- ELFI Overview and Unique Service Model: ELFI, backed by Southeast Bank, offers private student loans with a focus on personalized service, including a dedicated Student Loan Advisor for each borrower, and operates entirely online across the U.S., D.C., and Puerto Rico.
- Pros of ELFI Student Loans: ELFI boasts high customer satisfaction with a 4.9 Trustpilot rating, no CFPB complaints, low interest rate ceilings, no origination or prepayment fees, flexible in-school repayment options, and the ability to refinance under the same brand.
- Cons and Limitations of ELFI Loans: Limitations include no co-signer release, strict eligibility (680+ credit score, $35K+ income), exclusion of international and DACA students, no coverage for associate or trade school programs, and loans serviced by third-party providers after disbursement.
- Rates, Fees, and Cost Comparison: ELFI offers fixed APRs from 2.99% to 14.22%, with no origination or disbursement fees, and charges a late fee of 5% or $50, which is higher than some competitors; its ceiling rates are more favorable for less-qualified borrowers.
- Application Process and Borrower Eligibility: Applicants should first exhaust federal aid, then prequalify with a soft credit pull on ELFI’s website, providing documents like pay stubs and IDs; approval takes 2-3 days, and only U.S. citizens or permanent residents in degree programs are eligible.
ELFI Overview
ELFI (Education Loan Finance) is a private student loan and refinancing program offered by Southeast Bank, a Tennessee-based community bank. ELFI launched in 2015, initially focused on student loan refinancing, and has since expanded to offer private student loans for undergraduate, graduate, and parent borrowers. The company operates entirely online and is available in all 50 U.S. states, Washington, D.C., and Puerto Rico.
What sets ELFI apart from most private student lenders is its service model. Every borrower is paired one-on-one with a dedicated Student Loan Advisor who guides them through the entire application process and remains available by phone, text, and email. This high-touch approach has produced the highest independent customer satisfaction scores in the private student loan space: a 4.9 out of 5.0 on Trustpilot (from over 2,200 reviews) and zero CFPB complaints since the company’s founding. ELFI also offers both origination and refinancing under one roof, making it one of only a few lenders where borrowers can maintain a single lending relationship from enrollment through post-graduation refinancing.
ELFI’s primary weaknesses are its strict eligibility requirements (680 minimum credit score, $35,000 minimum income, 36-month credit history, U.S. citizens and permanent residents only), the absence of a co-signer release program, and limited school/degree coverage (bachelor’s degree programs and above only; no associate degrees, community colleges, or trade schools). Borrowers should, as always, exhaust federal loan options before considering any private student loan.
Pros and Cons of ELFI Student Loans
Pros
- Industry-leading customer satisfaction. ELFI has a 4.9 out of 5.0 rating on Trustpilot (2,200+ reviews), zero CFPB complaints since founding, and an A+ BBB rating. No other private student lender in this review series matches this consumer sentiment profile.
- Dedicated personal Student Loan Advisor. Every borrower is paired with a named advisor who provides one-on-one guidance by phone, text, and email throughout the application, certification, and disbursement process. This level of personalized support is unmatched by larger fintech lenders.
- Low rate ceiling. ELFI’s fixed APR caps at approximately 14.22% and variable at approximately 13.97%, which are among the lowest rate ceilings in the market. For comparison, Sallie Mae caps at 17.49% fixed and Earnest at 16.49%. This means ELFI’s worst-case scenario rate is better than most competitors’ worst-case rates.
- No origination fee or prepayment penalty. The effective cost of borrowing stays aligned with the stated APR. ELFI also does not charge an application fee or disbursement fee.
- Four in-school repayment options. Immediate (full P&I), interest-only, fixed $25/month, and full deferment. This matches the broadest in-school option set among lenders in this series.
- Refinancing is available under the same brand. ELFI offers refinancing for both student and parent loans (including Parent PLUS), with terms from 5 to 20 years. Borrowers can maintain a single lending relationship from origination through repayment. The $400 referral bonus is an additional perk.
- Bank-backed with FDIC insurance. SouthEast Bank is FDIC-insured, providing institutional stability and regulatory oversight. The bank has been operating since 2015 with a clean regulatory record.
- Tennessee Teacher and Nurse Program. ELFI offers a specialized fixed-rate, 10-year product for Tennessee residents studying nursing or teaching, a niche product that provides targeted support for in-demand professions.
