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ELFI Student Loans Review


ConsumersAdvocate.org Rating: 4 / 5 (Very good)
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Founded in 2015, ELFI offers undergraduate, graduate, and parent loans that feature no application or origination fees and no pre-payment penalties. The company offers a choice of fixed- and variable-rate student loans and student loan refinancing. US citizens and permanent US residents are eligible to apply. ELFI is located in Farragut, Tennessee and is a division of Southeast Bank.
 
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How is ELFI rated?

Breakdown

4.0/5
Loan Details
4.0/5
Eligibility Criteria
3.8/5
Customer Experience
4.0/5
Additional Benefits

Overall Rating: 4 / 5 (Very good)

ELFI offers undergraduate, graduate, and parent loans. You can apply for a loan with a minimum credit score of 680 and add a co-signer to increase your chances of approval. Borrowers and cosigners who are U.S. citizens or permanent resident aliens are eligible to apply for an ELFI loan. You can complete a student loan application on ELFI's informative, well-designed website. ELFI doesn't charge application or loan origination fees. ELFI is a direct lender and a division of Tennessee-based SouthEast Bank, which was founded in 2015.

ELFI Loan Specifics

Loan Details - 4 / 5

ELFI offers fixed- and variable-rate loans for undergraduate and graduate students and parents. Variable rates are re-evaluated quarterly. As a student, you may add a co-signer to your loan. You can borrow as little as $1000 through ELFI or up to 100% of your expenses, including tuition, room and board, books, and other fees assessed by the school you attend. You must reapply for a loan each year as ELFI will only fund one year of educational expenses at a time.
Loan Types
Undergraduate
Graduate
Parent
Minimum Loan Amount
1000
Maximum Loan Amount
Loan Term
Students can select a loan term from 5 to 15 years. For parent loans, ELFI offers terms of 5 to 10 years.
Interest Rates
Fixed
Variable
Repayment Options
Deferred
Fixed
Immediate
Interest-Only
Fees
Late Payment
Grace Period
Deferment or Forbearance

Fixed APR Range

4.50% - 14.22% APR

Variable APR Range

6.00% - 14.22% APR

ELFI Qualifications

Eligibility Criteria - 4 / 5

ELFI loans are issued to students and co-signers who are US citizens or permanent resident aliens. The company serves borrowers with a minimum credit score of 680 and a minimum income of $35,000. If you're a high school student who is applying for a loan without a substantial work or credit history, a co-signer can help improve your chances of approval. The company also offers parent loans to make it easier for young students to get the financing they need.
Course Load
Full-time
Half-time
Citizenship Requirement
U.S. Citizen
Permanent Legal Resident

ELFI Customer Experience

Customer Experience - 3.8 / 5

ELFI's website is easy to navigate. It includes a comprehensive FAQ section. The company is transparent about its interest rates. Once you apply for a loan, you will be assigned a personal loan advisor to shepherd you through the loan process. ELFI also offers a prequalification step—you can learn how much you will be likely to be able to borrow—to help you select a school that is affordable. ELFI is highly rated by the BBB and receives top marks and high praise on Trustpilot.
Student Loan Calculator
Online Quotes

Discounts

ELFI requires borrowers to sign up for autopay and the traditional autopay discount many lenders offer is built into its interest rates.

ELFI Company Reputation

Additional Benefits - 4 / 5

Lender Type
Bank
Year Founded
2015
BBB Rating
A-
Trust Pilot Rating
4.9 out of 5
Date Collected
2021-07-28

Consumer Litigation and Regulatory Actions

There have been 129 complaints filed against ELFI in the past three years with the Consumer Financial Protection Bureau. As a percentage of customers served, that represents a very small number.

Company's Disclosure

ELFI is a nationwide student loan provider offered by Tennessee based SouthEast Bank. ELFI is designed to assist students financially with receiving their education. Subject to credit approval. See Terms & Conditions. Interest rates current as of 07-27-2021. Variable interest rates may increase after closing but will never exceed 18.00%. Interest rates may also differ from the rates shown above. The term of your loan, financial history, and other factors, including your cosigner’s (if any) financial history can affect the interest rate. For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change.

Company Profile

Full Name
ELFI Student Loans
Company Website
https://elfi.com
Headquarters
12700 Kingston Pike, Farragut, TN, 37934
Top Rated
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#1 Choice for Students & Co-signers

  • Rates starting at 3.59% APR 1
  • Best option for those with cosigners and good credit
  • Enter to win a $1,000 scholarship, awarded monthly
  • Checking rates won't affect your credit score
  • Flexible options for repayment and no origination fees

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