Education Loan Finance full review
Education Loan Finance offers dedicated customer service as well as amazing rates for individuals in need of student loans.
Enhancing the Experience of Student Loan Refinancing with Excellent Customer Service
Education Loan Finance Inc. (ELFI), a leading provider of student loan refinancing, prides itself on its exceptional customer service through its renowned Student Loan Advisor program.
While there are other lenders offering student loan refinancing options, ELFI stands out with a range of benefits over its competitors.
These advantages include the ability to refinance Parent PLUS loans, bonus payments, and debt consolidation. Additionally, ELFI offers low-interest rates and flexible repayment options, making ELFI student loan refinancing accessible in all 50 states, Washington, D.C., and Puerto Rico.
If you have a high school diploma and a reliable job, ELFI may be able to help you reduce your payments and interest rates. Online applications are accepted for both private student loans and student loan refinancing, offering completely variable rates, payback terms, and conditions.
ELFI Loan Options
- Undergraduate
- Graduate
- MBA
- Law degree
- Medical resident and healthcare
- Family loans
- Student loan refinancing
If you have a reliable job and a significant amount of student loan debt, consider ELFI’s student loan refinancing. By taking advantage of lower monthly payments and interest rates, you can save money on the initial value of your loan.
ELFI’s student loans are suitable for individuals looking to refinance at least $15,000 in student debt or borrow at least $1,000 for education. With reasonable rates and terms, ELFI can help you pay off your loans efficiently without straining your finances.
If you’re interested in learning more about ELFI and its offerings, keep reading!
How Education Loan Finance Works
To explore your potential interest rates, you can prequalify with ELFI. The online application process only takes a few minutes and requires basic information.
After a quick credit check, ELFI will provide you with a range of interest rate options. You can then choose the terms that best suit your needs and complete the application by uploading the necessary documents, such as a W-2, a government-issued ID, and pay stubs.
Once you sign and submit the application, ELFI will perform a hard credit pull, which may affect your credit score. Throughout the process, you’ll have a designated student loan counselor available to answer any inquiries you may have.
Student Loans
ELFI offers variable APRs starting at 2.69% for undergraduate and graduate student loans, with fixed APRs starting at 3.21%. The repayment tenure ranges from five to fifteen years.
It’s important to note that the minimum loan amount is $1,000, and the maximum loan amount is determined by the institution’s authorized educational costs.
Student Loan Refinancing
For student loan refinancing, ELFI offers a fixed APR starting at 4.29% and a variable APR starting at 2.48%. The repayment terms vary from five to twenty years, with five to ten-year terms available for parent loan refinancing.
The minimum refinancing loan amount is $10,000, and the maximum amount depends on eligibility. ELFI does not charge origination or application fees, but there is a late fee of 5% of the past-due amount, up to a maximum of $50, after a 10-day grace period. Returned payments incur a $30 charge.
To sweeten the deal, ELFI offers a Referral Bonus program where you can earn $400 for every new borrower you recommend. The new borrowers must receive approval within 90 days of signing up with ELFI to be eligible for the bonus.
Key Benefits of Education Loan Finance
Dedicated Personal Loan Expert
Unlike relying solely on customer support, ELFI assigns you a point of contact who can assist with any inquiries regarding your loan and its impact on your finances.
Fully Digital
In addition to completing the online application, you can sign documents electronically and easily upload required documents by taking photos with your smartphone.
Prequalification Available
ELFI allows you to know your potential interest rates and repayment terms through a soft credit inquiry, which has no impact on your credit score, before submitting a formal application.
How to Apply for Education Loan Finance
If you’re interested in learning more about how to apply for ELFI, stay tuned for our next article!
