Student Loan Refinancing

There’s a smarter way to manage your student loans. At ELFI, we offer a simple online application process paired with guidance from a Student Loan Advisor who’s here to help every step of the way. Best of all, you can prequalify in minutes, without it impacting your credit score.

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Why Refinance Your Student Loans?

Lowering Your Interest Rate

A primary benefit of refinancing your student loans is the opportunity to lower your interest rate or adjust the type of interest rate you currently have, based on factors like your credit score, credit history, and income.

Adjusting Your Loan Terms

Choosing a longer repayment term may reduce your monthly payments, while a shorter repayment term may help you pay off your debt faster and save you money in interest over your loan term.

Consolidating Monthly Payments

Juggling multiple student loan payments? Refinancing gives you the ability to consolidate your student loans into one monthly payment–including federal loans–with a competitive interest rate.

Adding or Removing Cosigners

By refinancing, you have the opportunity to remove any cosigners on your original loans or add a qualified cosigner. Adding a more qualified cosigner could help you earn a lower interest rate.

Low Rates. Flexible Terms.

VARIABLE RATES FROM

4.86% APR⁽¹⁾

FIXED RATES FROM

4.88% APR⁽¹⁾

LOAN TERMS FROM

5-20 Years⁽¹⁾

MINIMUM LOANS OF

$10,000⁽¹⁾

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How Does Student Loan Refinancing Work?

Refinancing your student loan debt doesn’t have to be a headache. We’re here to help address the loan-based challenges that have made repayment so difficult. High rates? Unmanageable monthly payments? Let us help fix that. Refinancing with ELFI is as simple as 1, 2, 3.

1. Prequalifying
See your estimated plan options 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.

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Eligibility Requirements

Named Best Student Loan Refinancing for Parents

Whether you’re refinancing parent loans or student loans, ELFI’s competitive rates, flexible terms, and personalized service are among the best.

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TRACK RECORD OF MAJOR SAVINGS.

30,000+

REFINANCE CUSTOMERS

$278

AVERAGE MONTHLY SAVINGS⁽²⁾

$20,774

AVERAGE LIFETIME SAVINGS⁽²⁾

Estimate Your Potential Savings

Enter your current loan balance, monthly payment, and either your interest rate or remaining term. Our student loan refinance calculator will help you review your estimated monthly payment options and potential savings.

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REFINANCING CAN FEEL COMPLICATED.

Having a Student Loan Advisor Makes Refinancing Easy.

When you apply to refinance 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.

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A More Affordable Future Starts Now

Prequalify to see your estimated rates in minutes without impacting your credit score.

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Excellent Customer Experiences

When you combine personalized service, an easy application with no fees, and flexible loan options, you get 5-star customer experiences.

Student Loan Refinance FAQs

Can I refinance only some of my student loans with ELFI?

Yes, you may choose whether you’d like to refinance some or all of your student loan debt when going through the application process.

What’s the difference between student loan refinancing and student loan consolidation?

Student loan consolidation is the process of combining multiple loans into one loan. The federal government offers the Federal Loan Consolidation program to borrowers of federal student loans, and only federal loans are eligible for the program (private student loans are not). Through the federal student loan consolidation, your loans are combined and the interest rate is the average of your loans rounded up to the nearest 1/8th of a percent.

Similar to consolidation, refinancing student loans involves combining multiple student loans into one loan with one monthly payment. However, unlike Direct Loan Consolidation, this option is only offered by private lenders and includes the consolidation of both federal and private student loans. Student loan refinancing can reward borrowers who demonstrate responsible financial habits with rates and payment options not offered through the federal consolidation program. New interest rates are calculated based on the borrower’s credit history and overall financial health, as well as current financial market conditions, rather than the weighted average of the included loans.

What do I need to qualify for student loan refinancing with ELFI?

In order to qualify for student loan refinancing with ELFI, you must meet the following criteria, among other factors:

Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility.
Must be at the age of majority or older at the time of loan application.
Must refinance at least $10,000 in student loan debt.
Must have earned a Bachelor’s degree or higher.
Must have a minimum income of $35,000.
Must have a minimum credit score of 680.
Must have a minimum credit history of 36 months.
Must have received a bachelor’s degree from a Title IV U.s. domiciled non-profit college or university.

Can I refinance to remove a cosigner?

If you’d like to remove a cosigner from your student loan, one way to do so is by refinancing, as you will be paying off the old loan. By refinancing, you will release your cosigner from sharing responsibility for your loan.

Is it free to refinance student loans with ELFI?

ELFI does not charge any application fees, origination fees, or prepayment penalties for paying off your loan early.

With many lenders, there is no cost to refinance student loans. Before you sign on the dotted line, ask the lender you’d like to refinance with about their fee structure to ensure it meets your financial needs. Keep in mind that if you extend your repayment term to lower your monthly payment, you will pay more in interest over the life of the loan.

Choosing a reputable lender like ELFI is a great way to ensure you’re getting the most out of your refinancing experience.

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