Parent Loan Refinancing

You’ve helped your family make the most of their future. We’re here to help you make that choice more affordable. When you’re ready to explore refinancing Parent PLUS Loans or private parent loans, choose ELFI for competitive rates, flexible terms, and award-winning customer service.

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parent looking at parent loan refinancing options

Industry Leader for Parent Loan Refinancing

Best Refinancing for Parents

2024 – NerdWallet

Best Student Loan Refinance Lenders

2023 & 2024 – US News

Best Refi for Customer Service

2019 – NerdWallet

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Why Refinance Your Parent Loans?

Lowering Your Interest Rate

A primary benefit of refinancing your parent 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 loan payments? Refinancing gives you the ability to consolidate your parent loans into one monthly payment–including Parent PLUS 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.

Refinance Options to Fit Your Budget

VARIABLE RATES FROM

4.86% APR⁽¹⁾

FIXED RATES FROM

4.88% APR⁽¹⁾

LOAN TERMS FROM

5-10 Years⁽¹⁾

MINIMUM LOANS OF

$10,000⁽¹⁾

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Mother and daughter looking at parent plus loan refinancing options on the computer

How Does Parent Loan Refinancing Work?

Refinancing your parent loans 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 your parent loans with ELFI is simple.

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

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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ELFI Student Loan Advisor assisting customer on the phone

Parent Loan Refinance FAQs

Are refinanced parent loans considered student loans for tax purposes?

Yes, student loans refinanced by ELFI are considered student loans for federal and state tax consideration. Please note that individuals may or may not be eligible for interest deductions depending on their individual tax situation. Please consult your tax advisor for additional information.

Do I need to refinance all of my parent loans or can I only refinance the ones I want?

You can choose to refinance all of your parent loans or only the amount you want. During the application process, you can choose the amount of student debt you would like to refinance.

How do I know if my parent student loan is eligible for refinance?

All of ELFI’s eligibility requirements for student loan refinancing apply to parent loans. Employer-sponsored education financing and payment plans, school-sponsored tuition payment plans, however, are ineligible.

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