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Education Loan Finance Review
Reviews 2,011
Education Loan Finance
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Education Loan Finance
Education Loan Finance
Excellent
Reviews 2,011
Sarah Pritzker
Jan. 02, 2023
3 min read
Sarah Pritzker
Education Loan Finance summary
Education Loan Finance refinancing lets you combine multiple loans into one simple, easy to pay, affordable loan. With some of the lowest interest rates in the industry and a simple application process it's a great option for young professionals who are struggling with repayment of their student loans.
Pros
  • Variety of plans for different budgets
  • Seamless application and verification process
  • Personal Loan Advisors provided for each applicant
Cons
  • Consolidation forfeits Federal Loan Forgiveness programs
  • Shortest available loan term is 5 years

Education Loan Finance Education Loan Finance View Rates

Education Loan Finance at a Glance

Education Loan Finance (ELFI) is a consolidated loan repayment program offered by SouthEast Bank, which is located in Tennessee. The founders have been actively involved in shaping the finance and education loan industry for over 3 decades and have a wealth of experience in student lending, knowing what it takes to make repayment easy and affordable.

In a very broad sense, the program assists borrowers with multiple student loans by consolidating these loans into a single loan. The program allows borrowers to select from multiple repayment options for additional flexibility in term length and interest rate tyles. The mission of the program is to help student loan borrowers save in terms of interest rates for their different education loans and to make repayment hassle free and simple. ELFI also offers student loan refinancing and consolidation to parents with Parent PLUS and private student loans. 

Furthermore, ELFI's parent company, SouthEast bank offers scholarships to students, having provided more than $20 million in scholarships to date. ElFI offers a generous referral program providing over $400 for each referral. 

Suitable for?

The ELFI program is tailored toward students and young professionals who want to simplify their student loan finances. Specifically, this program is suitable for borrowers who have multiple student loans, as the program’s main feature is that it will consolidate all of your student loans into one loan with a new interest rates and repayment term. Please note that the refinancing options offered in this program are only available for borrowers that went to pre-approved post-secondary institutions for their higher education.

Loan Features*

The refinancing loan provided by Education Loan Finance makes life simpler by taking all of your education debts and combining them to form one single loan that you can manage easily. This can potentially help you save hundreds of dollars every month thanks to some of the lowest interest rates and easy payment options.  In an effort to simplify the process further ELFI provides Personal Loan Advisors to assist applicants with refinancing

Some of the main features refinancing with ELFI include:

  • APR rates from:
    3.99% APR (variable)* 
    4.83% APR (fixed)*
  • No maximum loan amount restriction or limitation
  • No prepayment penalty
  • No application processing fees
  • No origination fees
  • Repayment terms that can range from 5 years to 20 years

Pros and Cons

Pros

  • Very flexible – Several different plans for different needs and different budgets.
  • Ease – From a seamless application and verification process to a simple single loan payment, ELFI makes life easier.
  • Rate calculator – Even before starting with the application, you can use the find my rate calculator to get an idea of what you could be saving when you refinance your student loan. 
  • Refer and win – It’s a win-win situation for both you and your friend. Have a friend sign up for the program using your referral link and receive $400 as a bonus and your friend will also receive $100 for using the link.**
  • Personal Loan Advisors – ELFI provides personal loan advisors or a single point of contact who can walk you through the loan process and answer any questions you might have.
  • If you previously had a loan with a cosigner they can be removed by refinancing assuming you qualify on your own for a loan. 

Cons

If you happen to combine multiple federal loans and decide to refinance them, you will lose out on other federal repayment options that are otherwise available to you. However, this is the case with any refinancing program.

The Application Process*

Applying is a speedy, three-step process.

  1. Create a profile on the ELFI website and with just a few questions find out your rate.
  2. Upload ID and other requested documents relevant to your student loans, finances, and education.
  3. Electronically sign your new loan agreement and auto debits will be charged to your account every month.

