Parent Student Loans

When it comes to financing your child’s education, the options can be overwhelming. ELFI brings their future into focus with a free, no obligation prequalification. So, don’t go it alone. Take advantage of our award-winning customer service, here to help you every step of the way of your parent student loan.

Choose ease, transparency, and a fee-free process for your student’s loan. Choose ELFI.

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YOUR PERSONALIZED TERMS. THEIR UNLIMITED POTENTIAL.

Compare ELFI to Parent PLUS Loans

FIXED RATES FROM

3.69% APR⁽¹⁾

^{Current Federal Parent PLUS Loans: 8.05% APR}

VARIABLE RATES FROM

5.00% APR⁽¹⁾

LOAN TERMS FROM

5-10 Years⁽¹⁾

^{Current Parent PLUS Loans: 10-25 years}

MINIMUM LOANS OF

$1,000⁽¹⁾

^{Current Parent PLUS Loans: $1,000}

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How to Apply for an ELFI Parent Loan

Parents are inundated with advice, especially when it comes to how to best prepare their children for the future. We’re here to cut through the noise by pairing you with your own Student Loan Advisor who will help you navigate the plans and repayment options available with ELFI.

We’ve made the parent student loan application process as convenient as getting groceries 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.

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Eligibility Requirements

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

Enter the desired loan amount and the time remaining until you graduate. Our student loan calculator will help you review your estimated monthly payment options.

Use Our Calculator

PARENT LOANS CAN FEEL COMPLICATED.

Having a Student Loan Advisor Makes Everything Easy.

When you apply for a parent 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.

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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 Student Loan FAQs

What are the benefits of getting a parent student loan through ELFI?

ELFI offers several benefits for families seeking parent student loans, including flexible repayment terms, competitive interest rates, and the ability to borrow up to the total cost of attendance (excluding any financial aid received by the student) per academic year. ELFI also provides cosigner release options, autopay discounts, and no origination or application fees.

Can parents apply for more than one Parent Loan for multiple children going to college?

Yes, at ELFI, parents can apply for multiple Parent Loans to help finance the education of numerous children. Each loan application is reviewed based on the parent’s creditworthiness and financial situation.

Can a parent loan be transferred to the student after college graduation?

A parent student loan cannot be transferred directly to the student. However, the student can refinance it in their name through ELFI’s student loan refinancing program. ELFI’s Parent Loans are intended for parents or legal guardians who borrow funds for this child’s education expenses.

Can parent loans be used for other expenses other than college tuition?

The funds from an ELFI parent loan can help cover other expenses, including room and board, tuition, books, supplies, and other school-related expenses.

Can parent loans be refinanced or consolidated?

ELFI does offer student loan refinancing to help borrowers consolidate and refinance already existing parent loans for college. This could potentially lower your interest rates and help reduce monthly payments after your student has completed college.

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