Education Loan Finance Student Loans: 2024 Review

New vs. refinance student loans with ELFI

ELFI offers undergraduate loans, graduate loans, health care loans, law school loans, MBA loans, parent loans and student loan refinancing. Low fees, competitive annual percentage rates (APRs), a wide selection of student loan products and reliable customer service make ELFI worth considering.

One of ELFI’s more unique features is its application process. Each applicant is assigned a student loan advisor. This advisor will guide you through the process and answer questions along the way. Unlike some student loan lenders, cosigners aren’t mandatory. However, you can use a cosigner to help qualify if needed.

Here are the ranges for all the loan products that it offers:

New private student loans

A private student loan through ELFI is a solid choice for students attending one of its approved schools who have a trusted cosigner or an established financial history. It’s also a good option for students who need higher loan amounts and who value one-on-one customer service. 

However, if your credit history is weaker, and you don’t have a well-qualified cosigner, consider comparing additional student loan rates to get a better deal. 

Payment types include:

• Immediate. Student loan borrowers who plan to start paying off their loans right away can opt for this option. 
• Interest-only. Full payments start after an initial period of paying only interest in school and during the six-month grace period. 
• Fixed. Borrowers can make smaller monthly payments of $25 during school and grace period and make full payments following. 
• Deferred. This option allows borrowers to delay all student loan payments until after graduation and the six-month grace period. 

ELFI student loan refinancing

If your current student loan payments are over extending your monthly budget, refinancing can help you save money. ELFI offers both student and parent refinancing loans. 

Where ELFI stands out

• Few fees. You won’t be charged any application or origination fees with ELFI.
• Tailored customer service. ELFI assigns each applicant a personal student loan advisor.
• No cosigner needed. Many student loan lenders require undergraduates to use a cosigner, but ELFI allows applications without one if you meet the credit requirements on your own.

ELFI customer service

ELFI gets an “A+” from the Better Business Bureau, though it isn’t accredited by the BBB. This score takes into account customer complaints and how the company responds to those complaints. You can reach out to ELFI through phone, email or an online contact form.

You can call or text seven days a week. The available hours are:

• Monday through Thursday, 8 a.m. to 8 p.m. ET.
• Friday, 8 a.m. to 5 p.m. ET.
• Saturday, 10 a.m. to 4 p.m. ET.

You can also reach out to customer support at any time with questions via email or on the website’s contact form.

How this lender compares

ELFI vs. EDvestinU

Like ELFI, EDvestinU offers both new private student loans and refinance loans. EDvestinU is a good lender for students that reside in New Hampshire because they can benefit from a 1.5 percent discount. EDvestinU also boasts a lower refinance minimum than ELFI, $7,500 versus $10,000. If you plan to refinance a smaller student loan, EDvestinU is the better route. 

ELFI vs. SoFi

One of the most recognized names in the student loan industry, SoFi is a wise consideration when shopping for financing. It offers a range of student loan products, including new and refinance loans and more specific loans for higher education, like ELFI. SoFi also has longer repayment terms of up to 20 years. 

Do you qualify for a student loan with ELFI?

In order to qualify for an ELFI student loan or student loan refinancing, you — and your cosigner, if you have one — must meet several eligibility criteria.

How to apply for a student loan with ELFI

The application process for every ELFI student loan product is completed online and can be done in a matter of minutes, according to the website. After completing the application, you’ll be assigned your own student loan advisor to assist you with any questions you may have about the process.

In order to speed up the application process, you and your cosigner will need to have these documents on hand:

• Pay stubs documenting the last 30 days of payment (if currently employed).
• The previous year’s W-2 form.
• A form of government-issued identification.

There may be additional documentation needed depending on your current income or the income of your cosigner. If this is the case, your student loan advisor will be available to walk you through the process.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.