Cons
- No co-signer release. ELFI does not offer a co-signer release program. The only way to remove a co-signer is to refinance the loan into the borrower’s name alone. This is a significant drawback for undergraduate borrowers whose parents co-sign, as competitors like Sallie Mae (12 months), Abe (12 months), and College Ave (24 months) all offer release options.
- Strict eligibility requirements. A 680 minimum credit score, $35,000 minimum annual income, and 36 months of credit history are required for either the borrower or co-signer. These thresholds are higher than most competitors and exclude many younger borrowers and their families.
- No DACA or international student eligibility. Only U.S. citizens and permanent residents may apply. DACA recipients and international students are excluded entirely, unlike Abe, Sallie Mae, and Ascent, which accept DACA borrowers with a cosigner.
- No associate degree or community college coverage. ELFI requires enrollment in a bachelor’s, master’s, or doctoral program. Students pursuing associate degrees, certificates (non-graduate), or attending community colleges or trade schools are not eligible.
- Late fee present. A late fee of 5% of the past-due amount (or $50, whichever is less) applies if no part of a payment is received within 10 days of the due date. A $30 returned payment fee also applies. Several competitors (Abe, SoFi, Ascent, Custom Choice) charge zero late fees.
- Loans serviced by third parties. After origination, ELFI loans are serviced by American Education Services (AES) or MOHELA. Borrowers interact with these third-party servicers for all repayment matters, which may create a disconnect from the high-touch advisor experience during the application phase.
ELFI
ELFI earns a 3.5 out of 5.0 and has the highest customer satisfaction scores of any lender in this review series. A 4.9 out of 5.0 on Trustpilot (from over 2,200 reviews) and zero CFPB complaints since founding in 2015 are unmatched by any competitor. The dedicated Student Loan Advisor model, where every borrower is paired with a named representative accessible by phone, text, and email, drives this exceptional feedback.
The rate ceiling of 14.22% fixed is notably lower than most fintech competitors (Sallie Mae caps at 17.49%, Earnest at 16.49%), meaning even less-qualified borrowers receive better worst-case rates with ELFI. Four in-school repayment options, soft-pull prequalification, and refinancing (including Parent PLUS) under the same brand round out a solid product offering. The bank-backed structure (SouthEast Bank, FDIC-insured) provides institutional stability.
The significant limitations are no co-signer release (the only way to remove a co-signer is to refinance), strict eligibility requirements (680 FICO, $35,000 income, 36 months credit history), and exclusion of DACA recipients, international students, associate degree programs, and community colleges. After origination, loans are serviced by third-party servicers (AES or MOHELA), so the personalized advisor experience does not extend through full repayment.
- Fixed APR: 2.99% – 14.22% | Variable APR: 4.88% – 13.97%
- Dedicated Student Loan Advisor for every borrower (phone, text, email)
- 4.9/5.0 Trustpilot rating and zero CFPB complaints since 2015
- Refinancing available including Parent PLUS loans (5-20 years)
- Four in-school repayment options including immediate full P&I
ELFI Rates and Fees
ELFI’s private student loan fixed APR ranges from approximately 2.99% to 14.22%, and its variable APR ranges from approximately 4.88% to 13.97%. These rates are for undergraduate and graduate loans and are subject to credit approval. ELFI does not offer a separate autopay discount because it requires all borrowers to pay via electronic or digital transfer; the advertised rates already reflect this payment method. Rates are based on loan term, financial history, co-signer credit, and other factors.
The fixed rate floor of approximately 2.99% is competitive with the broader market (Abe offers 2.75%, Sallie Mae 2.89%, Earnest 2.79%). Where ELFI stands out is at the top of the range: the 14.22% fixed ceiling is notably lower than Sallie Mae (17.49%), Earnest (16.49%), College Ave (16.99%), and most fintech competitors. This compressed range means that even less-qualified borrowers receive better worst-case rates with ELFI than with many alternatives. Variable rates are tied to the Prime Rate, with quarterly adjustments on January 1, April 1, July 1, and October 1.
ELFI charges no origination fee, no application fee, no disbursement fee, and no prepayment penalty. There is a late fee of 5% of the past-due amount or $50 (whichever is less) for payments not received within 10 days of the due date, and a $30 returned payment fee. There is no separate autopay discount because electronic payment is mandatory.
