On this page13 sections
- Ratings and complaints
- ELFI vs. competitors
- Pricing
- Step by step
- ELFI legitimacy and licensing
- ELFI rates and fees explained
- Who qualifies for ELFI refinancing
- What you give up by refinancing federal loans
- Complaints and how to avoid problems
- Hardship options and paying early
- What customers say
- Alternatives
- FAQ
ELFI suits borrowers with a bachelor's degree, a 680 or higher credit score, $35,000 or more of income and at least $10,000 to refinance, and its published starting rates are among the lowest we found. It is a legitimate lender: it is a division of SouthEast Bank, a state-chartered bank in Farragut, Tennessee that the FDIC lists as active and the Federal Reserve supervises. The tradeoffs are strict eligibility, no published maximum rate and no cosigner release, so a cosigner stays on the loan unless you refinance again. Refinancing federal loans with ELFI ends income-driven repayment and federal forgiveness for good.
- Who is behind it
- A division of SouthEast Bank, Farragut, Tennessee; FDIC certificate 57348, active, supervised by the Federal Reserve1
- Refinance rates
- Fixed from 4.29% APR, variable from 4.74% APR, rates current as of 10/01/26; maximum not published1
- Terms and minimum
- 5 to 20 years; at least $10,000 refinanced1
- Eligibility
- 680 credit score, $35,000 income, 36 months of credit history, bachelor's degree or higher from an approved school1
- Fees
- No application, origination or prepayment fees; late charge is the lesser of 5% or $50; $30 returned payment fee2
- Cosigner release
- Not offered on student loans or refinance loans4
- Hardship help
- Forbearance up to 12 months at ELFI's discretion3
- Trustpilot
- 4.9 out of 5 from about 2,269 reviews, 93% five star7
Pros
- Low published starting fixed and variable rates
- No application, origination or prepayment fees
- Clear published credit, income and degree requirements
- One-on-one Student Loan Advisor during the application
- Hardship forbearance of up to 12 months at ELFI's discretion
Cons
- $10,000 minimum and a bachelor's degree are required
- No cosigner release on any ELFI loan
- Maximum rates are not published
- No grace period after refinancing
- Refinancing federal loans ends federal repayment plans and forgiveness
Best for: Borrowers with a bachelor's degree, steady income and a 680 or higher score who want to refinance $10,000 or more of private or federal loans they no longer need federal protections on.
Skip it if: You owe less than $10,000, never finished a bachelor's degree, need a cosigner you plan to release later, or rely on income-driven repayment or Public Service Loan Forgiveness.
ELFI vs. competitors
| Company | Fixed APR | Variable APR | Minimum to refinance | Minimum credit score |
|---|---|---|---|---|
| ELFI | From 4.29%, maximum not published | From 4.74%, maximum not published | $10,000 | 680 |
| SoFi | 4.49% to 10.99% | 5.74% to 10.99% | $5,000 | Not published |
| Earnest | From 4.45%, maximum not published | From 6.28%, maximum not published | $5,000 ($10,000 in CA) | 650 |
| Citizens | 6.24% to 11.00% | 6.34% to 11.36% | $10,000 | Not published |
ELFI pricing at a glance
ELFI refinance rates and fees, as listed October 20261
| Item | ELFI refinance loan |
|---|---|
| Fixed APR | From 4.29% |
| Variable APR | From 4.74%; Prime Rate plus a margin of -2.26% to 2.44% |
| Loan terms | 5 to 20 years |
| Minimum balance | $10,000 |
| Application, origination, guarantee and prepayment fees | $0 |
| Late charge | Lesser of 5% of the past due amount or $50 |
| Returned check or insufficient funds | $30 |
Rates are current as of 10/01/26 and depend on your credit, income, term and any cosigner. ELFI does not publish a maximum rate; the cap on a variable loan is set in your loan agreement. Its example: a 10-year fixed loan at 9.00% APR costs $12.66 a month per $1,000 borrowed.
