Private Student Loans: FAQs

Our entire application process is online, so completing your application can be done in a matter of minutes. Once you have submitted your application, you’re assigned a Student Loan Advisor who will be available to answer any questions.

Once we have your application and your documentation, we send the loan application information to the school for certification. Your school will verify your enrollment status, academic progress, and your financial aid package to confirm the amount of the loan. Once the school has certified the amount, you must complete your application by accepting your loan terms, and then we will send the funds directly to your school on your behalf.

Yes, we ask the school to verify SAP during the school certification process. Each school has a SAP policy for financial aid purposes. Compliance with your school’s SAP policies means that you have to have good enough grades and complete enough classes (credits, hours, etc.) to show progress of completing your degree or certificate in a time that’s acceptable to your school. You can check your school’s website or ask someone in the financial aid office if you need clarification on your school’s SAP policies.

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.

ELFI does not consider household income on loan applications. Loan applications are underwritten based solely on the income of the applicant or the cosigner.

During prequalification, which provides you with preliminary rates and terms that you may qualify for, ELFI will perform a “soft credit inquiry.” A soft credit inquiry will not affect your credit score. However, once you choose your loan product and submit an application, ELFI will request to view your full credit report, which will show up as a hard credit inquiry. These inquiries are common among lenders and necessary for ELFI to make a final rate and product offer.

You don’t need a cosigner when applying for an ELFI Private Student Loan as long as you qualify on your own. If you have limited credit history and income, a cosigner with good credit history and income can improve your chances of obtaining a private student loan.

Submit your private student loan application before the start of an academic year or semester during the financial aid process. Your school will be required to certify the loan during the application process, so keep that in mind when planning your finances for college.