Sample Cost Comparison: $30,000 ELFI Loan
Scenario | Monthly Payment | Total Interest | Total Cost |
Fixed 6.0%, 10-yr | $333 | $9,967 | $39,967 |
Fixed 6.0%, 15-yr | $253 | $15,563 | $45,563 |
Fixed 10.0%, 10-yr | $397 | $17,583 | $47,583 |
Fixed 10.0%, 15-yr | $322 | $27,985 | $57,985 |
Variable 5.5%, 10-yr* | $326 | $9,076 | $39,076 |
Variable 5.5%, 15-yr* | $245 | $14,134 | $44,134 |
*Variable rate scenarios assume the starting rate remains constant. Actual payments fluctuate with Prime Rate index changes.
ELFI In-School Repayment and Loan Terms
ELFI offers four in-school repayment options. The immediate repayment option begins full principal and interest payments 30 to 60 days after disbursement, minimizing total loan cost. The interest-only option requires monthly interest payments during school, preventing capitalization. The fixed $25/month option provides a low, predictable payment during the in-school period. The deferred option requires no payments until after graduation and the six-month grace period; unpaid interest capitalizes at that point.
Loan amounts range from $1,000 up to 100% of the school-certified cost of attendance minus other financial aid. For specialized graduate loans (healthcare, law, MBA), the minimum loan amount is $10,000. Repayment terms are 5, 7, 10, or 15 years for undergraduate and graduate loans, and 5, 7, or 10 years for parent loans. The grace period is 6 months after graduation or dropping below half-time enrollment. For non-deferred repayment options, payments typically begin 30 to 60 days after disbursement and continue through the grace period.
ELFI offers forbearance for up to 12 months during the loan term for borrowers experiencing financial hardship or medical difficulty. Decisions are made on a case-by-case basis at the lender’s sole discretion. Interest continues to accrue during forbearance. Death and disability discharge are reviewed on an individual basis. There is no formal academic deferment for borrowers who return to school; this is a notable gap compared to competitors.
ELFI Co-signer Policies
ELFI does not require a co-signer, but recommends one for borrowers who may not meet the 680 credit score, $35,000 income, and 36-month credit history requirements on their own. A creditworthy co-signer can improve approval odds and secure a lower rate.
ELFI does not offer co-signer release. This is one of the lender’s most significant competitive disadvantages. The only way to remove a co-signer from an ELFI loan is to refinance the loan into the borrower’s name alone, either through ELFI’s refinancing product or through a competitor. This means the co-signer remains liable for the full loan balance for the entire repayment term unless the borrower refinances independently. For families where co-signer release is a priority, Sallie Mae (12 months), Abe (12 months), Earnest (24 months), College Ave (24 months), and Ascent (24 months) are better options.
ELFI Eligibility and Application Process
ELFI has some of the strictest eligibility requirements among private student lenders. The borrower or co-signer must have: a minimum FICO score of 680, a minimum annual income of $35,000, and at least 36 months of credit history. Both must be U.S. citizens or permanent residents. DACA recipients and international students are not eligible, even with a co-signer. Students must be enrolled at least half-time in a bachelor’s, master’s, or doctoral degree program at an eligible institution. Associate degree programs, graduate certificates, community colleges, and trade schools are not covered.
The application is fully digital. ELFI offers soft-pull prequalification that provides personalized rate estimates in minutes without impacting the borrower’s credit score. After prequalification, the full application requires a recent pay stub or proof of employment (within 30 days), government-issued ID, and standard personal and school information. Approval typically takes 2 to 3 business days. After approval, the school certifies the loan.
ELFI Funding Speed and Disbursement
ELFI provides prequalification results in minutes through its online platform. After the full application, approval typically takes 2 to 3 business days, assuming all documentation is complete. Your dedicated Student Loan Advisor will guide you through the process and flag any missing documents. After approval, the loan goes to the school’s financial aid office for certification, which adds variable time depending on the institution. Funds are disbursed directly to the school. Interest begins accruing at disbursement.
ELFI Customer Experience
Customer experience is ELFI’s signature strength and the primary reason to consider this lender. The dedicated Student Loan Advisor model, where every borrower is assigned a named representative accessible by phone, text, and email, produces consistently positive feedback. On Trustpilot, ELFI holds a 4.9 out of 5.0 rating from over 2,200 reviews. Reviewers frequently praise the personal attention, the simplicity of the application process, and the responsiveness of their assigned advisor.
