also offers business solutions for companies that want to offer student loan assistance as part of HR packages.
Not going to an eligible Tennessee university? Compare other options with our guide to student loans.Frequently asked questions
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate student loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.