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Education Loan Finance Review — Student Loan Refinancing

Chance are, if you’re looking at refinancing your student loans, you’ll be paying them off over several years. As with entering any good long-term relationship, it’s important to make sure you’re a good fit. Read our review of Education Loan Finance to find out if they are the lender you should trust with your student loan refinance.

Education Loan Finance Lender Logo

The Basics

Your lender shouldn’t just be a faceless bill in the mail. Here are a few fast facts about Education Loan Finance so you can know exactly who’d you’d be in business with, should you choose them for a refinance.

  • Education Loan Finance is a relatively new lender, with just a few years in the business, and a modern approach to match.
  • Additionally, Education Loan Finance actually a division of SouthEast Bank, whose holding company has been in business for 20 years.
  • Education Loan Finance has also gone by the shortened name, Elfi — it’s the same lender if you see that acronym.
  • Their holding company has also awarded more than $20 million in scholarships to Tennessee students — they care about education!

Education Loan Finance: Student Loan Refinance

If you’re looking to refinance your student loans, Education Loan Finance might be a great option. They get our seal of approval for the great interest rates they offer, as well as for their customer service. Get some quick pros below, and see what in what areas Education Loan Finance could stand to improve.

What’s Great:

  • Very competitive interest rates
  • Top-notch customer service, including a dedicated U.S.-based advisor
  • Call, text, or email your advisor for help
  • No application or origination fees
  • No penalty for paying off early
  • Personalized rate estimates without affecting credit
  • Borrowers can refinance their Parent PLUS loans
  • Offers co-signer release

What Could Be Better:

  • Borrowers can’t postpone payments if they return to school
  • No discount for enrolling in autopay
  • Offers only a monthly payment option (no biweekly)
  • Only those with a bachelor’s degree or higher are eligible, leaving out those with an associate’s or anyone who didn’t graduate
  • Offers 12 months forbearance, which may be less than some lenders

Education Loan Finance: Who’s Eligible:

Before you choose a lender, you need to make sure you tick all the boxes in terms of requirements. Here’s what it takes to refinance with Education Loan Finance.

  • Be a U.S. citizen or permanent resident
  • Be 18 or olderHave $15,000 or more in student loan debt
  • Have a Bachelor’s degree or higher from one of their approved schools (see the list here)
  • Debt-to-income ratio that demonstrates your capacity to pay back the loan
  • Sufficient credit score (or co-signer)

Education Loan Finance: Available Products

Education Loan Finance offers a variety of refinance options for students and parents. The following information is relatively general, so to get an exact look at their loans you should get a rate quote. It’s free, and Education Loan Finance uses a soft credit check, which means no harm is done to your score.

  • Student loan refinance for student borrowers
  • Student loan refinance for parents with Parent PLUS loans
  • Repayment terms ranging from 5 - 20 years
  • Fixed-rate loan interest rates from 3.09% to 6.69%
  • Variable-rate loan interest rates from 2.55% to 6.01%
  • Late payment charges are 5% of the payment or $50 (whichever is less)
  • You may also be charged $30 if your payment is ever returned

Education Loan Finance: Extra Points

Before choosing to refinance your student loans, you should always compare rates with multiple lenders (We can help you do that here). Once you get your free rates, you may find that in terms of the numbers, several lenders are pretty comparable. If that’s the case, the little extras can definitely set a lender apart. Here are some bonuses Education Loan Finance offers.

  • Education Loan Finance has a Fast Track Bonus program — if you apply for a loan, submit your documents, get approved, and accept the terms within 30 days of the initial application, they company might give you $100!
  • Education Loan Finance also has an excellent referral program. If you successfully refer a friend to them for refinance, you’ll get $400 and your friend will get $100. There is no limit to how many people you can refer!

Education Loan Finance: Final Thoughts

So should you refinance with Education Loan Finance? It definitely gets our recommendation for its treatment of customers and competitive interest rates. However, keep in mind that there could be some drawbacks depending on the situation.
Before diving into this long-term relationship, get multiple quotes from multiple lenders — we’ll help you do so with our reviews — so that you can compare not just the facts, but the numbers. It’s the best way to ensure you get an excellent deal and are set up for a successful refinance.

Jacob Wade

I've been writing about personal finance since 2012 and have been featured as a money expert in many national publications such as Yahoo! Finance, CBS News, MSN Money, Forbes, Nasdaq, and more.

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