ELFI’s CFPB complaint record is remarkable: zero complaints have been filed against ELFI, Southeast Bank, or the affiliated Education Services of America since the company’s founding in 2015. No other lender in this review series has a comparable record. The BBB rating is A+ (though ELFI is not BBB-accredited).
One caveat: after origination, ELFI loans are serviced by third-party servicers (American Education Services or MOHELA). The high-touch advisor experience applies during the application and disbursement phase, but once the loan enters repayment, borrowers interact with AES or MOHELA for payment management, forbearance requests, and account questions. AES and MOHELA are large, competent servicers, but they do not provide the same personalized advisor model that distinguishes ELFI during origination.
ELFI Financial Strength and Reputation
ELFI is a division of Southeast Bank, a Tennessee-based community bank that is FDIC-insured. SouthEast Bank is affiliated with Education Services of America, Inc. (ESA), which has operated in the student lending space for over 30 years. ESA has managed student loan portfolios and provided servicing, consulting, and technology solutions across the industry. The combination of community bank stability and ESA’s specialized student lending expertise gives ELFI an institutional foundation that is stronger than its brand recognition alone might suggest.
ELFI has no regulatory actions, enforcement orders, or legal settlements on record. The company’s clean regulatory history, zero CFPB complaints, and A+ BBB rating represent the strongest reputation profile in this review series. Barbara Thomas, ELFI’s Executive Vice President and COO at SouthEast Bank, is considered an authority on lender ethics in the student lending space.
Who Is ELFI Best For?
Good Fit
- Borrowers and families who prioritize personalized customer service. ELFI’s dedicated Student Loan Advisor model is the gold standard in the industry. If navigating the private student loan process feels overwhelming, ELFI provides more hand-holding than any competitor.
- Borrowers with strong credit profiles (FICO 680+, $35K+ income). ELFI’s eligibility requirements are strict, but qualifying borrowers benefit from competitive rates and a low rate ceiling that protects against worst-case pricing.
- Families who want origination and refinancing from one lender. ELFI offers both in-school loans and refinancing (including Parent PLUS refinancing), which allows borrowers to maintain a single lending relationship.
- Tennessee nursing and teaching students. The specialized Tennessee Lending Program offers targeted support for in-demand professions.
- Parents seeking a parent student loan with strong service. ELFI’s parent loan product and dedicated advisor model make it well-suited for parent borrowers who want guided support.
Not the Best Fit
- Borrowers who need a co-signer release. ELFI does not offer co-signer release under any circumstances. Sallie Mae (12 months), Abe (12 months), Earnest (24 months), and College Ave (24 months) are better options.
- DACA recipients or international students. ELFI serves only U.S. citizens and permanent residents. Abe, Sallie Mae, and Ascent accept DACA borrowers with a co-signer; MPOWER and Prodigy serve international students.
- Community college, trade school, or associate degree students. ELFI requires enrollment in a bachelor’s, master’s, or doctoral program. Sallie Mae and Ascent cover trade/vocational and career training programs.
- Borrowers with limited credit or income below $35,000. ELFI’s 680 minimum, $35K income floor, and 36-month credit history requirement make it inaccessible to many younger borrowers and families. Ascent and Funding U offer options for borrowers with thinner credit profiles.
- Borrowers who want zero late fees. ELFI charges a late fee of up to $50. Abe, SoFi, Ascent, and Custom Choice charge no late fees at all.
How to Apply for an ELFI Student Loan
- Exhaust federal options first. Complete the FAFSA and accept all federal aid before considering private loans.
- Visit elfi.com and click Check Your Rate. Create an account and select “In-School Loan.” Choose an undergraduate, graduate, or parent loan.
- Prequalify with a soft credit pull. Provide personal and financial information. See estimated rates and terms in minutes with no impact on your credit score. Your dedicated Student Loan Advisor will be assigned at this stage.
- Complete the full application. Upload a recent pay stub or proof of employment, government ID, and any additional documentation. Select your rate type, term, and in-school repayment option. A hard credit inquiry will be performed.
- School certification and disbursement. After approval (typically 2-3 business days), ELFI sends the loan to your school for certification. Funds are disbursed directly to the school.
