ELFI Student Loan Refinancing Review 2026

ELFI has been helping borrowers refinance student loans since 2015. As a division of SouthEast Bank, based in Tennessee, ELFI operates entirely online. With ELFI, you can refinance a wide range of loans — including federal, private, undergraduate, graduate, and parent loans. 

In this review, we'll explore whether ELFI's refinancing options align with your financial goals and needs.

ELFI student loan refinancing review

Best for: Borrowers with high loan balances

ELFI is a solid option for refinancing, especially if you have a high loan balance. While you can refinance a variety of loan types, the minimum amount required is $10,000 — more than what lenders like SoFi or Laurel Road require. There's no set maximum borrowing limit with ELFI, as it depends on your financial profile and credit history.

Check Out: Best Student Loan Refinance Companies

Pros and cons

Here are the pros and cons of refinancing student loans with ELFI:

Eligibility requirements

ELFI has specific eligibility criteria you'll need to meet before you can refinance your student loans:

• A minimum loan balance of $10,000
• An annual income of at least $35,000
• A credit score of 680 or higher
• At least 36 months of credit history
• A bachelor's degree or higher
• Attended a U.S.-based, non-profit Title IV school
• U.S. citizenship or permanent resident status
• Be at least the age of majority when applying

If you don't meet these requirements, you can apply with a cosigner. However, ELFI does not offer a cosigner release, meaning the cosigner will remain responsible for the loan for the entire term.

Borrowing limits

You must have at least $10,000 in student loans to refinance. However, the lender doesn’t have a maximum loan amount. 

Current student loan refinance rates

Repayment terms

ELFI offers flexible repayment terms, allowing you to choose from the following options:

• 5 years
• 7 years
• 10 years
• 15 years
• 20 years

These terms are fairly standard among lenders, but if you're refinancing parent loans, you'll be limited to terms of five, seven, or 10 years. Keep in mind that opting for a longer term will reduce your monthly payments, but you'll pay more in interest over time.

Unlike many lenders, ELFI does not offer an interest rate discount for enrolling in autopay. However, if you experience financial hardship or medical challenges, ELFI may grant up to 12 months of forbearance, though this is at their discretion.

Notable benefits

ELFI offers several standout features for borrowers looking to refinance their student loans:

• Student loan advisers: When you apply to refinance with ELFI, you'll be assigned a dedicated student loan adviser who guides you through the entire refinancing process and helps you choose the best terms for your financial situation.
• Highly rated customer service: ELFI has earned excellent reviews, with a 4.9-star rating out of 5 on Trustpilot, reflecting strong customer satisfaction.
• No fees: ELFI doesn't charge any application, origination, or prepayment fees, making it a cost-effective option.
• Competitive rates: ELFI offers interest rates that are lower than many competitors.
• Referral program: Earn $400 for every friend you refer who refinances with ELFI.
• Financial hardship support: ELFI provides up to 12 months of forbearance if you experience financial difficulty.

What to consider before refinancing student loans with ELFI

Before deciding to refinance with ELFI, here are a few key things to consider:

• You have a credit score of at least 680: This allows you to qualify for a refinance loan without a cosigner. While refinancing with a cosigner is an option, you won't be able to release them from the loan obligation.
• You have eligible loans to refinance: ELFI won't refinance medical residency loans, bar study loans, Navient Tuition Answers loans, or international loans, either made by foreign institutions or obtained while attending school outside the U.S.
• You have a large outstanding student loan balance: ELFI requires a minimum of $10,000 to refinance, but there's no set maximum borrowing limit.
• You want to refinance a parent loan in your name: Unlike many other lenders, ELFI allows you to transfer a federal parent PLUS loan into your own name through refinancing.

How to apply for student loan refinancing with ELFI

When you apply for a student loan refinance with ELFI, you'll be assigned a dedicated student loan adviser to guide you through the process and help ensure your loan is the right fit. Your advisor will be your main point of contact, and they'll be available by phone, text, or email to help with document submission and answer any questions you have.

To apply for a student loan refinance loan with ELFI, follow these steps:

1. Gather your documents: You'll need recent pay stubs (from the last 30 days), a government-issued ID, and your current loan or payoff statement. If you're applying with a cosigner, you'll need their documents too.
2. Get your rate: Visit ELFI's website and click “Check Your Rate” to start the online loan application. You'll be asked to provide contact details, a Social Security number, income, and the amount you wish to refinance. ELFI will do a soft credit check at this stage, which won't affect your credit score. A hard credit inquiry will only happen if you proceed with the full application.
3. Review your loan offer: ELFI will present you with different loan terms and options for fixed or variable rates. Your student loan adviser can help you select the best terms for your financial situation. Once you've selected the option that works for you, you'll complete the formal application and submit any required documents.

Once the refinance process is complete, it typically takes two to three weeks for your current lender to be repaid. During this time, you'll need to continue making payments on your existing loan. After that, your new loan servicer will contact you to set up your account and monthly payments. Your new loan will be serviced by either MOHELA or American Education Services (AES).

Why you can trust our Credible experts

The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best student loan for your situation, we conduct thorough research and analyze thousands of lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank student loan lenders and products. To learn more, read our methodology below.

Methodology

To determine ELFI’s lender rating, Credible collected more than 1,000 points of data on two dozen private student loan refinance companies and evaluated them on several different categories: repayment options, eligibility, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan refinance companies — which comprise individual criteria that are also weighted.

• Repayment options: 30%
• Eligibility: 25%
• Interest rates: 20%
• Loan terms: 15%
• Customer support: 10%

While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for the best student loan.

Learn more about our methodology.