ELFI Student Loan Refinancing: Unlock Savings Today

Did you know more than half of borrowers who refinance save money long term? I found that surprising, so I dug into elfi-student-loan-refinancing to see how it fits my goals.

I’m writing in the present to share clear, up-to-date information so you can act with confidence. ELFI has refinanced student loans since 2015 and operates fully online.

What drew me in was no application or origination fees, a dedicated Student Loan Advisor, and competitive rates that work for many borrower profiles.

I liked that ELFI supports federal, private, undergraduate, graduate, and parent loans, and that servicing is handled by MOHELA or AES. Prequalification uses a soft credit pull, so I could check my options without harming my score.

In the sections ahead I’ll show current rates, eligibility, the parent loan experience, and what protections you give up when you refinance. I’ll also walk through my refinance process step by step.

Key Takeaways

• ELFI offers online refinancing with no application or origination fees.
• You get a dedicated advisor to guide the refinance process.
• Prequalification uses a soft pull so your credit stays intact.
• ELFI services federal and private student loans and parent loans.
• Forbearance options and strong customer ratings add peace of mind.

My ELFI review at a glance: who benefits and what’s changed now

I’ll start with a quick snapshot so you can see who gains the most from ELFI today.

What ELFI is and how it fits in now

ELFI is an online lender that refinances federal, private, and parent loans. It pairs every applicant with a Student Loan Advisor. The minimum amount to refinance is $10,000 and there’s no stated cap, which makes it useful for consolidating multiple balances.

Pros and cons I weighed before refinancing

What stood out: no application or origination fees, competitive rate and interest options, and 5–20 year terms. Trustpilot scores are strong (4.8/5), and forbearance can be granted up to 12 months in hardship.

• Pros: good for higher loan balance holders, one-on-one advising, flexible terms.
• Cons: no autopay discount, no cosigner release, eligibility requires a bachelor’s from a U.S. Title IV school.

Bottom line: ELFI suits borrowers aiming to lower interest or simplify payments and who have strong credit and stable income. Next, I’ll show current APR ranges, full terms, and the fee policy so you can compare offers.

Current ELFI refinance rates, terms, and fees you should know

I mapped today’s rates, repayment options, and fee rules to help you estimate your new monthly payment.

Fixed vs. variable APRs (2024-present)

Fixed APRs for student and parent refinancing currently run about 4.88%–8.44%. Variable APRs sit around 4.86%–8.24% with a protective cap at 9.95%.

The variable pricing ties to the WSJ Prime Rate (7.50%) plus a margin that ranges from -1.39% to 2.76%. That link matters if you expect rates to move over your repayment horizon.

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Terms, payments, and fee policy

Student loan terms: 5, 7, 10, 15, or 20 years. Parent loan terms: 5, 7, or 10 years.

Choosing a shorter term lowers total interest but raises monthly payment. I ran numbers at different terms to balance cash flow and long-term interest savings.

No application, origination, or prepayment fees. Late fee = lesser of $50 or 5% of the overdue amount (10-day grace). Return payment fee: $30.

Year-over-year APR trend

Run multiple quotes—the initial check uses a soft inquiry so you can compare rates and terms without hurting your credit.

elfi-student-loan-refinancing eligibility requirements and what helped me qualify

Before I applied, I checked the exact thresholds lenders expect so I could judge my odds.

Minimum credit score, income, and credit history

Hard numbers matter: ELFI asks for a minimum credit score of 680, at least $35,000 in annual income, and 36 months of credit history. These requirements showed me whether my profile was competitive.

Degree, school, citizenship status, and loan type eligibility

You must hold a bachelor’s or higher from a U.S.-based, nonprofit Title IV school, be a U.S. citizen or permanent resident, and be the age of majority. The minimum refinance amount is $10,000 and although there’s no stated maximum, approvals favor stronger credit and income.

When a cosigner makes sense—and limits to cosigner release

A cosigner can help if your credit or income is thin. Note: ELFI allows a cosigner but does not offer cosigner release. That means your cosigner stays on the obligation unless you refinance again.

• I confirmed some loans aren’t eligible: medical residency loans, bar study loans, Navient Tuition Answers loans, and international loans.
• I pulled my credit report and gathered proof of income and degree ahead of time to speed underwriting.

Parent loan refinancing with ELFI: rates, options, and real advantages

I examined ELFI’s parent loan choices to see how they fit common family budgets and goals. Below I summarize transfer rules, term choices, and how those decisions affect monthly cash flow and total interest.

Transferring Parent PLUS or private parent loans

ELFI lets parents refinance federal Parent PLUS and private parent loans and, if desired, transfer the balance into the student’s name. That move can free a parent’s cash flow but also adds debt to the student’s credit report and repayment history.

Lowering monthly payments vs. paying off faster

Terms for parent borrowers are 5, 7, or 10 years. Fixed APRs start near 4.88% and variable starts near 4.86% with a cap to limit downside.

I modeled monthly payments across terms to weigh lower monthly payments against total interest saved by a shorter term. My Student Loan Advisor walked me through those projections and helped me choose an option that matched our budget.

• No application, origination, or prepayment fees — you can pay extra principal without penalty.
• Adding a qualified cosigner may improve offers, but ELFI has no cosigner-release program.
• Minimum refinance amount: $10,000 — verify eligibility before applying to avoid delays.

From quote to funding: how I refinanced with ELFI and what to expect next

I documented each stage so you know what to prepare and when to expect funding. Prequalification uses a soft credit check, letting you compare offers without a score hit.

Soft credit check prequalification and comparing offers

I ran multiple prequals to see my best rate and term. That step helped me compare loan refinance options and choose confidently.

Documents and working with a Student Loan Advisor

I uploaded my ID, recent pay stubs (last 30 days), and current payoff statements. My Student Loan Advisor reviewed them and cut back on follow-up requests.

Timeline, servicers, and forbearance

After I picked a term and rate, ELFI ran a hard credit check and started underwriting. Payoff to my old servicer took about 2–3 weeks. From prequal to first payment the whole process ran 8–16 weeks.

Your new servicer will be MOHELA or AES. ELFI may grant forbearance up to 12 months for financial or medical hardship, but I treated it as a last-resort option.

Important caution for federal borrowers

Warning: Refinancing federal loans ends access to income-driven repayment, federal forgiveness, and federal deferment/forbearance programs. I saved all disclosures and final payoff confirmations to avoid surprises and to track repayment and payments with my new account.

Conclusion

To wrap up, here are clear steps and questions to help you decide if ELFI fits your goals right now.

What I recommend: If your credit score and credit history meet the eligibility requirements, prequalify to compare rates and terms. ELFI offers fixed APRs from about 4.88% and variable from about 4.86% (cap 9.95%), with student loan terms up to 20 years and parent loan terms up to 10 years.

Be sure you understand trade-offs: refinancing removes federal protections. Ask about amount eligibility, payment timing during the transfer, and options if rates change.

If you want to simplify loans, lower interest, or refinance parent loans like Parent PLUS, talk to your Student Loan Advisor with your questions ready.