ELFI Overview
What is ELFI?
parent loans, there are "qualifying dependent" requirements for the student. The student must share a principal residence for over half the taxable year, be younger than the borrower and have not turned 24 before the end of the calendar year, have not provided their own support during the calendar year, and be a citizen, national, or resident of the U.S.
Refinancing eligibility requirements are similar, except you must have received a bachelor's degree from a Title IV non-profit college or university in the U.S. and have a minimum loan amount of at least $10,000.
How to Apply
ELFI offers an easy online application process that you can complete in just minutes. Here's what the process looks like:
- Gather the required information. This includes your Social Security number, your school of enrollment, your enrollment status, the loan amount you need, your address, and other financial documents.
- See if you prequalify for student loans and view your estimated rates within minutes without impacting your credit score.
- Select a plan with the rates and terms that fit your needs.
- Simply upload screenshots or photos of your required documents, then sign your paperwork electronically.
Pros and Cons of ELFI Student Loans
Pros
- Competitive Rates: Interest rates on ELFI's student loans are competitive. The lender currently offers rates starting at starts at 4.88% variable and 2.99% fixed, depending on the loan type — lower than many competitors. This could equate to significant savings in the long term.
- Dedicated Loan Advisors: When you apply for a student loan with ELFI allows for cosigners if you need help qualifying for your student loan, but it doesn't have a cosigner release mechanism. If your cosigner wants out of the loan, you would have to refinance into a new student loan — without them on the application — instead.
- Potentially Stricter Credit Requirements: An ELFI student loan likely isn't right for someone with a limited credit history. Not only do loans require at least a 680 credit score, but they ask that you (or your cosigner) have at least three years of credit on file, too.
- High Refinancing Minimum: You'll need a fairly high balance to refinance a student loan with ELFI. Though it issues loans as low as $1,000, refinances must have balances of $10,000 or more.
Alternatives to ELFI
- Read more about how we rate student loans »
ELFI Student Loans FAQs
How do ELFI's rates compare with other lenders?
ELFI's interest rates tend to be lower than most competitors, particularly on variable-rate loans, which start at 5%. Keep in mind that rates will vary based on your loan amount, credit history, and other factors.
What's the customer service like with ELFI?
ELFI's customer ratings are very high, and past customers note its strong customer service, great communication, and helpful loan advisor guidance. It has high ratings on Trustpilot and with the Better Business Bureau.
Can I refinance my Parent PLUS loans with ELFI?
Yes, you can use ELFI to refinance your Parent PLUS loans, as well as any other federal loans you might have. Keep in mind that this will mean losing any benefits that federal student loans come with.
Does ELFI offer any discounts or benefits?
ELFI doesn't have any discounts, but it doesn't charge origination, application, or prepayment fees, which can save you on your student loans. It also has lower interest rates than most of its competitors.
What should I consider before refinancing with ELFI?
Consider your credit score, the availability of a cosigner, and the repayment options you're looking for. ELFI requires at least a 680 credit score for you or a cosigner, and it offers no cosigner release.
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi's underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. View payment examples. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is current as of 5/21/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nm/sconsumeraccess.org)..
* Interest Rates: Eligibility and Important Details. Fixed rates range from 3.43% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.64% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 9/3/2025 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
