Education Loan Finance (ELFI) Review  

By loansmack


Key Features

  • Refinance student loans for former students.
  • Can apply with & without a cosigner.
  • 5, 7, 10, 15, 20 year repayment terms.
  • Refinance Rates: Variable Rates - 2.55% – 6.01%  Fixed Rates - 3.09% – 6.69%.  
  • Loan Amounts:  Minimum of 15,000 – No Maximum
  • No origination fees or prepayment penalties.

About ELFI

Education Loan Finance (ELFI) was started in 2015 by SouthEast Bank, a Tennessee State chartered bank, headquartered in Knoxville, Tennessee. Even though ELFI is new, the SouthEast Bank management team has over 30 years of experience in the commercial banking and student loan industry. The company offers people the ability to refinance their student loans.


  • Low Rates – Depending on your credit or your cosigner's credit, ELFI has comparatively low rates.  
  • Repayment Options – The amount of repayment options allows you to customize your repayment plan to your specific situation. 
  • Quick Application Process - You can apply in a few minutes.


  • No cosigner release option under your new refinanced loan – If you refinance through ELFI with a cosigner, you won’t be able to release that cosigner later on.

How to get started with ELFI

You can get started with ELFI through their online process.  Remember, when you get a rate estimate from a lender, this involves a 'soft credit' check, which will not affect your credit score.  When you decide to actually apply for a loan, the lender will do a hard credit pull which will slightly affect your credit score.

Documents you'll need for when applying to most lenders:

  • Government ID (passport, driver's license, green card).
  • Income verification (if applicable); this can include pay stubs, W-2's, etc.
  • Social Security number.