How to apply for Education Loan Finance

Refinancing student loans involves replacing existing federal and/or private loans with new private loans that offer either lower interest rates or smaller monthly payments. This can be a great option if you want to reduce your monthly payments and save money on interest.

If you’re familiar with student loan refinancing, you’ve probably heard of Education Loan Finance (ELFI). They offer undergraduate, graduate, health care, MBA, law school, parent, and student debt refinancing loans. ELFI stands out because it offers affordable fees, reasonable rates, a wide range of student loan options, and reliable customer support.

One of the unique features of ELFI is that each applicant is assigned a student loan advisor during the application process. This advisor can answer your questions and provide guidance throughout the process. What sets ELFI apart from other student loan providers is that you are not required to have a co-signer.

ELFI is a smart choice for students attending recognized schools who have a reliable co-signer or a proven track record of financial responsibility. It is also a great choice for students who value personalized customer service and higher loan amounts. The Better Business Bureau gives ELFI an “A” rating, considering consumer complaints and how the business handles them. You can contact ELFI through phone, email, or an online form.

Keep reading to learn how to apply for ELFI loans!

Who is eligible to apply for Education Loan Finance?

To apply for an ELFI loan, the borrower must:

• Be an American citizen or a legal permanent resident and provide identification
• Be 18 years of age or older
• Be enrolled in a program leading to a Bachelor’s, Master’s, or Doctoral degree at an accredited institution
• Meet the $1,000 minimum loan requirement
• Earn a minimum annual income of $35,000
• Have a credit score of at least 680
• Have a credit history of at least 36 months
• Be enrolled at least half-time in school
• Satisfy the criteria for eligible dependents for parent loans
• Provide required documents (recent pay stub or proof of employment from the last 30 days, W-2 Form from the most recent tax year, and government-issued identification)

How to apply for Education Loan Finance?

To apply for an ELFI loan, follow these steps:

1. Log into your existing ELFI account or create a new one
2. Complete the prequalification form with your personal information, including your name, address, date of birth, Social Security number, and the college or university you currently attend or plan to attend
3. ELFI will perform a “soft-pull” credit check once you have been pre-qualified
4. After completing the application, you will receive a tentative offer
5. If you accept the offer, you will need to upload relevant documents and provide proof of income and financial situation
6. ELFI will conduct a thorough credit check that may affect your credit score
7. Once your information is verified, you will receive a loan offer from ELFI
8. Carefully review the loan agreement, ensuring you understand the terms and limitations
9. Approve the loan agreement with your electronic signature
10. You will be assigned a student loan counselor who can answer any questions you have
11. Once your school approves the loan amount and you accept the terms, ELFI will disburse the funds

Education Loan Finance vs Splash Financial Student Loan

While ELFI is an excellent option if you qualify and if their loan options meet your needs, Splash Financial Student Loan is another option to consider. Splash Financial is a marketplace that offers a variety of loan options and generally provides competitive rates. If you don’t have an excellent credit score, it may be worth exploring Splash Financial for potentially better rates.

Benefits of Education Loan Finance:

• Dedicated personal loan expert
• Entirely digital process
• Available prequalification
• No maximum loan amount

Benefits of Splash Financial Student Loans:

• No maximum loan amount
• Available loan prequalification
• Low interest rates
• Couples can jointly refinance loans

How to apply for Splash Financial Student Loans:

If you’re interested in Splash Financial Student Loans, follow these steps to apply:

Written by

Claire Harrison