Loan Terms *

There are, of course, some eligibility requirements that you will need to meet to be considered for the refinancing loan. The main eligibility requirements are as follows:

  • A minimum loan amount of $10,000 (can be from multiple education loans) to refinance.
  • A bachelor’s degree, at least, and it should be from an approved post-secondary institution.
  • Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility. 
  • Must be aged 18+ at the time of the loan application.
  • All loans are subject to credit approval.

Repayment Terms*

Repayment can range anywhere between 5 years to 20 years, with a 5 year high fixed rate of 4.83% . This depends on your specific loan amount and payback timeframe. It could be different from one applicant to the next. 

How Safe is It?

The security of your information is very important to ELFI. ELFI takes all the required steps and uses the most up-to-date software to ensure that your data is safe. 

Help & Support

The Personal Loan Advisors at ELFI are helpful, well trained, and respond in a timely manner. You can reach out to them either via email, phone call, or even text.

Summary

ELFI refinancing helps graduates with multiple student loans by combining their loans into one simple, easy to pay, affordable loan. The application process involves signing up and uploading documents, and the interest rates are some of the lowest you will find in the industry.

Physical Address

SouthEast Bank

104 N. Seven Oaks Dr.

Knoxville, TN 37922

Education Loan Finance Education Loan Finance View Rates

Disclaimers

Subject to credit approval.  Terms and conditions apply.

*This offer is subject to credit approval and additional requirements, including verification of attendance at an approved post-secondary institution and fulfillment of a Bachelor’s Degree or higher. Complete details, including a list of eligible schools, are available online at www.elfi.com. The interest rate and monthly payment for variable rate loans may increase after closing. Your actual interest rate may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $1,100 per $1,000 borrowed. To qualify for refinancing or student loan consolidation through Education Loan Finance, you must have at least $10,000 in qualified student loan debt and must have earned a bachelor’s degree or higher from an approved post-secondary Education Loan Finance institution. Electronic payment is required. Other restrictions may apply. See elfi.com/terms for details. 

**Referral Bonus:  Limit one $400 cash bonus per referral. Offer available to anyone who refers new customers who refinance their education loans with Education Loan Finance. The new customer will be mailed a $100 cash bonus via check and the referring party will be mailed a $400 cash bonus via check within 6-8 weeks of loan disbursement. A new customer is defined as an individual without an existing Education Loan Finance loan account and who has not held an Education Loan Finance loan account within the past 24 months. The new customer is required to register online at www.elfi.com and refinance a student loan with Education Loan Finance within 90 days of registration. The minimum refinance balance required to refinance with Education Loan Finance and obtain the bonus is $10,000. Offer is subject to change without notice. Employees of SouthEast Bank and its affiliates are not eligible.  Taxes are the responsibility of the recipient.

