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.
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.
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:
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.
Applying is a speedy, three-step process.
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:
Repayment can range anywhere between 5 years to 20 years, with a 5 year high fixed rate of 5.48%. This depends on your specific loan amount and payback timeframe. It could be different from one applicant to the next.
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.
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.
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.
104 N. Seven Oaks Dr.
Knoxville, TN 37922
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.