ELFI, step by step
Prequalify
Enter your details online to see estimated rates and terms. ELFI uses a soft credit inquiry for this step, so your score is not affected.
Apply
Pick a rate and term and submit a full application, which triggers a hard credit inquiry. You are paired with a Student Loan Advisor you can reach by phone, text or email.
Upload and sign
Upload photos or screenshots of income and loan documents and sign electronically. ELFI says a decision can come in as little as one business day once documents are in.
Payoff
ELFI pays off the loans you chose. Keep paying your old servicers until you are told the payoff has gone through, which can take a few days to a few weeks.
Repay
There is no grace period; payments start the month after disbursement unless ELFI lines up your start date with the end of a federal grace period, with interest still building.
ELFI legitimacy and licensing
Yes. ELFI, short for Education Loan Finance, is a division of SouthEast Bank at 12700 Kingston Pike in Farragut, Tennessee. SouthEast Bank is a state-chartered bank and a member of the Federal Reserve System, supervised by the Federal Reserve Bank of Atlanta. FDIC BankFind lists it as active under certificate 57348, established in 2002, with about $3.6 billion in assets as of June 30, 2026. ELFI loans are not deposits and are not FDIC insured, which is normal for a loan.
Customer feedback is strong. Trustpilot shows 4.9 out of 5 from about 2,269 reviews, 93% of them five star, and a search of the CFPB complaint database returned no complaints under ELFI or SouthEast Bank. The BBB lists ELFI from SouthEast Bank as not accredited, with no rating shown and no complaints in the last three years.
ELFI rates and fees explained
As of October 1, 2026, ELFI lists refinance rates from 4.29% APR fixed and 4.74% APR variable on terms of 5 to 20 years. Those are starting rates for the strongest applicants and usually the shortest term. ELFI does not publish the top of its range, so you only learn your rate after prequalifying.
Variable rates follow the Prime Rate plus a margin of -2.26% to 2.44% and can rise after closing. Fees are simple: no application, origination, guarantee or prepayment fee, a late charge of the lesser of 5% or $50, and $30 for a returned payment. ELFI does not mention an autopay discount on the pages we checked.
For new private student loans, ELFI uses Prime plus 0.00% to 6.30% for variable rates (Prime minus 0.51% to plus 4.94% for its EdMed medical and health loans) and offers a $25 a month in-school payment option. It does not publish those loans’ starting rates in its page text, so check the rate tool.
Who qualifies for ELFI refinancing
ELFI’s refinance rules are stricter than most lenders’. You need to:
- Be a U.S. citizen or permanent resident without conditions
- Refinance at least $10,000
- Hold a bachelor’s degree or higher from a Title IV, U.S. based nonprofit school on ELFI’s approved list
- Earn at least $35,000 a year
- Have a credit score of 680 or higher and at least 36 months of credit history
A cosigner can help you qualify or lower your rate, but ELFI does not offer cosigner release. Your cosigner stays responsible until the loan is paid or refinanced elsewhere. You can refinance only some of your loans, and you cannot combine your loans with a spouse’s.
What customers say about ELFI
Recurring themes across the review sites and complaint records listed above, not individual quotes.
Common praise
- Named loan advisors who stay with the borrower through the process
- A quick, mostly online application
- Rates borrowers say beat their old loans
- Fast replies by phone and email
Common complaints
- Document uploads that had to be redone, delaying or expiring applications
- Strict degree, income and credit rules that lead to denials
- No way to release a cosigner without refinancing again
What you give up by refinancing federal loans
ELFI’s own disclosures warn that once federal loans are refinanced, you lose access to income-driven repayment and other flexible federal plans, plus federal deferment and forbearance. You also lose Public Service Loan Forgiveness and federal discharge options. The move cannot be undone.
If you only want one payment, a Federal Direct Consolidation Loan through StudentAid.gov keeps those protections. Refinancing makes the most sense for private loans, or for federal loans when you have stable income and a clear plan to pay them off.