Sarah Pritzker
Written by
Sarah Pritzker
Sarah Pritzker is a content writer with years of experience and a keen interest in the vast world of online consumer products. She writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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See what some costumers are saying about Education Loan Finance
Education Loan Finance
Excellent
Reviews 2,011
on
Excellent
93%
Great
5%
Average
1%
Bad
1%
N
noah
14 hours ago
Quick responses
Quick responses, greatest rates, straightforward information and website and application. What else do you need?
M
morgan
15 hours ago
Easy & fast
Easy & fast. Dylan was knowledgeable and quick to respond. I cut my private loan interest in half refinancing through ELFI and will save me thousands and thousands of dollars. Couldn’t be happier!
N
nick dubman
3 days ago
Very easy and quick process.
Very easy and quick process.
H
happy customer
3 days ago
Emily's patience and professionalism were top notch
Emily was very helpful - giving me updates on my loan refinance and what documents needed to be completed. She was especially patient and professional calling me during the final evaluation on my loan so I could complete the signature and lock the rate down. I felt taken care of. Thank you for adding the personal touch to an otherwise non-personal (loan refinance) experience.
M
matthew berger
3 days ago
Colene was a dream to work with
Colene was a dream to work with
M
mp
8 days ago
Very simple process and decisions were…
Very simple process and decisions were made quickly
C
cade worthy
10 days ago
As good as it gets when it come to…
As good as it gets when it come to student debt financing.
T
tracey hennemann
10 days ago
Simple process and excellent service
Application was simple. Response was quick. There were no surprises.
D
daniel otieno
11 days ago
Very responsive ELFI representative
The application process for my student loan refinancing was very straight forward and hassle-free. The platform created by ELFI guides you step-by-step. The requirements they need of you are clearly stated and easy to upload. Plus you’re not completely dealing with an automated system; there’s a representative following your application as well and answering any questions you might have. It there’s additional documentation required, for instance, they reach out. I found the representative in my case to be very responsive. Overall, my experience was great.
A
amelia hiller
11 days ago
helpful staff
collene was extremely helpful and got back to us via email in a timely manner. answered my questions with detail and made sure i understood everything.
T
trevor weiss
13 days ago
Great
Dylan was very quick in responding and I was approved for the loan in less than a week.
R
reyna pleitez
14 days ago
Stanley was clear in all instructions…
Stanley was clear in all instructions and dates in order for my loan to be expedited. He was very responsive and helpful throughout. The underwriting department was able to process the application very quickly.
M
marissa
15 days ago
Helpful!
Stan was super helpful in providing me with detailed information on what documents I needed and helped me complete my application and get approved!
W
william smith
15 days ago
Dylan provided good input
Dylan provided good input, and responded in a very timely manner to my questions
K
kevin ward
16 days ago
Ryan was great to work with
Ryan was great to work with. Everything was pretty straighforward and efficient. Approval process was very quick and positive.
V
victoria johnson
16 days ago
Going through the process of refinancing my undergrad student loans
Going through the process of refinancing my student loans was made very easy and painless with ELFI. Derek was very responsive and helpful with the entire process.
A
amanda clemente
16 days ago
Didier is a wonderful asset to your team.
This review is in regards to my many interacts with Didier over the course of establishing my student loan. He was very patient and always answered questions in their entirety. Most importantly, he never made me feel like any question I had was silly. He is a wonderful member of your team.
R
rafael gonzalez
22 days ago
was very helpful
was very helpful - made the process very simple
D
dsal
a month ago
Colene was fantastic and very helpful
Colene was fantastic and very helpful
D
dexter maceus
a month ago
Excellent Customer Service
Colene was absolutely exceptional in providing me with excellent customer service.
l
lmac
a month ago
Great experience
They were quick to respond to my questions and responded thoroughly. My only half-complaint was how "eager" the representative was to contact me after sending my initial application (sent a text then called the next day reminding me of the deadline for additional documents). Which made me think it was a possible scam. Overall great experience though, the process was made very easy and simple.
A
anthony & kellie kiefner
a month ago
Best lender for refinancing/consolidating student loans
