ELFI Private Student Loans Review September 2025

ELFI, short for Education Loan Finance, is an online lender and division of SouthEast Bank in Tennessee. Since 2015, it has offered private student loans for undergraduates, graduate students, and parents, as well as refinancing options.

ELFI stands out for its competitive rates, flexible repayment terms, and positive reviews on Trustpilot and the Better Business Bureau. In this ELFI review, learn about the lender's loan terms, interest rates, eligibility requirements, and key benefits so you can decide if it's the right fit for you.

ELFI private student loans review

Best for: Flexible repayment terms

Repayment flexibility is a key advantage of ELFI. You can choose between four loan terms — five, seven, 10, and 15 years — and four repayment options, which give you more control over how and when you pay off your loan:

• Immediate repayment: Start making full principal and interest payments while you’re still in school. This option costs the least overall and helps you pay off your loan the fastest.
• Interest-only repayment: Pay only interest while in school and during the 6-month grace period after graduation. This prevents interest from accruing and getting added to your principal loan balance once full repayment begins. 
• Fixed repayment: Make $25 monthly payments while in school and during your grace period. Payments are predictable and help reduce your balance before full repayment begins. 
• Deferred repayment: Delay payments until after your 6-month grace period. This provides the most short-term relief but results in the highest overall cost. 

ELFI also offers an online calculator to compare these repayment options and see how each might fit your budget and long-term goals.

See Also: ELFI Student Loan Refinancing Review

Pros and cons

Pros of ELFI student loans

• Several repayment term lengths available: Choose from several loan term lengths to fit your monthly budget and repayment goals.
• Support from a dedicated Student Loan Advisor: Every borrower is paired with a Student Loan Advisor who provides one-on-one guidance throughout the process. Advisors are available by phone, text, or email to answer questions.
• Doesn’t require full-time enrollment: ELFI offers loans even if you’re enrolled half-time, unlike many lenders that require full-time enrollment.
• Transparent credit and income requirements: ELFI publishes its minimum credit score, income, and credit history standards so you know your chances of approval before applying.

Cons of ELFI student loans

• Must be enrolled in a bachelor’s degree program or higher: ELFI doesn’t offer loans for associate degrees, trade schools, or certificate programs.
• Cosigners can’t be released from the loan: If you apply for a loan with a cosigner, the cosigner will remain responsible for the life of the loan, with no option for release.
• No autopay rate discounts available: Many lenders lower your rate by 0.25 percentage points if you sign up for autopay, but ELFI doesn’t provide this benefit.

Eligibility requirements 

ELFI sets clear requirements for private student loans. To qualify, you’ll need:

• U.S. citizenship or permanent resident status (for both borrowers and cosigners)
• At least half-time enrollment in a bachelor’s, master’s, or doctoral program
• A minimum FICO credit score of 680
• At least 36 months of established credit history
• Minimum annual income of $35,000
• A loan amount of at least $1,000

For parent loans, the student must also meet ELFI’s dependent guidelines, which consider the student’s age, living situation, financial resources, and citizenship status.

Current private student loan rates

Borrowing limits

ELFI requires a minimum loan amount of $1,000, and there’s no maximum cap. Students can borrow up to the full cost of their certified education expenses for the academic period, as determined by their school. This makes ELFI a good option if you’re attending a higher-cost program or need to cover graduate or professional school expenses in full.

Repayment terms

ELFI offers repayment terms of five, seven, 10, or 15 years. While in school, you can choose from four repayment options: immediate, fixed, interest-only, or deferred. Each loan also comes with a six-month grace period after graduation before full repayment begins.

Notable benefits 

ELFI offers several notable benefits for borrowers:

• Strong customer service: ELFI holds a 4.9 out of 5 rating on Trustpilot and an A+ rating from the Better Business Bureau.
• Dedicated Student Loan Advisors: Every borrower is paired with a Student Loan Advisor for one-on-one support throughout the entire private student loan application process. 
• Forbearance: If you’re struggling to make payments, ELFI may grant temporary forbearance on a case-by-case basis.
• No fees: ELFI doesn't charge loan application, origination, or prepayment fees.

What to consider before borrowing from ELFI

ELFI can be a strong option if you want flexibility and personalized support. The lender offers multiple repayment terms, allows part-time enrollment, and pairs you with a dedicated adviser to guide you through the loan application process.

At the same time, ELFI isn’t the right fit for everyone. You won’t be eligible if you’re pursuing an associate degree, trade program, or certificate. Unlike many lenders, ELFI doesn’t offer a cosigner release option, meaning your cosigner is tied to the loan until it’s fully paid off. You also won’t get the common autopay discount that could reduce your interest rate with other lenders.

How to apply for an ELFI student loan

There are four steps to getting an ELFI private student loan. You’ll need to:

1. Get prequalified: Provide basic information to see the rates you may qualify for. This step uses a soft credit check, so it won’t affect your credit score.
2. Complete the application: Submit your financial information and school details, along with cosigner information if needed. At this point, you'll also choose the repayment plan that works best for you.
3. Upload documents: ELFI requires supporting documents, such as pay stubs or W-2 forms, which can be uploaded online.
4. Sign your agreement: Review and e-sign your loan documents, then wait for your school to certify the loan before funds are disbursed.

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 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 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.