Complaints and how to avoid problems
Most reviews praise ELFI’s advisors and speed. The complaints that do appear tend to involve paperwork: documents that had to be uploaded more than once, applications that expired while waiting, or denials over the degree, income or credit rules.
- Gather pay stubs, ID and current payoff statements before you apply.
- Keep paying your old loans until ELFI confirms the payoff, so you are not reported late.
- Ask your advisor for the maximum rate on a variable loan before you sign.
- Approved terms are held for 30 days, so finish signing within that window.
Hardship options and paying early
If you cannot pay because of financial hardship or medical difficulty, ELFI says it may grant forbearance for up to 12 months, at its discretion. Interest keeps building during forbearance. There is no prepayment penalty, so extra payments or early payoff cost nothing. If you file for bankruptcy, you may still have to repay the loan.
Alternatives to ELFI
- Federal Direct Consolidation Loan Free through StudentAid.gov and keeps income-driven repayment and forgiveness; the rate is the weighted average of your loans, rounded up to the nearest one-eighth of a percent.
- SoFi Better if you owe between $5,000 and $10,000 or want to see a full published rate range before you apply. Read review
- Earnest Better if your score is between 650 and 679 or you want more control over the exact monthly payment. Read review
- Credible A marketplace that shows several lenders' prequalified rates with one form, useful as a check against ELFI's offer. Read review
ELFI reviews
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Frequently asked questions
Is ELFI a legitimate lender?
Yes. ELFI is a division of SouthEast Bank, a Tennessee state-chartered bank that the FDIC lists as active and the Federal Reserve supervises. It has a 4.9 out of 5 Trustpilot score from about 2,269 reviews.
What credit score do you need for ELFI?
ELFI requires a credit score of at least 680 for refinancing, along with 36 months of credit history and at least $35,000 of income. A qualified cosigner can help you get approved or get a lower rate.
What are ELFI's current rates?
As of October 1, 2026, ELFI lists refinance rates from 4.29% APR fixed and 4.74% APR variable. It does not publish a maximum, and your rate depends on your credit, income and term.
Does ELFI offer cosigner release?
No. ELFI says it does not offer cosigner release on student loans or refinance loans. The only way to take a cosigner off is to refinance the loan again.
Does ELFI charge fees?
There are no application, origination, guarantee or prepayment fees. ELFI charges a late fee of the lesser of 5% of the past due amount or $50, and $30 for a returned payment.
What is the minimum amount to refinance with ELFI?
$10,000. Lenders such as SoFi and Earnest start at $5,000 if your balance is smaller.
Do I need a degree to refinance with ELFI?
Yes. You need a bachelor's degree or higher from a Title IV, U.S. based nonprofit college or university on ELFI's approved list.
Does checking my rate with ELFI hurt my credit?
No. Prequalifying uses a soft credit inquiry. ELFI runs a hard inquiry only when you submit a full application.
Who owns ELFI?
ELFI is a division of SouthEast Bank, headquartered in Farragut, Tennessee. The bank and ELFI share the same address at 12700 Kingston Pike.
Does ELFI offer forbearance?
ELFI may grant forbearance for up to 12 months if you face financial hardship or medical difficulty, at its discretion. Interest continues to build while payments are paused.
Sources (9)
Facts on this page come from company websites, government agencies and regulators, checked on the dates shown. Editorial standards
- ELFI: Refinance student loans (accessed October 12, 2026)
- ELFI: Student loan refinancing terms and conditions (accessed October 12, 2026)
- ELFI: Student loan refinance FAQs (accessed October 12, 2026)
- ELFI: Student loan refinancing with a cosigner (accessed October 12, 2026)
- ELFI: Private student loan terms and conditions (accessed October 12, 2026)
- FDIC BankFind: SouthEast Bank, certificate 57348 (accessed October 12, 2026)
- Trustpilot: ELFI reviews (accessed October 12, 2026)
- BBB: ELFI from SouthEast Bank (accessed October 12, 2026)
- CFPB: Consumer complaint database (accessed October 12, 2026)
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