Undergraduate Student Loans

ELFI’s undergraduate loan options are designed with one thing in mind: bringing your future into focus. When you’re ready to explore a college experience powered by private student loans, we’re standing by with a painless application process and personalized support.

You can start anytime by previewing your interest rate without affecting your credit score. Simple, secure, and so worth it.

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Graduating with the help of Undergraduate Loans from ELFI

Low Rates. Flexible Terms.

FIXED RATES FROM

3.69% APR⁽¹⁾

VARIABLE RATES FROM

5.00% APR⁽¹⁾

LOAN TERMS FROM

5-15 Years⁽¹⁾

MINIMUM LOANS OF

$1,000⁽¹⁾

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How to Apply for an ELFI Private Student Loan

If you’ve already completed the FAFSA, explored scholarships and grants, and considered federal loan products, then you’ve already done enough hard work. Let ELFI help make the rest of your college financing decision easy.

We’ve made the undergraduate private student loan process as convenient as getting late-night pizza 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.

UNDERGRADUATE LOANS CAN FEEL COMPLICATED.

Having a Student Loan Advisor Makes Everything Easy.

When you apply to for a student 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.

Undergraduate Student Loan FAQs

Do I need a cosigner to get a student loan for college?

You do not need a cosigner when applying for an ELFI undergraduate student loan, so long as you qualify by yourself. If you have a limited credit history and/or income, adding a cosigner with a better credit history and income may improve your chances of obtaining a student loan–and on more favorable terms.

Do I need to be a full-time student to obtain a student loan?

No, you do not need to be a full-time student, but you must be enrolled in a degree seeking program and attend classes at least half-time. Explore our full eligibility requirements to learn more.

How long does the application process take?

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 about your qualifications, the approval process, and timeline for disbursement.

What documents will I need to complete my student loan application with ELFI?

To complete your private student loan application, you will need to provide the following documents:

Paystubs documenting the last 30 days of payment (if employed)
Valid Government-issued Identification

If applying with a cosigner, they will need to provide the same documents. 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.

How quickly can I get my undergraduate loan from ELFI?

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

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