This consolidation loan was processed from start to finish in less than 24 hours. Colene Helveston provided excellent customer service and was very clear on documents needed and steps to be taken, which moved the process along very quickly. I highly recommend this lender. The rate offered was by far the best of all the lenders - I saved over 2 percentage points.
H
hannah best
a month ago
Stan was very helpful!
Stan was very helpful!
K
kyle
a month ago
Good customer service during onboarding
Dylan Sparks specifically was very helpful during my process.
A
anna costa
2 months ago
My counselor was super helpful and very…
My counselor was super helpful and very responsive, made the process a lot smoother.
S
sarah nadeau
2 months ago
Excellent customer service!
She was very clear and thorough in communication and quick to respond- even on weekends.
E
erin steinbach
2 months ago
Refinancing was easy
Refinancing was easy, quick, and stress free. The emails sent by my student loan advisor Stan Mitchell helped to walk me through the process so I didn’t miss anything.
T
theresa bohler
2 months ago
Emily made the whole process very easy
Emily made the whole process very easy, and was helpful the whole time
E
emilee tucker
2 months ago
Stan is the best
Stan is the best! Very helpful and approachable
A
aaron whatley
2 months ago
Very Easy to work with, great rate
Definitely worth looking into. Lowered my payment a lot, very quick process and easy to work with.
R
rayden b
2 months ago
Smooth Process And Great Customer Service
My student loan refinancing application was quick and streamlined. Huge thanks to my ELFI Advisor who helped me every step of the way to make the process surprisingly and refreshingly painless!
M
melissa vinnacombe
2 months ago
Super easy and convenient
Super easy and convenient. You can do everything electronically and it’s easy to upload your documents. Didier Leclaire Kept me in the loop through the process quickly answered all of my questions and was a great asset through the process!
B
brittany frazer
2 months ago
Fast response and turnaround refinance…
I have refinanced my student loans three times and this experience was by far the easiest and communication was strong. I was very pleased to have my own loan officer who was very receptive, extremely responsive, and helpful!
M
mimi charles
2 months ago
Very Simple Process
He was quick to assist and respond to my emails and made the process so simple for me to finalize everything.
B
brennan merley
2 months ago
Dylan was able to let me know if I was…
Dylan was able to let me know if I was missing any documents the next day. He made the process go smoothly.
M
miles harris-hohne
2 months ago
Colene helped us out BIG TIME on this…
Colene helped us out BIG TIME on this loan request. We initially had inputted our information incorrectly and Colene helped us get a better application immediately! Great customer service here!
R
radhia ismael
2 months ago
Awesome!
Elfi was great but Colene, our Personal Loan Advisor, was the true shining star. She was on it the whole time, replying surprisingly quickly to every inquiry and being present for every step of the process. I really felt like I had someone reliable working on my application. Elfi itself was good, however, it did end up giving us slightly different rates to sign on than what was previewed (and not just because the market/rates changed, we signed up the same day and the offers extended were different than what was previewed), so we will spend slightly more a month, but overall not bad! Elfi was recommended to me by a relative, and even with this slight change, I would recommend it myself! Super easy, super simple, and GREAT customer service!
S
samantha rizzuto
2 months ago
Didier was helpful and kind.
Didier was helpful and kind.
B
brandon rozenbaum
2 months ago
Was quick and detailed when answering…
Was quick and detailed when answering question that we had or just providing details about the next steps in the loan process.
M
megan kushner
2 months ago
Emily was friendly and responded…
Emily was friendly and responded quickly!
G
garrett tedeman
2 months ago
Good general web-function for application, and coordinated with customer representative.
Hi -- Just wanted to leave a note that very much appreciated the process with ELFI that (A.) seemed to have a more developed & coherent process to follow for application and document submission, and (B.) also facilitated "prompting" for (human) contact with a representative to answer/confirm the last couple of items. Of course, that seems pretty simple, but we all know how much work it (really) takes to get those parts together. Good stuff though, and would recommend to others for an up-to-date service experience.
P
paul valentine
2 months ago
Fantastic service.
Fantastic service.
M
matthew oluwasanya
2 months ago
Emily Hetu’s fast and effective…
Emily Hetu’s fast and effective communication made this process run smooth
A
allee purcell
2 months ago
Simple process
Simple process. Dylan was great.
K
kellie rodman
2 months ago
The communication of what had to be…
