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Bring Your Future Into Focus with ELFI Parent Loans
At ELFI, we offer a variety of loan options to fit your needs, whether you’re a parent, student, or a postgraduate looking to advance in your field. Learn more about ELFI’s parent loans and see why your future is what we’re focused on.
Find the Loan That’s Right for You.
Undergrad Student Loans
Bring your future into focus with an undergraduate or graduate student loan
Graduate Student Loans
Flexible, affordable options for covering the cost of post-secondary education
Parent Loans
Competitive rates and flexible terms to manage student loan repayment
Low Rates. Flexible Terms.
How to Apply for an ELFI Private Student Loan
If you’ve already completed the FAFSA, explored scholarships and grants, and considered federal loan products, then you’ve already done enough hard work. Let ELFI help make the rest of your college financing decision easy.
We’ve made the undergraduate private student loan process as convenient as getting late-night pizza to your door – because you can start right now on your phone. It’s as easy as:
1. Prequalifying
See your estimated rates within minutes without impacting your credit score.
2. Applying
Select a plan with the rates and terms that fit your needs.
3. Uploading & Signing
Simply upload screenshots or photos of your required documents, then sign your paperwork electronically.
Repayment Options Tailored to You
Immediate
Best for borrowers who want to start repaying their loan right away, with principal and interest payments beginning while still in school.
More Details
- The loan term starts upon disbursement of funds to the school.
- Make principal and interest payments while attending school.
- Full payment of interest and principal will begin 30 to 60 days following disbursement.
Interest-Only
Repayment plan for borrowers who prefer to pay only the interest while in school and during the six-month grace period, with full payments starting after this period.
More Details
- Make interest payments on the loan while attending school.
- Continue interest payments during the six month grace period.
- Full payment of interest and principal will begin 30 to 60 days upon completion of the grace period.
Fixed
Ideal for borrowers who want to make small, manageable payments of $25 while in school and during the grace period, with full payments starting after this period.(2)
More Details
- Make $25 payments while attending school.
- Continue $25 payments during the six-month grace period.
- Full payment of interest and principal will begin 30 to 60 days upon completion of the grace period.
Deferred
Best for borrowers who prefer to delay all payments until after graduation and the six-month grace period, with full payments starting then.
More Details
- No payments required while in school of during the six month grace period.
- Full payment of interest and principal will begin 30 to 60 days upon completion of the grace period.
Preview Your Repayment Options with Our Parent Student Loan Calculator
Enter the desired loan amount and time remaining until you graduate. We’ll calculate your estimated monthly payment options.
STUDENT LOANS CAN FEEL COMPLICATED.
Having a Student Loan Advisor Makes Everything Easy.
When you apply for a student loan with ELFI, you’ll be paired one-on-one with a Student Loan Advisor. They’ll guide you through the entire process from start to finish and are available by phone, text, or email and answer any questions you might have along the way.
The ELFI Difference
Competitive Rates & Flexible Terms
We believe in rewarding financially responsible borrowers by providing competitive rates with flexible terms that make repayment more manageable.
Award-Winning Customer Service
Each customer is paired one-on-one with their own Student Loan Advisor who guides them through their application from start to finish.
No Fees or Painful Waiting
Enjoy an easy online application process without application fees, origination fees, or prepayment penalties for paying off your loan early.
See Your Estimated Rate Risk-Free in Minutes
Before you commit, you can see your estimated rates and repayment options in minutes, without impacting your credit score.
Excellent Customer Experiences
When you combine personalized service, an easy application with no fees, and flexible loan options, you get 5-star customer experiences.
Parent Loan FAQs
Do ELFI Parent Loans have any fees?
There are no application, origination, or prepayment fees.
What discounts do you offer?
ELFI does not require you to do anything extra to get the best rate we can offer. All borrowers are required to make payments with an electronic or digital transfer. Therefore the auto pay discount is already reflected in your approved interest rate.
What documents will I need to complete my application with ELFI?
To speed up your private student loan application, you will need to have the following documents:
If applying with or without a cosigner
- Paystubs documenting the last 30 days of payment (if employed)
- Government-issued Identification
Your cosigner should also provide
- Paystubs documenting the last 30 days of payment (if employed)
- Government-issued Identification
Potentially, some additional documents may be required depending on the source of your income or your cosigner’s income. Your ELFI Student Loan Advisor will contact you with details should this be the case.
What repayment options are available for parent loans?
Immediate
- Loan term starts upon disbursement of funds to the school.
- Make principal and interest payments while attending school.
- Full payment of interest and principal will begin 30 to 60 days following disbursement.
Interest Only
- Make interest-only payments on the loan while attending school.
- Continue interest-only payments during the six month grace period.
- Full payment of interest and principal will begin 30 to 60 days upon completion of the grace period.
Fixed
- Make $25 payments while attending school.
- Continue $25 payments during the six month grace period.
- Full payment of interest and principal will begin 30 to 60 days upon completion of the grace period.
Deferred
- While attending school, no payments are required on the loan.
- No payments are required during the six month grace period.
- Full payment of interest and principal will begin 30 to 60 days upon completion of the grace period.
Do you offer temporary forbearance for an economic hardship?
If you are unable to repay the loan because of financial hardship or medical difficulty, Education Loan Finance may grant forbearance for up to 12 months. Forbearance is at the discretion of ELFI.
Are We a Match?
- The student must be enrolled at least half-time in a Bachelor’s, Master’s or Doctoral degree program.
- Borrowers and cosigners must be U.S. citizens or permanent resident aliens without conditions and with proper evidence of eligibility.
- Borrower (or cosigner) must have a minimum credit score of 680.
Qualifying Dependent Requirements
Borrower must be the mother or father; stepmother or stepfather; the adoptive mother or adoptive father; the foster mother or foster father; the grandmother or grandfather; the brother or sister; the half-brother or half-sister; the stepbrother or stepsister; or the aunt or uncle of the dependent student for whom the loan proceeds shall be used exclusively for such dependent student’s post-secondary education expenses. In addition, all four of the following statements must be true:
- The dependent student (including prospective students) shared a “principal place of abode” with Borrower for more than one-half of the taxable year; and
- The dependent student is younger than Borrower and (a) has not turned 19 before the end of the calendar year in which the loan is made, or (b) is a student that has not turned 24 in the same time period; and
- The dependent student has not provided more than half of his/her own support during the calendar year in which the loan is made; and
- Unless the dependent student is adopted, the dependent student is a citizen of the U.S., national of the U.S., resident of the U.S., or resident of a country contiguous to the U.S.
Borrowing Details
The minimum amount required per loan is $1,000. The maximum loan size will be the amount approved by the school for qualified education expenses for the requested academic period. Loans cannot fund more than one academic year of school-certified costs. Additional terms and conditions apply.
We’re Here to Bring Your Future Into Focus
Prequalify to see your estimated rates in minutes without impacting your credit score.
More Student Loan Resources
Eligibility Requirements
See whether you’re eligible for a private student loan and what documents are required
Student Loan Calculator
Explore what repayment might look like with a private student loan from ELFI
Apply Now
Prequalify to see your estimated options or return to an existing application