How ELFI Compares
Feature | ELFI | Earnest |
Fixed APR | ~2.99% – 14.22% | 2.79% – 16.49% |
Variable APR | ~4.88% – 13.97% | 4.19% – 16.44% |
Origination Fee | None | None |
Late Fee | 5%/$50 (after 10 days) | None |
Loan Amounts | $1K – COA | $1K – COA |
Repayment Terms | 5, 7, 10, or 15 years | 5, 7, 10, 12, or 15 years |
Co-signer Release | Not available | 24 months |
In-School Options | 4 (defer, $25, interest, full) | 4 (defer, $25, interest, full) |
Grace Period | 6 months | 9 months |
Min. Credit Score | 680 | Not disclosed |
Income Requirement | $35,000 | Not disclosed |
Refinancing Available | Yes (5-20 yrs) | Yes (5-20 yrs) |
Dedicated Advisor | Yes (every borrower) | No |
Trustpilot Score | 4.9 / 5.0 | 4.5 / 5.0 |
CFPB Complaints (2024) | Zero | Low |
Final Verdict on ELFI Student Loans
ELFI earns a 3.5 out of 5.0 in our scoring framework. Its defining strength is customer experience: a 4.9 Trustpilot rating, zero CFPB complaints, and a dedicated personal advisor for every borrower set ELFI apart from every other lender in this review series. The low rate ceiling (14.22% fixed) also protects less-qualified borrowers from the extremely high-end pricing that plagues some competitors. Combined with both origination and refinancing under one brand, a specialized Tennessee teacher/nurse program, and FDIC-backed institutional stability, ELFI offers a compelling package for borrowers who meet its eligibility criteria.
The trade-offs are meaningful. The absence of co-signer release is the single biggest competitive gap. Strict eligibility thresholds (680 credit, $35K income, 36-month history) exclude many prospective student borrowers and their families. The exclusion of DACA recipients, international students, associate degree programs, and community colleges narrows the addressable market significantly. And the transition from ELFI’s personal advisor model to third-party servicers (AES/MOHELA) after disbursement means the service experience that earns ELFI its stellar reviews does not necessarily extend through the full life of the loan.
Before applying for any private student loan, including ELFI, borrowers should exhaust all federal student loan options. Federal Direct Subsidized and Unsubsidized Loans carry fixed rates set by Congress (currently 6.53% for undergraduates and 8.08% for graduates in the 2025-2026 academic year), offer income-driven repayment plans, and provide access to Public Service Loan Forgiveness and other protections that no private lender matches. Private loans should fill the gap after federal aid, savings, grants, and scholarships have been maximized.
Methodology
This review scores ELFI across six weighted categories: Rates & Fees (25%), Loan Terms & Repayment Flexibility (20%), Eligibility & Accessibility (20%), Speed & Application Process (15%), Customer Experience (10%), and Transparency & Reputation (10%). Data was sourced from ELFI’s website, the CFPB Consumer Complaint Database, BBB, and Trustpilot profiles.
Frequently asked questions
Answers to your questions about ELFI student loans.
The borrower or co-signer must have a minimum FICO score of 680, at least $35,000 in annual income, and a credit history of at least 36 months. These requirements apply to both the borrower and co-signer.
No. ELFI does not offer a co-signer release program. The only way to remove a co-signer is to refinance the loan, either through ELFI’s refinancing product or through another lender. If a co-signer release is important, consider Sallie Mae, Abe, or Earnest.
ELFI loans are serviced by American Education Services (AES) or MOHELA. After your loan is disbursed, you will set up a repayment account with the assigned servicer for all payment-related matters.
Yes. ELFI offers student loan refinancing for both student and parent borrowers (including Parent PLUS loans) with terms from 5 to 20 years. The minimum refinance amount is $10,000. A $400 referral bonus is available for new refinance borrowers.
ELFI offers up to 12 months of forbearance for borrowers experiencing financial hardship or medical difficulty. Decisions are made on a case-by-case basis. Interest continues to accrue during forbearance. Contact ELFI or your loan servicer before missing a payment. Late fees are 5% of the past-due amount or $50 (whichever is less) for payments more than 10 days overdue.
Every ELFI borrower is paired with a dedicated, named Student Loan Advisor who provides personalized guidance through the application, documentation, certification, and disbursement process. Advisors are reachable by phone, text, and email. This service is available during the origination phase; once the loan enters repayment, it is serviced by AES or MOHELA.