The communication of what had to be done/uploaded in the application process was clear and precise. Dylan was informative and very helpful at all times. Any questions were answered promptly. Great experience!
D
david p.
2 months ago
Excellent company!
Excellent service and quick response time. It was very easy to apply and get a decision. I would recommend Elfi to others.
H
hayden t
2 months ago
Very helpful company.
The loan application process was very straightforward and surprisingly simple. Not too much ‘E-Paperwork’.
M
matthew pennell
2 months ago
Questions asked that either weren’t
Questions asked that either weren’t clear or that they already had answers to in documents sent, this created a huge lag in time due to back and forth for multiple days.
Y
yieng tham
2 months ago
Responsive
Great experience throughout the whole process. Smooth application with accurate and responsive assistance.
N
natalee patel
2 months ago
Stan answered all my questions and did…
Stan answered all my questions and did a great job following up along the way with the process.
A
amber
2 months ago
Dylan was always professional and quick…
Dylan was always professional and quick to answer and questions and return emails.
S
sarah barone
2 months ago
Great Experience!
Emily was super helpful and quick to respond. She gave great reminders, information, next steps, and helped me understand what was to come. Thank you, Emily!
D
deasiah
2 months ago
I did feel as though every time I…
I did feel as though every time I reached out to my advisor he would consistently reply to me the same day.
A
anna zuefle
2 months ago
Colene is the best!
Colene was so helpful the entire way. She made refinancing my loans a very smooth process. Thank you!
M
mark cerza
2 months ago
Very helpful
Great experience
T
tayler ruggero
2 months ago
Quick turnaround...good communication…
Quick turnaround...good communication and reliable information.
L
leah hightower
2 months ago
Great Job
Very responsive, polite and knowledgeable.
D
devon
2 months ago
Colleen was great and answered all of…
Colleen was great and answered all of my questions about the application, even ones that retroactively seemed obvious. She helped me make sure I had all the required documents and helped me know when it was complete and submitted.
G
gabe lamm
2 months ago
Quick communication
Quick communication - very helpful
B
brian
2 months ago
EFLI financial's customer service is…
EFLI financial's customer service is awful. They strung me along for 2 months until they finally said I was denied. I was trying to get a lower parent plus loan refinanced to drop the interest rate. I informed them up front it was a parent plus loan. After 2 months of jumping through hoops they denied me because I did not have a bachelor's degree. I would highly recommend not to use this company.
L
lily
3 months ago
She was fast with responding 💛
She was fast with responding 💛
C
charles
3 months ago
Colene
Colene was very helpful and responsive
T
tori timerman
3 months ago
Refinancing Loan
Very polite and helpful.
C
chase turner
3 months ago
Great service
Quick and timely service was provided.
M
megan lightner
3 months ago
Excellent Service
Colene has been extremely helpful and patient throughout my loan consolidation process!
L
lauren kennedy
3 months ago
Joshua was very helpful
Joshua was very helpful
K
kiley foss
3 months ago
Great experience!
Coleen was very nice to work with. She was timely with her communication and answered any questions we had.
R
rahul jadhav
3 months ago
Easy, transparent and fast process
The whole process was very easy and transparent. Dylan Sparks was very helpful and clearly communicated which documents were needed. My loan was approval within a day once I submitted the required document. They was honored the rate they quoted 2 weeks back even after there was interest rate hike during the application process.
K
kristin baker
3 months ago
Fast easy answers and help with…
Fast easy answers and help with questions.
E
emily dabney
3 months ago
Great Service
Refinancing can be stressful Stan made this process seamless. He answered any and all questions and made sure we had all the information and instructions up front.
D
dominiq okoduwa
3 months ago
Good Service
Service was helpful.
A
aditya jandhyala
3 months ago
Amazing experience
Amazing experience, extremely smooth process
C
c.l.
3 months ago
Personal guidance & Quick Process
I appreciate the personal help and direct contact with a Student Loan Advisor. Overall, it was an informative and speedy process that offered low interest rates for refinancing my loans.
D
daniella gutierrez
3 months ago
Seeking a Low Fixed Rate to ReFi my Variable Rate Private Student Loan
I was shopping around to refinance my private student loan that is on 9% variable and got horrible pre-approval fixed rates with SoFi. I completed a Credible.com rate comparison and ELFI presented the lowest fixed rate. I loved how clear ELFI’s website was: no origination fees and no prepayment fees. After completing my application and providing all the necessary documents to approve my loan, I was assigned to Dylan Sparks as my Student Loan Advisor. Dylan immediately contacted me to ask for additional documents which I was able to provide quickly. And Dylan was very prompt to respond to any questions I had. Dylan informed me the next day that my loan was approved and at a lower rate that was quoted. I couldn’t be more happy with this whole experience. I hope others get the same experience.
