Private Student Loans & Student Loan Refinancing
Discover the benefits of ELFI’s private student loans and student loan refinancing. Enjoy low rates, flexible terms, and personalized service tailored to your financial needs. Start by prequalifying to check your rate without affecting your credit score.
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Why Choose ELFI?
Some of the Lowest Rates Available
We believe in rewarding financially responsible borrowers by providing some of the lowest student loan rates available. Plus, for those seeking private student loans, we offer competitive rates to help you fund your education journey.
Expertise That’s Second to None
Our ELFI management team has over 30 years of expertise in student loans, ensuring you receive guidance from industry leaders who understand your unique financial needs.
Fast and Easy Process
Secure your personalized student loan or refinancing options in just a few short minutes. Our straightforward application process is designed to save you time and stress.
Student Loan Advisors
You’ll be assigned a dedicated Student Loan Advisor from our award-winning customer service team to guide you every step of the way. Whether you’re refinancing or seeking private student loans, your advisor is here to assist you.
No Unnecessary Fees
With ELFI, there are no fees for applying for a private student loan or a student loan refinance. Enjoy no application fees, origination fees, or prepayment penalties.
Service Coast to Coast
ELFI offers private student loans and student loan refinancing across the entire U.S. and Puerto Rico, ensuring accessibility for students and borrowers nationwide.
Student Loan Refinancing Rates
How the Loan Process With ELFI Works
ELFI offers a fast, easy online application for financing your education or refinancing your student loans.
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.
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.
STUDENT LOANS CAN FEEL COMPLICATED.
Having a Student Loan Advisor Makes Student Loans 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.
A More Affordable Future Starts Now
Prequalify to see your estimated rates 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.
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.
Private Student Loan FAQs
What makes ELFI a good choice for private student loans?
ELFI private student loans offer competitive interest rates, flexible repayment options, and personalized customer service. We make college financing straightforward and affordable with no application fees, origination fees, or prepayment penalties. When you’re ready to bring your future into focus, our Student Loan Advisors are standing by.
What repayment options does ELFI offer?
ELFI offers several repayment options to accommodate the different stages of a borrower’s financial journey. These include immediate repayment, interest-only and partial interest payments while in school, and full deferment until after graduation.
How do I know if I’m eligible to apply for a private student loan with ELFI?
Applicants must be U.S. citizens or permanent residents, enrolled at least half-time in an eligible degree-granting program at an approved institution, and have a satisfactory credit history or a co-signer with good credit. Explore more of our full eligibility requirements to learn more.
What are the rates and terms for ELFI private student loans?
ELFI makes it easy for prospective borrowers to explore rates and terms through the online rate calculator. You can quickly get personalized rate quotes without affecting your credit score. This transparency allows you to compare ELFI’s private student loan options with other financing solutions.