A
antonio
3 months ago
Timely contact and thorough review.
Dylan followed up with me frequently and processed my paperwork in a timely manner.
G
grace bradford
3 months ago
I absolutely recommend 100%
Didier was so a helpful and patient during this process. This is my first time refinancing and I just started my first job out of school and he was so amazing. I would recommend them to everyone!!
C
cyruss quaye
3 months ago
Colene was amazing helping me refinance…
Colene was amazing helping me refinance my student loans! She always kept me up to date with the process and made sure all my documents were correct when filing!
S
sara ruiz
3 months ago
Amazing experience
Amazing experience! So understanding and so quick to respond!
K
k. rothschild
3 months ago
Dylan Sparks got me through it.
Dylan Sparks got me through it.
J
julia knarreborg
3 months ago
Accurate and expedient communication and…
Great and expedient communication and friendly banter.
E
elizabeth hepler
3 months ago
ELFI set up
Dylan Sparks was extremely helpful in helping me set up my refinancing!
J
janelle nicholas
3 months ago
Stan was friendly and helpful…
Stan was friendly and helpful throughout the process. The application was straightforward and stress free.
A
austin wheat
3 months ago
Dylan did a great job, full stop.
Dylan did a great job. He was accessible, had good communication and follow up, quick to act. Patient with my less than ideal set of application docs. Thanks for all the help Dylan. Loan is good, and I found this very competitive versus my current Discover variable loans which had interest rates ralidly inflating. Overall very happy woth the switch. Now I just wantvto disburse, set up autopayments, and not have to think about this for a while.
M
matthew k
3 months ago
So simple, so easy!
So simple, so easy. Thanks.
B
betty tai
3 months ago
Great and fast
Great and fast
Z
zach
3 months ago
Dylan was great
I had a really good experience with Dylan. Had some hiccups that slowed down my process on my own end (my fault) and he was very patient and helped me along the way!
S
savannah
3 months ago
Colene was great
Colene was great. Made everything clear and easy. Very responsive.
A
angie aybar
3 months ago
My student loan refinance
The process was online and for me, as a physician it was very convenient. The interest rate was less than 2-3% compared to my precious loan provider. The loan specialist was very helpful and kept me updated via email all throughout the process. So far, everything is going well.
J
jordin bickford
3 months ago
Dylan was on top of all my documents…
Dylan was on top of all my documents for my applications. Any time I had questions he was very quick with his email responses and phone calls. I was very impressed with his professionalism and work ethic
A
amaya proctor
4 months ago
The process was fast and easy
The process was fast and easy. Colene Helveston was there every step on the way to help us.
S
stasik
4 months ago
Refinance of private student loans
I had a great experience refinancing my loans with ELFi. I got a quote within a few hours of putting in my info and the process of getting my loan approved took less than 2 weeks from submitting the application. I got a fixed rate loan with interest rates almost twice as low as my two previous variable rate loans. I worked with Stan Mitchell and he was very responsive and answered all of my questions along the way and made sure to keep me updated throughout the underwriting process. Would definitely recommend getting a quote to see if refinancing could save you money on your current student loans.
M
mcclane o'brien
4 months ago
Thank you
He was very helpful and quick to respond to our questions
A
abigail dodd
4 months ago
The process was really quick and easy
The process was really quick and easy
I
ian pollard
4 months ago
Dylan was very knowledgeable and quick…
Dylan was very knowledgeable and quick to respond to requests and questions.
E
emefa wemegah
4 months ago
Joshua
Positive attitude, great help, extremely nice and cooperative. Keep it up Joshua!
S
sarah johnson
4 months ago
Fast and easy process
I applied to refinance my SallieMae loans, and it was literally done within a week. Super fast and easy
A
alexandre ait ettajer
4 months ago
Awesome and Professional
This was my second time, getting help from Stan. He did great!
L
lisa martin
4 months ago
Dylan gets it done
Dylan gets it done. Thanks for the relief Mr! $$$
W
whitney trent
4 months ago
Very helpful proactive outreach by…
Very helpful proactive outreach by colene to get documentation submitted & very responsive!
A
abdallah hamieh
4 months ago
So far fast accurate and easy
So far fast accurate and easy